Morning Review - 102210

Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.
com
Christine Clark: 212 448 6085 or cclark@convergex.com
Beth Reed: 212 448 6096 or breed@convergex.com
Stocks closed in positive territory Thursday after trading lower much of the day, as investors digested Morning Markets Briefing
economic data and a large batch of earnings reports (S&P 500: +18 bps, Dow: +35 bps, Nasdaq: +9
bps). Jobless claims fell 23K last week to 452K versus estimates for 455K, while the prior week was
Market Commentary: October 22nd, 2010
once again upwardly revised to 475K from the initially reported 462K. After 2 months of contraction,
the Philly Fed Survey indicated that Mid-Atlantic manufacturing conditions expanded slightly in A snapshot of the markets through the
October, as the index reached 1.0 from -0.7 last month. Also, the index of leading indicators rose 0.3% lens of ConvergEx.
in September after increases of 0.1% and 0.2% in the previous 2 months. Friday is light in terms of
economic news, but earnings from VZ, IR and SLB are expected before the open.
How to Get into a Private Club – Start Your Own
Summary: By dint of its preeminence in both benchmarking and passive investing, the S&P 500 is the most widely used index in global equity markets, and that makes it
perhaps the most exclusive club in capitalism. For example, in the world of exchange traded funds the SPY is the largest ETF in terms of assets under management. Yet in
recent years the ETF ecosystem has spawned some hybrids of this popular product with different methodologies for weighting stocks and sectors. In comparing the
risk/reward profiles of such funds we found that these alterations can make for dramatically different performance. Equal weighting the 500 names, rather than market
cap weighting, has yielded double the returns (8.6% YTD rather than 4.2%) so far in 2010. Alternatively, weighting the constituents by dividend yield got you more return
and less volatility this year. We aren’t ready to dismiss market cap weighting altogether, but we think this is a neat case study into why portfolio structure is so important
to investment outcomes. Same 500 names across six different funds, but very different outcomes.
News that Eliot Spitzer had been declined membership by New York’s Harvard Club drew a long laugh from many a well connected NYC mover and shaker this
week. The club doesn’t comment on its admissions policies, of course, but there can be little doubt of the reasons. Still, in a city as large and wealthy as New York Mr.
Spitzer can still try his luck with a range of other elite watering holes: the University Club, the Lotus Club, the Metropolitan Club, the Links Club and the New York Athletic
Club all come to mind. The New York Yacht Club is probably a bit of a stretch, as is the Knickerbocker Club. And if his new TV spot at CNN has given him aspirations as a
man of letters, the Century Association is worth a shot. And if all else fails, there is always the New York Health & Racquet Club, although their Fall Special (no initiation
fee) expires on October 31st.
The inner circles of Wall Street love to cluster together at such establishments, so it should be no surprise that that most widely invested stock index – the S&P
500 – is patterned very much after a private club itself. Consider the following requirements for inclusion:
Market Commentary – Pages 1-4, Equities/Conferences & Earnings – Page 5, Fixed Income – Page 6, Options – Page 7, Exchange-Traded Funds/Indexes – Page 8, Social
Media & Internet Blogs Top Stories – Page 9
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©2010 BNY ConvergEx Execution Solutions LLC. May not be redistributed without express permission. All rights reserved
Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com
• Membership is fixed at a certain number. Just like the most exclusive clubs in New York, or London or the Hamptons for that matter, someone pretty much has
to die before the membership committee kicks into gear to find a replacement. New companies come into the S&P 500 most commonly when an existing
member is purchased/merges/goes out of business.
• You have to be from here. The S&P 500 only includes U.S. companies, listed on domestic exchanges.
• You have to be well established and wealthy. No newcomers for the S&P 500 – IPOs must “season” for 6-12 months. And profitable companies only, please.
• You will be added if you “fit” with the rest of the club. The S&P committee tries to keep sector balance relatively stable as it adds new members.
There are other criteria, but you get the (slightly tongue-in-cheek) idea. The companies of the S&P 500 are carefully chosen to represent the domestic stock market
with high quality, well known companies. It should be no surprise, therefore, that something like $3.5 trillion of capital is benchmarked to the index, and almost $1 trillion
is indexed directly to it. The most popular exchange traded fund in the U.S., the SPY with over $80 billion in assets under management, shows just how deeply
entrenched the S&P 500 index has become in the fabric of modern finance.
But just as the Atlantic Golf Club in Bridgehampton was started by those who could not easily gain entry to Maidstone/Shinnecock/National, there are variations
of the S&P 500 index available to ETF investors that take the 500 names of the index and use weighting paradigms that vary from the S&P’s own market cap
hierarchy. Here are some of the “new” clubs/ETFs on the scene:
