The weekend is a great time to catch up on some of the reading you skipped during the week.  We hope you enjoy this set of long-form links.

Finance

What is the ‘limit order effect‘ and how does it change our thinking about behavioral finance?  (The Psy-Fi Blog)

Quote of the day

Floyd Norris, “More than almost any other dispute in economics, gold often seems to be a matter of theology. “  (NYTimes)

Chart of the day

Index Universe posted some comments from Vanguard on their thoughts about portfolio construction looking out over the current decade. The headline was Stick to Allocation Strategies and from the standpoint of not giving up on equities, I agree completely. I've said before that for people who have learned they just cannot handle the potential volatility with equities fine, just understand the tradeoff of needing to save more.

Here are seven (or so) links at 7AM Eastern.  We will see you later with the daily linkfest.  Good luck out there.

Where are we in the three stages of bull markets.  (Ivanhoff Capital)

Where did all the ETF volume go in January?   (FT)

The big talk of the town was FB filing for its IPO. Despite the news of the IPO sellers hit the market late day pushing stocks from its highs. Over at the NASDAQ despite sellers on the NYSE the NASDAQ appeared to be somewhat immune. Volume soared on the NASDAQ as institutions pile back into technology stocks. It is clear the leading index of this rally is the NASDAQ and we view this as a positive sign. A solid day for the NASDAQ while it appears the NYSE related indexes continue to lag.