[Posted 7:00 AM ET]
The War on Terror
A memo authored by Secretary of Defense Donald Rumsfeld
questioned whether America was winning the war on terror, with
the supposition being we’ve had mixed results thus far in
neutralizing al Qaeda. This isn’t necessarily news, though,
except for the fact that Rumsfeld’s own boss, the president, is
publicly saying otherwise, that substantial gains have indeed
been made.
The bigger issue, however, is not what Rumsfeld says but what
he does. The secretary has talked of transforming the American
military for the new era, with an emphasis on flexibility, speed
and Special Forces, while at the same time he’s looking to cut
and run in Iraq.
The Washington Post had a front page story that claimed the
Pentagon hopes to have less than 100,000 troops in Iraq (we are
currently at around 145,000) by summer and 50,000 by mid-
2005. This isn’t just about politics and the need for President
Bush to campaign behind another backdrop of ‘Mission
Accomplished,’ but also the fact that military officials are
worried about troop levels being insufficient to meet other
potential crises, such as in North Korea.
Well, last week on “Meet the Press” Senator John McCain
reiterated his own belief, which I share, that the United
States needs a far larger military force, not just in Iraq but to
combat future threats, along with a new look at National Guard
and Reserve force levels and their mandates.
So we go back to Rumsfeld and the confusion he sows. Is our
current force structure best able to deal with the war on terror?
Maybe not, and perhaps the secretary is right in desiring an
increase in Special Forces and a more mobile, and lethal, quick-
strike capacity, but he also wants to reduce the overall size when
others argue we still need more boots on the ground, and
immediately.
I apologize for continuing to repeat myself, especially since May
1st, but while the war was justified, the president’s job is to keep
the American people educated on the mission and, yes, the
“slog” ahead, while at the same time we must…must…maintain
a sizable force in Iraq and the region to keep the heat on Iran and
Syria until they crack, and if this means we have to add more
divisions to have sufficient force levels to deal with the North
Korean threat as well, so be it. That’s the sacrifice the American
people must pay; an exploding budget deficit, perhaps falling
equity and bond markets, and maybe a reinstitution of the draft in
some form.
That said; it really was a decent week for President Bush and
further proof that he needs to get out more. My take on the trip
to Asia was that it was a mostly positive journey. There is hope
the multilateral approach to North Korea will work, the
Europeans proved they can be helpful in putting pressure on Iran,
and while the Iraqi donor meeting was not a huge success, it also
wasn’t an unmitigated disaster either.
But Bush can’t allow re-election pressures to stand in the way of
good government, whether it’s ill-advised hammering on the
currency issue or troop strength in Baghdad. The president also
must not be afraid to take charge and shuffle the deck chairs a
bit.
Wall Street
I wrote back on 8/23 in this space that the ‘plusses’ in the
economy were more measurable than the ‘minuses.’ Improving
retail sales or manufacturing data is essentially real time, for
example, when compared with dreamy, or nightmarish, musings
on the exploding debt in this country. It’s part of the reason why
it has been easier to be a bull than a bear this year, and no doubt,
the economy rocked in the third quarter while the fourth looks to
be solid as well.
But what of 2004? Certainly, when market leaders such as
Amazon, Merck and Microsoft issue less than rosy scenarios it
gives one pause before penciling in a 4%+ GDP figure for all of
next year, particularly when many individual stocks are already
being valued for significant growth in 2005 and 2006 as well.
One thing I will never deviate from is the principle that valuation
matters; it just takes some investors longer to realize this than
others. Or another way of putting it is; at the end of the day I
will always be right, even if I miss some of the excitement
beforehand.
So let’s address some of the key factors that may not be
influencing markets directly today, but will down the road.
–Margin debt on the Nasdaq has been exploding.
–The average household has credit card debt of $9,000, and this
continues to rise.
–Out of pocket employee increases for healthcare are expected
to rise another 12% in 2004, largely negating the benefits of the
tax cut for many.
Further, on the issue of real estate and debt, USA Today had a
piece on the California market, with one agent describing his last
20 sales. Only one put 20% down, the other 19 were around 5%.
Good luck to the 19, I say.
This week also saw a big resurgence in cases of corporate
malfeasance, or announced investigations into same. The inquiry
into Freddie Mac’s tax treatment of its derivatives holdings
intensifies, AT&T fired 4 for accounting irregularities, Tenet
Healthcare revealed further problems, Goodyear said it was
restating earnings for the past 5 years, Nortel, Seagate
Technologies…yet all the while we continue to have shills out
there who trumpet that the United States has the best markets and
systems in the world.