• Rydex S&P Equal Weight (symbol RSP). The same 500 names as the S&P large cap index, but evenly weighted across the universe. The established index, of
course, weights names according to market capitalization. The largest names represent can represent 2-3% of the index, where in the even weight approach
everything is 0.2% (1/500).
• WisdomTree LargeCap Dividend (symbol DLN). While not strictly tied to the S&P 500, the names in this ETF are a very close proxy for the dividend paying
names of that index. Any S&P 500 focused investor would recognize the top 10 holdings – AT&T, Exxon Mobil, Chevron, Verizon, Johnson & Johnson, Proctor &
Gamble, Pfizer, Merck, and GE – and they comprise +25% of the fund.
• RevenueShares Large Cap ETF (symbol RWL). Same 500 names as the SPY, but weighted by the size of the company’s sales. Wal-Mart (4.4% weight) and
Exxon Mobil (2.8% weight) have the greatest influence here.
• WisdomTree Earnings 500 (symbol EPS). Here, weightings are based on the magnitude of bottom line earnings dollars. Many of the same names appear at the
top of list here as the revenue-based ETF (no surprise, really) with Wal-Mart and Exxon Mobil at the top here as well.
• ALPS Equal Sector Weight ETF (symbol EQL). This ETF takes the nine sector ETFs that in aggregate make up the S&P 500 and equal weights them. Where the
technology and financial services sector are each more than 15% of the S&P 500, using this approach they only have an 11.6% weighting. Other sectors with
smaller weightings – Materials, for example - also have the 11.6% weighting despite their smaller position size in the traditionally constructed index.
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The accompanying table summarizes some basic information about these ETFs, but I think it is even more interesting to track just how well these differing
approaches have done through 2010. We’ve got that information detailed in the other attachments after this note, but here is a brief summary:
• Since all these funds invest in the same underlying equities, it should be no surprise that the correlation of daily returns is generally very high – over
95% - for the year to date. The one exception is the equal-weight sector fund, most likely due to its much higher representation of the volatile Materials sector,
as noted above.
• The dispersion of returns for the five ETFs listed above and the “regular way” S&P 500 fund SPY is fairly wide. The SPY is up 4.2% since the beginning of
the year; the RSP (equal weight) is up over twice as much at 8.6%. The other funds are clustered at 4.4% to 5.5%, but every single “alternative” approach has
bested the original index thus far in 2010.
• Performance is not the only relevant factor, of course. Risk, which we measure as the standard deviation of daily returns, also plays a role in investment
decision-making. In the attached chart you can see that the different alternative ETFs offer either lower risk for the same return as the SPY (EPS weighting) or
higher returns for the same risk as the index (Revenue weighting).
• That outlier performance of the equal-weighted RSP is the result of incremental risk-taking - but not very much, really. For less than 20% more risk you
have been able to essentially double your returns so far into the year. While we don’t show it here, pull up a chart of RSP versus SPY and you will see that for
2010 the RSP spent less time down on the year and, as noted, has done much better than its market-cap weighted competition. The final chart shows that small
and mid cap names have far outstripped the large cap S&P 500 in 2010. No surprise, therefore, that equal weighting makes such a difference versus the market-
cap approach.
I am not ready to say that we should ditch market cap weighting altogether, but the data here is certainly a case study in how to consider portfolio composition.
The same stocks, assembled in different ways, yield very different outcomes.
3
Overview
YTD Shares
Symbol Name Description Price Performance* Outstanding (mm) AUM ($mm)
SPY SPDR S&P 500 S&P 500 117.41 4.24% 707.7 82,029.9
RWL RevenueShares Large Cap LargeCap Revenue Weight 21.98 5.48% 7.9 173.3
EPS WisdomTree Earnings 500 LargeCap Earnings Weight 41.33 4.35% 1.6 65.7
DLN WisdomTree LargeCap Dividend LargeCap Dividend 43.79 5.33% 10.9 472.7
RSP Rydex S&P Equal Weight S&P 500 Equal Weight 43.35 8.59% 48.6 2,117.2
EQL ALPS Equal Sector Weight ETF Equal SPDR Sector Weight 32.99 4.73% 1.5 46.5
*P erform ance from 1/4/10 through 10/21/10
Correlation Grid
SPY RWL EPS DLN RSP EQL
SPY - 0.99 0.95 0.98 0.99 0.90
RWL 0.99 - 0.95 0.97 0.98 0.91
EPS 0.95 0.95 - 0.95 0.95 0.92
DLN 0.98 0.97 0.95 - 0.97 0.90
RSP 0.99 0.98 0.95 0.97 - 0.91
EQL 0.90 0.91 0.92 0.90 0.91 -
4
U.S. EQUITIES
In a day heavy with earnings news, CAT handily beat expectations and raised its full-year outlook, though shares of the company were down 1.2%. NFLX
jumped 12.8% after posting a surge in earnings, as it added more than 1 million net new subscribers for a 4th consecutive quarter. Airline LUV (+3.5%)
swung a 3rd quarter profit as demand returned, compared with a loss in the year-ago quarter, but JBLU (-4.8%) struggled despite reporting record 3rd
quarter profits and revenues. UAL (+0.6%) also topped estimates and projected that Q4 capacity would rise 3-4%. T fell 0.9% even as its quarterly net
income matched analysts’ estimates, while MCD (+1.3%), EBAY (+6.0%), NOK (+4.2%), TRV (+0.6%) and XRX (+1.1%) advanced on strong earnings reports.
Important Earnings Today (with Estimates) From… S&P Futures

