In Case You Missed Them - Some Links of Interest (7/27/09)

Below are some links of interest (at least to me), just in case you missed them. A few have already been posted to Twitter.

• Economic calendar for Monday, July 27th (Briefing.com Economic). New Home Sales at 10 AM EST.
  
• Earnings calendar for Monday, July 27th (Briefing.com Earnings).
  
• Investors await data on GDP and housing this week (Financial Times). Consensus forecast project a 1.5% fall in GDP for Q2, with falling inventory levels and lower production dragging the number down (WSJ). Anything much worse could stall and reverse the recent rally. Calculated Risk finds a little sunshine in some of the recent economic numbers. Nonetheless, even government meddling in the housing market may have its limits (Bearishnews). In somewhat related news, Barry Ritholtz also covers some issues with National Association of Realtors and the use of appraisers (The Big Picture).
• The total amount of loans held by the 15 largest U.S. banks fell by 2.8% in Q2 (WSJ), with more than half of the loans in April and May coming from refinancing and renewing existing business credit, and not from making new loans.
  
• More news about how investors are continuing to move their money into emerging market ETFs (ETF Trends).
• Looking for an ETF with global exposure? Now there are two to choose from, but they are not exactly the same, even though they appear so (ETF Trends).
• Demand for emerging market debt has risen to record levels, offering an encouraging sign for the world economy (Financial Times).
• Are unemployment statistics meaningless? Are spillover effects zero? Econbrowser tackles the questions.
  
• A look on how the "cash for clunkers" is going to work (The Big Picture).
  
• U.S. Pay Czar begins looking to rework / renegotiate contracts deemed excessive. Seven banks and companies, including Citigroup, Bank of America, American International Group, General Motors, Chrysler, Chrysler Financial, and GMAC Financial Services must submit proposals for their compensation packages (WSJ).
• Information Arbitrage takes on the wall street trader compensation model - arguing that the issue is inextricably tied to risk-taking, where the "heads I win; tails you lose" payout paradigm rewards risks taking and places little premium on risk management.
• In an attempt to get its pension back to a solid footing, CalPERS is looking to double down on recent bets as it is considering pouring "billions more into beaten-down private equity and hedge funds. Junk bonds and California real estate also ride high on his list. And then there are timber, commodities and infrastructure. That’s right, he [CalPERS fund manager, Joesph A. Dear] wants to load up on many of the very assets that have been responsible for the fund’s recent plunge." (Fundmastery Blog)
  
• Content is still king. Apple working with record labels to boost digital sales of entire albums by bundling interactive booklets, sleeve notes, etc., with music (Financial Times). Also, the company is planning to offer a tablet-sized computer by Christmas.
• Even videogame makers are now starting to feel the recession, with sales down a record 29% year over year (WSJ). Xbox 360 and Nintendo's Wii sales are down 38%.
• Stocks and corporate bonds are benefiting from the upbeat market mood, with yields on higher-quality company bonds lower - with prices higher (WSJ), as some investors who are not on-board for the "V-shared" recovery are choosing to hedge their bets with corporate bonds over stocks.
• The Relative Strength Index (RSI) has traded 9 days in a row at an extreme RSI(2) reading over 90 (MarketSci). So is this an obvious bearish signal? Maybe not, given the non-normal forces that may be driving the market.
• Has the long awaited Dow Theory bull market signal finally arrived? Apparently so (Investment Postcards).
• Constructing a portfolio wisely and safely by building a macro view (The Pragmatic Capitalist).
• Exactly what are the forces acting on the VIX? VIX and More elaborates.
• A nice summary of links on portable alpha and alpha/beta separation is available at AllAboutAlpha.com.
  
• Finally, Nouriel Roubini believes Ben Bernanke deserves reappointment (Economist's View). Nonetheless, he is still bearish ........ I think. As for Bernanke, it appears that most of the motivation for his moves came from not wanting to be the Fed Chairman presiding over the second great depression, even though it made him angry to bailout the very bankers that made the mess in the first place (WSJ). Yes, it made us angry too. The Pragmatic Capitalist also chimes in on whether or not Bernanke should be reappointed - let us say that the PG is not quite on the same page as Roubini (The Pragmatic Capitalist). Michael Panzner believes that the moves show that we did not learn enough much over the last two years (Financial Armageddon).