While I’ve always said that corruption makes the world go
‘round, it’s just more than a bit disingenuous to be so smug after
recent examples that would make any Third World market blush.
Finally, President Bush attempted to jawbone the likes of China
and Japan on the currency front during his Asian adventure.
China’s President Hu Jintao said “keeping the exchange rate
stable…serves China’s economic performance,” while Japan
basically mumbled, ‘Don’t ask for much from us.’ Earlier in the
week Treasury Secretary Snow momentarily rocked the market
when he said the administration would welcome a pickup in
interest rates as a sign of a healthy economy. This is
academically sound, just a bit dangerous as a pronouncement,
though the bond market sloughed it off. I’ll have far more
comments on this topic following next week’s Federal Reserve
meeting.
Street Bytes
–The market was more than a bit sloppy, due to the
aforementioned earnings announcements. Amazon, for example,
had revenue growth of 33% in the third quarter, but only
projected 16% for all of 2004, while Microsoft’s outlook was
mixed at best. For the week the Dow Jones fell 139 points or
1.4% to 9582, while Nasdaq lost 2.5% to close at 1865.
–U.S. Treasury Yields
6-mo. 1.02% 2-yr. 1.72% 10-yr. 4.23% 30-yr. 5.12%
The bond market rallied some, mostly due to the problems with
equities amidst concern future economic growth may not be as
robust as once thought.
–Energy: Looking for an energy bill out of Congress? Grab a
beer instead. One thing is for certain, though, and that is when
the legislation does emerge it will be 99% pork and 1% serious
strategic thinking. And for those of us who feel we should drill
in the Arctic National Wildlife Refuge, the disease-ridden
caribou appear to be safe for the next decade, as they breed and
multiply to levels never before seen in human history.
I do need to correct a statement from last week. I have done a
myriad of pieces on the history of OPEC for my “Hott Spotts”
and “Wall Street History” links, but I was a bit careless in
writing of OPEC’s “30th anniversary” when the cartel was
established in 1960. I meant to write that last week represented
the 30th anniversary of OPEC’s first real display of clout with the
Arab oil embargo. [Thanks to reader Steve S. for pointing this
out.]
–France has been given an extra year to comply with the
European Union’s 3% deficit target, though the E.U. is
demanding budget concessions the French government is not
willing to make, which further illuminates two points. First, the
French have every right to do what they deem best for their
economy, but, second, this can violate the restrictions they
themselves agreed to impose as part of establishing the euro.
Debates such as this will only increase as the E.U. grows, though
thus far it hasn’t hurt the performance of the currency.
–Not a great week for Wal-Mart as it was the target of an INS
roundup concerning illegal workers at some 61 stores, with 300
being arrested that worked for outside cleaning contractors Wal-
Mart employs. Granted, the share price wasn’t impacted to any
great extent, but the bad publicity generated by this move can be
added to the general reappraisal of the company and its impact
on America.
Let’s face it, while all of us benefit from lower prices, the
flipside is the issue of low, low wages, with the grocery strike in
California (and other states) illuminating the debate. Striking
grocery clerks, unionized, earn $17.90 an hour after 2 years
while those at Wal-Mart’s own exploding grocery operations
(now 19% of nationwide sales in this category) earn generally no
more than $8.50 an hour, with many officially living below the
poverty line.
I’m not taking sides here, just pointing out a fact. Yes, $8.50 is
better than nothing, or being on welfare, it’s just something that
society is going to have to grapple with in some form or another
down the road. Low prices, low wages, and still more jobs going
overseas.
–The investigation into improprieties in the mutual fund industry
continues to widen, and while investors need not worry that they
have been taken to the cleaners, cost-wise, the growing list of
infractions is not only an embarrassment, some of the alleged
offenses are downright egregious, such as the revelation that 6
portfolio managers at Putnam were market timing for their own
accounts. Putnam fired at least 4 of them for this breach of their
fiduciary responsibility.
–Alliance Capital issued a compelling report describing the
worldwide slide in factory employment, off some 11%, thanks to
productivity gains and excess capacity. Many in the U.S. won’t
want to believe this but it only makes sense. Meanwhile, Sony
will eliminate 20,000 positions across the globe, while Merck is
going to lay off 4,400.