AAI: $0.16 SLB: $0.70 One Day (High –1186.25; Low – 1167.25):
DOV: $0.90 TROW: $0.60
HON: $0.63 VZ: $0.54
IR: $0.79 Source: Bloomberg
KEY: $0.03
NST: $0.94
PAG: $0.33
Important Conferences/Corporate Meetings Today:

BioCentury’s NewsMakers in the Biotech Industry Conference – New York, NY
Three Day (High – 1186.25; Low – 1155.50):

Prior Day SPX (High – 1189.43; Low – 1171.17; Close – 1180.26):
Source: Thomson ONE

5
FIXED INCOME
Treasuries tumbled Thursday, sending benchmark 10-year yields up 7 bps to 2.55%, as investors continued to speculate whether the central bank will
begin a second round of quantitative easing to stimulate the economy. For the first time in 4 days, the yield on the long bond advanced, rising 7 bps to
3.96%. After the Fed implied in Wednesday’s Beige Book that the economy showed “modest” signs of growth, St. Louis Fed President James Bullard
suggested the central bank buy $100 billion in long-term Treasuries next month and determine later if more purchases are necessary.
Source: Bloomberg Source: Bloomberg
Today’s Important Economic Indicators/Events (with Consensus):

None
6
U.S. EQUITY
OPTIONS
SPX – The underlying index moved both up and down somewhat (+1.0% to -0.6%), but ended little changed on the day (+0.2%). The implied volatility in SPX options tracked the moves in
the underlying index, first dropping as the index rallied to a low of -4%, then rising as the underlying sold off to a high of +4%; finally ending the day -2 %, again, in line with small,
positive conclusion in the underlying. In SPX options, a very large calendar put spread was sold on a ratio that essentially created a delta neutral trade. The March 950 put was sold
49,500 times @ $14.00 to Buy 33,000 June 950 put @ $28.25. In other notable trades, the November 1200 calls were bought in early trading 5,000 times outright @ $ 13.80 with the futures
around 1180. A December 925/1025/1125 put butterfly was bought 2,500 times @ $8.90 with the futures at about the same 1180 level. Also, there were 10,000 December 800 puts (32%
out-of-the money) bought outright @ $0.45.
ETF – The Market closed slightly higher after a day of oscillating movements. Options volume was light although we highlight a large print in EEM (Emerging Markets) as a volatility seller
emerged through selling 41,000 Nov 44 puts delta neutral. Similarly, in XRT (Retail) one investor got short gamma through selling 20,000 mar 44 calls delta neutral. We also noted
downside buyers in VXX (VIX Short Term Futures) as an investor bought 9,500 Dec 10 puts. US Dollar Bullish Fund, UUP, continued to see activity with investors positioning for upside; one
trade had paper buying 14,500 Dec 23 calls. Lastly, we note a buyer of a put stupid in XLB (Materials) through the Dec 32 / 31 puts 10,000 times and a likely hedge in SPYs as paper bought
the Dec 114 Puts 45,000 times.
CURRENT IMPLIED VOLATILITY / CURRENT HISTORICAL VOLATILITY

