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Weekend Reading

I'm experimenting with the possibility of quickly posting a summary of the great articles posted over the weekend - titles with brief excerpts.  Clicking on the title or the author's name will take you to the original source of the article.  Questions: Can I do this quickly and will it look presentable?  (Answers, not so quick, looks pretty good.) 

These articles appear on the front page of Phil's Favorites.  There's actually a lot more here.>>


Trader psychology expert 
Brett Steenbarger recommending NY Times’ article, "Day Traders 2.0: Wired, Angry and Loving It." - Ilene 

Keys to Daytrading Success and Why So Few Traders Get There
Businessman trying to catch money in a net

By Brett Steenbarger at TraderFeed

Thanks to several alert readers for sending me this insightful New York Times article on daytrading and the challenge of daytraders...

Tim at The Psy-Fi Blog presents a good argument in favor of not restricting short-selling in an effort to prop up overvalued markets.  - 

Courtesy of Tim at The Psy-Fi Blog 

Short Selling Scapegoats

elaine supkis

Whenever there’s some kind of major market crash and people start looking for handy scapegoats the usual line-up of suspects will include a preponderance of short-sellers, accused of unpatriotically selling stocks they don’t own in order to make windfall profits. It’s as though making a profit when everyone else is losing money suddenly becomes wrong. When times are tough it seems everyone’s a bleeding heart socialist...

Artwork by Elaine Supkis at Culture of Life News. 


Nothing I haven’t known since I graduated law school and tried to maintain a middle-class living

Courtesy of Christopher Fountain, For What It’s Worth 

WSJ: The new ruling class: Government workers and their 45% salary premium. I first stumbled on this truth in, perhaps, 1987....

Full WSJ article: The Government Pay Boom

It turns out there really is growing inequality in America. It’s the 45% premium in pay and benefits that government workers receive over the poor saps who create wealth in the private economy.


Exterior of Warehouse with Traffic Cones

Courtesy of Mish

Inquiring minds are reading Rich Stunned by Recession Sell Munis for First Time by Bloomberg columnist Joe Mysak.

For the first time in decades, the rich showed no confidence in state and local governments during a recession....


Whatever you may think about Cramer is secondary to Baruch’s argument that being a consistently successful non-professional investor requires enormous effort and is quite challenging. The odds of finding good advice are far less then guessing the outcome of a coin toss. As an analogy, you need to learn to swim really well before jumping in with the sharks, and then, the best good swimming skills may not be enough. - Ilene 

Jim Cramer Interviews NASCAR Drivers

Courtesy of Ultimi Barbarorum

Baruch found himself commenting on Wall Street Cheat Sheet like ten days ago, on a post by Damien Hoffman, who seems to really dislike Jim Cramer. The post was about some investigation of by the SEC, which Damien thought highly amusing, perhaps because he also runs a competing subscription-based financial edutainment site...

Courtesy of Zero Hedge 

The latest development in Silvergate, in which whistleblower Andrew Maguire has exposed the manipulation details in the London commodity market, is straight out of a John Le Carre or Ian Flemming novel: an assassination attempt. From GATA:

London metals trader Andrew Maguire, who warned an investigator for the U.S. Commodity Futures Trading Commission in advance about a gold and silver market manipulation to be undertaken by traders for JPMorgan Chase in February and whose whistleblowing was publicized by GATA at Thursday’s CFTC hearing on metals futures trading was injured along with his wife the next day when their car was struck by a hit-and-run driver in the London area.

Whistle-blowing can be hazardous to your health. 

See also: Markopolos: Madoff’s Mob Ties Made Me Fear For My LifeZachary Roth


Alan GreenspanCourtesy of Tyler Durden at Zero Hedge 

The maestro managed to run away from the old folks’ bent on monetary destruction home just long enough to carry this amusing interview with Bloomberg TV’s Al Hunt. Tomes (will) have been written about Greenspan’s dementia, just as books will be available on the Kindle one day analyzing his successor’s massive mistakes which are slowly but surely leading to an American day of reckoning, so we won’t comment much, suffice to point out some of the key highlights in Greenspan’s presentation...

Photo courtesy of Jr. Deputy Accountant.

******** NY Fed’s Trading Desk Head Laments The End Of Stupid Leverage And Wants His Derivatives Back (Or Why We Are Stuck With ZIRP For A Long, Long Time)

Courtesy of Tyler Durden at Zero Hedge

In a video conference before the ACI 2010 World Congress in Sydney, Australia, the head of the FRBNY’s trading desk, aka, the busiest daytrader over the past year, Brian Sack, demonstrated once again that Fed members are either completely clueless about ongoing market dynamics or are so good at octuple re-reverse psychology, that they make the squid pale in shame and squirt ink in envy...

Artwork, courtesy of Elaine Supkis at Culture of Life News


Courtesy of Joshua M BrownThe Reformed Broker 

So you know about that guy who goes on Chatroulette and plays piano while improvising a song about whomever he comes across?  OK, well there was a rumor this week that it was actually superstar singer-songwriter Ben Folds (they kinda look alike)…

You'll have to click on the title to get to the video, funny - worth the click. - Ilene 


Democrats Claim Congress Has Authority to Make Everyone Buy Snuggies and Jupiter Jacks

By Op-Toons Review  
Washington, D.C.–After Congress, for the first time in U.S. history, passed a law that requires everyone to purchase a particular product...