–Through a mutual friend, I was recently made aware of the
work of Andy Brod, a professor at UNC-Greensboro who studies
the furniture industry, which is largely centered in the
Greensboro-High Point, NC area.
Many of us look at various indicators to gauge strength in the
economy, including shipping levels for the trucking and rail
sectors. Professor Brod is tracking furniture demand, which
obviously ties into housing activity, as well as general trends in
consumption, and his new work reflects a pickup across the
board. So I’ll add this indicator to the others for the future,
especially to glean signs of the coming crash in real estate!
[A.B. is also a big-time Cubs fan and in major denial, blaming
the loss to the Marlins in the NLCS on all manner of cosmic
forces. I feel for both him and his family.]
–Not for nothing, but the Bush administration really jerked us
around with the deficit estimates for fiscal 2003, which then
came in at $374 billion following the release of the 9/30 data.
Back in July the White House said it would be more like $450
billion, so we’re all supposed to take great comfort in this sudden
progress. Of course while the tax cut and renewed recovery have
had a favorable impact on revenues, and I’m not complaining
about that, it was simply a political con game. It’s also another
reason why some of us are more cynical today than we’ve ever
been.
–But at least there’s Lexmark. The company reported another
strong quarter on the heels of soaring ink cartridge sales. Yes,
this means yours truly is reminded once again of my personal
failure to open up “Mr. B’s Ink Cartridges,” or MBIC. By the
time I get cracking on the idea, it will be too late.
–Frank Quattrone, who holds his head so high he may drown
like a turkey, may have to do it all over again as the judge in his
case ruled a mistrial. Meanwhile, fret not, Dennis Kozlowski is
headed for hard time.
–A month ago, a seat on the New York Stock Exchange went for
$1.85 million. This week, in light of the controversies swirling
around the Big Board, the price was down to $1.35mm. [It
peaked at $2.65mm in ’99.] When it gets down to $39.95, I’m
going to scarf up a couple for keepsakes.
–Interim NYSE chairman John Reed hired a former prosecutor
to lead the investigation into the Exchange’s pay practices, which
can only mean one thing……………….it’s time for another
installment of……………
–Dick Grasso, Ace Embezzler!
This week, the New York Times’ Gretchen Morgenson had a
terrific piece on Lil’ Napoleon’s reign, writing “(Grasso)
considered himself bigger than the institution he ran” and that
Grasso “managed through intimidation and an old-fashioned
favors system.”
Morgenson also blew the lid off the whole post-9/11 deal, for
which Grasso received all manner of encomiums at the time.
Folks, he didn’t even show at some of the meetings where the
various exchanges, such as Amex and Nasdaq, were attempting
to coordinate the reopening. Then Grasso insisted on the 2-
minute delay before trading started so he could grab the national
spotlight. [Of course it was after this performance that I was the
first to criticize him in this space for his used-car salesman
tactics in encouraging investors to throw caution to the wind by
buying stocks.]
But while Morgenson deserves another Pulitzer for her efforts,
the apologists immediately rushed forward, including Rudy
Giuliani, who incredibly doesn’t recognize Grasso is the last guy
to keep defending. Appearing on the Imus program, Giuliani
said what long-time readers of this space could have predicted.
“The guy you could count on for any charity was Dick.” Who
gives a damn, Rudy? But then Giuliani, in addressing Grasso’s
$140 million takeout package, said “God has given him this
situation where he can afford to (do anything he wants).”
Just in case you were wondering what God’s priorities are these
days. And here I always thought He cared more about the little
guy. “Carry the weak on your shoulders,” prayed Pope John
Paul II recently. Spare me, Rudy. Spare us all.
–Lucent, the little company up on the hill about 3 blocks from
me, reported its first profit (2 cents) since March 2000 and the
shares soared to $2.95, before closing at $2.66. Revenues,
however, were down another 11%. Despite the slightly better
tone, I plan on skipping the headquarters when I do my trick or
treating next week. “Have you no candy, sir?”
–One week ago, AOL Time Warner formally dropped the ‘AOL’
moniker to become just Time Warner. This week former AOL
chairman Steve Case and Time Warner CEO Richard Parsons
were among those subpoenaed in the ongoing SEC investigation
into potential accounting fraud as a result of AOL’s aggressive
revenue recognition with regards to some of its acquisitions.