Rank 10/15/2010 10/18/2010 10/19/2010 10/20/2010 10/21/2010 30-Day Implied Vol
1 PTV PNW MFE PTV MFE 4.89
2 MFE MFE DTV MFE DTV 20.16
3 DTV RSH RSH MKC RSH 41.68
4 RSH DTV PNW DTV MYL 37.53 BIGGEST MOVERS
5 BMC PTV PTV EFX MJN 34.90 Top 10 30-Day Implied Vol Bottom 10 30-Day Implied Vol
6 HSP HSP BMC RSH EFX 34.16 CCE 551.39% 22.80 PTV -80.75% 4.70
7 MJN MJN MYL BMC SYMC 40.11 PCG 146.03% 20.58 MKC -51.94% 17.10
8 CLX BMC VRSN MYL PTV 4.70 NSM 34.44% 27.48 EBAY -43.54% 27.70
9 CHRW M HSP MJN CHRW 25.59 Q 20.87% 31.18 TSS -31.82% 24.37
10 KMB IBM SYMC EBAY BMC 51.83 WPI 20.59% 28.88 HSY -31.19% 19.83
11 M AAPL CHRW TSS VAR 27.03 D 20.57% 18.24 FLIR -29.34% 30.41
12 FSLR MDP EBAY HSP CA 31.80 CNP 19.32% 26.27 DHR -27.79% 20.53
13 FIS CA MJN K CEPH 32.27 MU 18.06% 53.22 BAX -27.17% 21.09
14 AMGN CHRW SJM CHRW MDP 39.41 DUK 14.43% 13.81 ETFC -25.67% 31.66
15 MYL SJM GENZ SYMC K 19.32 LSI 13.98% 40.45 NTRS -24.38% 24.55
16 SJM STJ TSS CA GENZ 14.15
17 MDP TJX MDP MDP Q 31.18
18 HRS MYL CA VAR SJM 23.06
19 ABT CEPH XEL SJM VRSN 30.08
We ranked the S&P 500 companies from the highest to lowest 30 day implied to
20 VAR VRSN ORLY VRSN AN 34.56
21 VRSN TSS HD NI ORLY 29.32 historical volatility ratio. Above we identify the 10 most positive and negative
22 CA FRX CEPH AN CNP 26.27 movers.
23 ORLY CLX FIS GENZ TJX 25.21
24 PPL IFF K PPL NI 21.41 The table to the left represents the 25 highest 30 day implied to historical
25 PNW VAR STJ HRS HRS 33.72 volatility ratios within the S&P 500 companies. The green represents names
K PPL VAR FIS PPL new to the list while the red represents names that have fallen out.
MDP ORLY IFF CEPH TSS
PCS ABT CLX HD EBAY
APOL HRS TJX ORLY MKC
PBI AMGN AAPL XEL HSP
FSLR IBM PNW
KMB M MDP
FRX
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Exchange-Traded Funds/Indexes
Prior Day Peformance of Largest ETFs by Assets S&P 500 Sector ETFs
Name (Net Assets*) Ticker Category Daily Return Sector Ticker 1-Day Perf YTD Perf Sector Ticker 1-Day Perf YTD Perf
SPDRs SPY Large Blend 0.22% Energy XLE -0.05% 3.33% Telecomm IYZ -0.30% 9.22%
SPDR Gold Shares GLD N/A -1.41% Health XLV 0.26% 0.48% Technology XLK 0.08% 4.84%
iShares MSCI Emerging Markets Index EEM Diversified Emerging Mkts 0.00% Industrials XLI 0.81% 16.91% Consumer Discretionary XLY 0.58% 16.80%
iShares MSCI EAFE Index EFA Foreign Large Blend -0.54% Utilities XLU -0.43% 3.42% Financials XLF -0.03% 1.43%
iShares S&P 500 Index IVV Large Blend 0.25% Consumer Staples XLP 0.35% 8.46% Materials XLB -0.03% 4.70%
Prior Day Top Volume ETFs Currency ETFs
Name Ticker Category Shares Traded Currency Ticker 1-Day Perf YTD Perf Currency Ticker 1-Day Perf YTD Perf
SPDRs SPY Large Blend 187,912,742 Australian Dollar FXA -0.79% 8.85% Mexican Peso FXM 0.14% 5.27%
iShares MSCI Emerging Markets Index EEM Diversified Emerging Mkts 86,746,336 British Pound Sterling FXB -0.88% -3.06% Swedish Krona FXS -0.43% 6.95%
PowerShares QQQ QQQQ Large Growth 75,067,544 Canadian Dollar FXC -0.44% 2.14% Swiss Franc FXF -0.58% 6.67%
Financial Select SPDR XLF Specialty - Financial 72,225,712 Euro FXE -0.17% -2.92% USD Index Bearish UDN -0.29% -0.40%
iShares Russell 2000 Index IWM Small Blend 61,394,223 Japanese Yen FXY -0.24% 14.05% USD Index Bullish UUP 0.36% -2.64%
Prior Day Top Performers VIX ETNs Fixed Income ETFs
Name Ticker Category Daily Return Name Ticker 1-Day Perf YTD Perf Bonds Ticker 1-Day Perf YTD Perf
ProShares UltraShort Silver ZSL Bear Market 5.85% iPath S&P 500 VIX VXX -2.33% -60.58% Aggregate AGG -0.16% 5.10%
ProShares UltraShort MSCI Brazil BZQ Bear Market 4.62% Short-Term Futures ETN Investment Grade LQD -0.27% 7.58%
PowerShares DB Crude Oil Dble Short ETN DTO Bear Market 4.30% High Yield HYG -0.16% 2.29%
KETnotes First Trust Enh 130/30 LgCp ETN JFT Large Blend 3.96% iPath S&P 500 VIX VXZ -1.75% 0.56% 1-3 Year Treasuries SHY 0.01% 1.83%
Direxion Daily Latin America Bear 3X Shares LHB Bear Market 3.80% Mid-Term Futures ETN 7-10 Year Treasuries IEF -0.55% 11.73%
20+ Year Treasuries TLT -1.19% 12.03%
Others
ETF Ticker 1-Day Perf YTD Perf ETF Ticker 1-Day Perf YTD Perf
Gold GLD -1.41% 20.65% Crude Oil USO -2.08% -11.28%
Silver SLV -3.17% 36.59% EAFE Index EFA -0.54% 3.36%
Natural Gas UNG -3.39% -46.23% Emerging Markets EEM 0.00% 10.80%
SPDRs SPY 0.22% 6.00%
Major Index Changes:

SENEA will replace ATAC in the S&P SmallCap 600 after the close. Genco Holdings is acquiring ATAC.
ETFs in the Headlines and Blogs:

Ten Commandments of ETF Investing - http://etfdb.com/2010/ten-commandments-of-etf-investing/
Five ETFs That Are Beating the Market - http://seekingalpha.com/article/231294-five-etfs-that-are-beating-the-market
8
Top Online Social Networking Stories
Latest Popular Digg.com Business News

The Seven Best Cities for Renters - http://www.divinecaroline.com/22296/84860-seven-cities-renters
Eat the Free Steak, But Say “No” to This Investment Pitch - http://www.mint.com/blog/investing/equity-indexed-annuities-10192010/
Calculated Risk
Weekly Initial Unemployment Claims: Moving Sideways - http://www.calculatedriskblog.com/2010/10/weekly-initial-unemployment-claims_21.html
Comerica and Wells Fargo: Some color on C&I borrowing - http://www.calculatedriskblog.com/2010/10/comerica-and-wells-fargo-some-color-on.html
The New York Times: Economix

Answers to Your Questions on the Foreclosure Crisis - http://economix.blogs.nytimes.com/2010/10/20/answers-to-your-questions-on-the-foreclosure-
crisis/#more-85869
The Big Picture