Folks, you just don’t normally subpoena the top honchos unless
you have reason to.
–Morgan Stanley continues to feel the heat on the mutual fund
front. In one instance, authorities are looking into the case of a
Florida woman whose bond holdings were converted into
proprietary B share funds (where the broker picks up a
substantial commission and the client gets hit with larger annual
fees). So I have to laugh when I see the brokerage firm’s new
commercials.
“When you work with a Morgan Stanley financial advisor, you
get someone entirely devoted to your dreams.”
Barf.
–My friend Jimbo, heavily involved in the enterprise software
business, is convinced Larry Ellison (Oracle) will go after Sun
Microsystems. [This isn’t a recommendation, nor can I see Sun
garnering a huge premium in a deal of this kind.]
–Good to see McDonald’s continue to turn things around. Good
for the country, know what I’m sayin’? But Mickey D’s and
other fast food joints are about to raise prices for 2004, thanks to
the ongoing ban on Canadian beef (ergo, less supply), as well as
higher costs for insurance and property taxes.
–Citigroup had its best quarter ever, earning $4.7 billion in
Sandy Weill’s swan song. Hey, congratulations, but what this
huge # really shows is what a joke the whole Wall Street
conflicts of interest settlement was, with the big firms generally
coughing up just $100-$200 million. In other words, about 2 to 4
days net income for the larger outfits.
[And to think if Eliot Spitzer hadn’t pressed it this far, they all
would have gotten off scot-free.]
International Affairs
North Korea: While President Bush continued to rule out a
formal non-aggression treaty (which would require U.S. Senate
approval), the White House would accept a multinational
security agreement involving Russia, China, South Korea and
Japan. China, which has every incentive to be helpful here, is
sending its #2 to visit Pyongyang this coming week with the
hope of establishing a date for restarting the 6-party talks.
Kim Jong-il should feel increasingly isolated and he also can’t be
thrilled with the repositioning of U.S. troops in the South over
the coming months, away from the border and out of artillery
range, one of Rumsfeld’s smart moves.
Iran: The foreign ministers of Britain, France and Germany
reached agreement with their counterpart from Iran that the
Iranian government would suspend its uranium enrichment
program, allow strengthened U.N. inspections of its nuclear sites
and comply with all International Atomic Energy Agency
(IAEA) requests. On this issue the U.S. and its European allies
are in complete agreement and there is hope for real progress
here.
But, the West can not let down its guard for a minute, as we did
in North Korea following a similar agreement with Pyongyang in
1994, and by week’s end the IAEA clearly had not received all
the documentation Iran had promised, while the clock keeps
ticking with most now in agreement that Iran could have a bomb
as early as next year if not stopped immediately.
The ball is now in the Iranian parliament’s court and it seems
inevitable the hardliners will drag out the issue to buy more time,
while the clerics need only point to a slew of stories that Saudi
Arabia is attempting to acquire nukes (or at least the technology
to build them) from Pakistan, as proof that Iran must continue
with its own program.
Israel: Violence on both sides picked up this week and debate is
rising internally in Israel over some of the tactics of the military,
as well as the continuing authorization of expansion in the
settlements. As for the recent strike on the reported terrorist base
10 miles outside of Damascus, Defense News relates the action
was part of a calculated series of moves designed to force
Assad’s regime to abandon its support of terrorists. You have to
picture that Israeli fighter jets have reportedly been buzzing one
of Assad’s palaces at supersonic speed….which also tells you
everything you need to know about Syria’s air defenses.
China: The New York Times had a ridiculous editorial
following China’s first manned space launch, basically saying
the U.S. needn’t worry about the military applications. Of course
we do, but there is little America can really do about it at this
point except make sure our nation remains one step ahead. The
launch was a huge coup for the Communist government and,
let’s face it, the Chinese people have every right to be proud and
full of nationalistic fervor.
To state the obvious, the future of U.S.-Sino relations, as well as
China-Japan, China-South Korea, China-Australia, China-
Europe, etc. is dependent on a myriad of factors, perhaps most
importantly on the respective leadership in each nation at any
given point in time.
For today, since he took office I have maintained Chinese
President Hu Jintao has the potential to be the kind of pragmatic
leader the West can deal with. I have seen nothing thus far to
dissuade me from this belief. Some are even comparing Hu to
Gorbachev, which isn’t necessarily a compliment because as
heroic as Gorbachev was in some regards, he was also a stubborn
Communist to the end and had no real clue just how explosive
the forces he set in motion were. Hu, however, understands (I
think) that over time China will have to democratize.