Homebuyer Tax Credits - http://www.ritholtz.com/blog/2010/10/homebuyer-tax-credits/
The Output Gap and Unemployment - http://www.ritholtz.com/blog/2010/10/the-output-gap-and-unemployment/
The Baseline Scenario

An Early Stress Test for the Financial Stability Oversight Council - http://baselinescenario.com/2010/10/21/an-early-stress-test-for-the-financial-stability-
oversight-council/
Bespoke Investment Group

Major Group Relative Strength - http://www.bespokeinvest.com/thinkbig/2010/10/20/major-group-relative-strength.html
Q3 Earnings Season Stats - http://www.bespokeinvest.com/thinkbig/2010/10/20/q3-earnings-season-stats.html
Winners and Losers - http://www.bespokeinvest.com/thinkbig/2010/10/20/winners-and-losers.html
Bearish Sentiment Sinks to a Five Month Low - http://www.bespokeinvest.com/thinkbig/2010/10/20/bearish-sentiment-sinks-to-a-five-month-low.html
Zero Hedge
24th Consecutive Outflow from Domestic Stock Mutual Funds Is in the Books - http://www.zerohedge.com/article/24th-consecutive-outflow-domestic-stock-
mutual-funds-books
How Google’s Refusal to Pay US Taxes Means US Taxpayers Fund Its Innovation, Resulting in a Benefit of $100/Share -
http://www.zerohedge.com/article/how-googles-refusal-pay-us-taxes-means-us-taxpayers-fund-its-innovation-resulting-benefit-10
Jobless Claims Fall from Another Upwardly Revised Number - http://www.zerohedge.com/article/how-googles-refusal-pay-us-taxes-means-us-taxpayers-
fund-its-innovation-resulting-benefit-10
WSJ
Regulator for Fannie Set to Get Litigious - http://online.wsj.com/article/SB10001424052702304011604575564631414300418.html
9
GENERAL DISCLOSURES
This presentation discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It is provided for general
informational purposes only and should not be relied on for any other purpose. It is not, and is not intended to be, research, a recommendation or investment advice,
as it does not constitute substantive research or analysis, nor an offer to sell or the solicitation of offers to buy any BNY ConvergEx Execution Solutions LLC
(“ConvergEx”) product or service in any jurisdiction. It does not take into account the particular investment objectives, restrictions, tax and financial situations or other
needs of any specific client or potential client. In addition, the information is not intended to provide sufficient basis on which to make an investment decision. Please
consult with your financial and other advisors before buying or selling any securities or other assets. This presentation is for qualified investors and NOT for retail
investors.
Please be advised that options carry a high level of risk and are not suitable for all investors. To receive a copy of the Options Disclosure Document please contact the
ConvergEx Compliance Department at (800) 367-8998.
The opinions and information herein are current only as of the date appearing on the cover. ConvergEx has no obligation to provide any updates or changes to such
opinions or information. The economic and market assumptions and forecasts are subject to high levels of uncertainty that may affect actual performance. Such
assumptions and forecasts may prove untrue or inaccurate and should be viewed as merely representative of a broad range of possibilities. They are subject to
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Past performance is not indicative of future results, which may vary significantly. The value of investments and the income derived from investments can go down as
well as up. Future returns are not guaranteed, and a loss of principal may occur. The information and statements provided herein do not provide any assurance or
guarantee as to returns that may be realized from investments in any securities or other assets. This material does not purport to contain all of the information that an
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The opinions expressed in this presentation are those of various authors, and do not necessarily represent the opinions of ConvergEx or its affiliates. This material has
been prepared by ConvergEx and is not a product, nor does it express the views, of other departments or divisions of BNY ConvergEx Group, LLC and its affiliates.
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.

How to Get into a Private Club – Start Your Own

Important Earnings Today (with Estimates) From… S&P Futures

Important Conferences/Corporate Meetings Today:

Three Day (High – 1186.25; Low – 1155.50):

Source: Thomson ONE

Source: Bloomberg Source: Bloomberg

Today’s Important Economic Indicators/Events (with Consensus):

CURRENT IMPLIED VOLATILITY / CURRENT HISTORICAL VOLATILITY

Major Index Changes:

ETFs in the Headlines and Blogs:

Top Online Social Networking Stories

Latest Popular Digg.com Business News

The New York Times: Economix

The Big Picture

The Baseline Scenario

Bespoke Investment Group

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