But make no mistake, China wants to be #1 in everything,
including military power, and this will lead to inevitable conflict
(such as over the fate of Taiwan), let alone control of the Pacific
region’s natural resources.
And on the issue of trade, conflict is already here. I favored
WTO membership for China because I viewed it as part of an
inevitable process, but clearly, Beijing is not adhering to the
rules on issues such as intellectual property and more open
access in some sectors. On this, the U.S. has a potent ally,
Europe, for the latter is getting hit just as hard in areas like job
loss as the U.S. is. In other words, it’s time to gang up on China
before it’s too late and destructive protectionist measures are put
in place.
I used to talk of the relationship with China being one step
forward, two back. With Hu Jintao it can be two forward, one
back, but it’s going to require tough leadership from the White
House and the continuous education of the American public so
that it receives the facts, both good and bad.
Taiwan: I note the passing of Madame Chiang Kai-shek, a
fascinating, complicated and not entirely likeable historic figure
of the 20th century. But, her story, along with that of her late
husband’s, is still being written in the debate over Taiwan’s
independence. One way or another, this will be rectified by 2010
at the latest.
India: After almost going to war with Pakistan over Kashmir a
year ago, the government in Delhi has begun taking steps to open
up a dialogue with the main separatist alliance in the disputed
province. India is also re-opening travel links with Pakistan.
Forget world peace, it’s vital to the health of the world economy
to keep these two talking, even as the inevitable terrorist attacks
in Kashmir try India’s patience.
Russia: Britain’s intelligence service thwarted a plot to kill
President Vladimir Putin, one involving a former KGB major
dissatisfied with Putin’s rule. The assassination was to have
taken place during one of Putin’s overseas trips.
[And I just saw that Yukos chairman Mikhail Khodorkovsky has
been detained for questioning in the probe of his giant oil
company.]
Australia: It was good to see President Bush here with Prime
Minister John Howard, the latter my favorite world leader these
days. But Aussie opposition leader Simon Crean was also a real
class act when he told Bush that “on occasions friends do
disagree as we did on this side with you on the war in Iraq,”
while adding that such differences “can enrich rather than
diminish, they can strengthen rather than weaken the partnership.
Our commitment to the alliance remains unshakable as does our
commitment to the war on terror.” [Source: AP]
You’re a good man, Mr. Crean, and you have a great country.
Northern Ireland: Never was there a clearer example of my
favorite dictum “wait 24 hours” then what transpired in Northern
Ireland this week. On Sunday it appeared that there had been a
major breakthrough on IRA disarmament and Assembly
elections were set for November 26. British Prime Minister
Tony Blair and Ireland’s Bertie Ahearn met in Belfast on
Monday for what was to be a celebration, then within hours it all
fell apart as Ulster Unionist leader David Trimble was outraged
disarmament details weren’t released.
Late Monday, Blair, just two days removed from his heart
situation, said “As always, we will try, try, try again.”
Zimbabwe: The state oil company ran out of fuel on Sunday,
inflation is 400% and unemployment is 70%. Other than this,
everything here is hunky-dory and the people are having a blast.
Canada: Paul Martin becomes the new prime minister in a few
months, as President Bush takes every final opportunity to snub
Jean Chretien. Martin is already calling for a more activist
foreign policy and a significant boost in military spending.
Meanwhile, the National Post reports that Islamic Jihad may
already have established bases in Canada, joining the 50 or so
other groups camping out in the country.
Switzerland: In national elections, the ultra-right, anti-immigrant
People’s Party (SVP) captured 27% of the vote. SVP leader
Christoph Blocher is basically the Jorg Haider of his nation. But
in Switzerland, the 4 leading parties control power and the SVP
can now demand more influence. Of course the far-right has also
picked up 25-35% at various times in places like the Netherlands
and France, as well as Austria, in the last few years, and unless
the European economies pick up in a big way, anti-immigrant
fervor will continue to ratchet up.
Britain: Blair’s irregular heartbeat obviously bears watching and
it begs the question, will he stay in office? What does seem clear
is that #2 Gordon Brown could be in power sooner than some
think.
Venezuela / Colombia: The war of words between these two is
heating up, as Colombia confronts Venezuela on the latter’s
sheltering of guerrilla groups. The Chavez regime denies the
charges, to which I can only say, “You freakin’ liars.”
Bolivia: New government, more of the same…chaos. Cross this
country off your holiday travel plans.
Random Musings
–Newsweek has a scary story on the problems facing the FBI in
terms of translating all the materials it is receiving in the war on
terror. And aside from the fact it lacks numbers, internal culture
clashes between Arabs and non-Arabs in the bureau make
officials worry they aren’t receiving the truth, similar to the
problems at Guantanamo. Of course we need real-time
information these days, but often it’s impossible to understand a
word of an intercept, for example.
–The case of terrorist-financier, Muslim-American, Alamoudi is
more than a bit troubling, as this was the man who years ago set
up the U.S. Army Muslim chaplain program and rose to great
influence in the establishment. Alamoudi was arrested last June
at London’s Heathrow carrying $340,000 provided by Libyan
agents. This week he was indicted in the U.S. on money-
laundering and various fraud and immigration charges not
directly related to the Libyan connection. His American lawyer
said the government’s act represented a “continuing pattern of
harassment of Muslim leaders in the United States.” Throw the
attorney in jail. We don’t have time for such B.S.
–The U.S. Senate killed a proposal that would have curbed class-
action lawsuits and discouraged frivolous ones. It’s a big blow
to the Bush administration and all right-thinking people, but it’s
the political season and Democrats just have to get that trial
lawyer money.
–In an ABC / Washington Post poll, 62% of Americans want
universal health coverage, 75% a prescription drug benefit.
Gimme, gimme, gimme………just kidding! But seriously,
friends, these issues are frighteningly expensive ones.
–A NASA study reveals the Arctic ice cap has decreased in size
10% each of the past two decades, and wherever you come down
on the global warming argument, I for one agree with NASA’s
conclusion that it’s hard to deny human activity isn’t at least
partly responsible for the vast changes taking place. I also
noticed Senator John McCain has expressed serious concerns on
this front as well.
–Joe Lieberman and Wesley Clark pulled out of the Iowa
Caucuses. Smart move. It’s a dumb process.
–Business Week had an extensive article on hip-hop impresario
Russell Simmons, whose personal success one can’t help but
admire, regardless of your opinion on the whole genre. But the
reporter talks of hip-hop being an “attitude, a state of mind,” and
a marketing consultant adds, “This is the new mainstream.” Of
course this is also what worries many of us and I just hope that
over time Simmons can channel his empire towards more
positive ends, as he has the ability to do so.
–One of life’s great pleasures is taking a cab in New York City,
the perfect way to people watch in comfort and it’s also not very
expensive. Therein lies the problem. The poor cabbies haven’t
had a fare increase in 7 years, while all of their operating costs
have soared. There is no way these guys can make ends meet,
and there’s also no doubt what a vital service they play in New
York’s economy, including the tourist industry. So, for the first
time ever, your editor would support a strike…as is increasingly
possible here.
–In just the past few weeks, 3 students at NYU have committed
suicide.
–Eli Broad is one of the Democratic Party’s biggest fundraisers
and Arnold Schwarzenegger has Broad as a leading advisor on
his transition team. Earth to Republicans. Earth to Republicans.
[Paid for by McClintock for U.S. Senate 2004…Brian Trumbore,
New Jersey coordinator.]
–U.S. News & World Report had a story that our children aren’t
receiving enough Vitamin D, especially in winter. Sunlight
being a prime source of Vitamin D, everyone needs at least 5-10
minutes exposure to solar flares.
But women who use tanning salons once a month increase their
risk of melanoma. Nothing wrong with the fair-skinned, Nicole
Kidman look, I always say.
–Actually, I don’t think I’ve ever said the above………………
–Go Marlins! [You know what? I just realized I have Marlins
on my shirt in the above photo!]
—
God bless the men and women of our armed forces…and their
families.
God bless America.
—
Gold closed at $389…big rally back.
Oil, $30.16
Returns for the week 10/20-10/24
Dow Jones -1.4% [9582]
S&P 500 -1.0% [1028]
S&P MidCap -0.7%
Russell 2000 -2.7%
Nasdaq -2.5% [1865]
Returns for the period 1/1/03-10/24/03
Dow Jones +14.9%
S&P 500 +17.0%
S&P MidCap +23.8%
Russell 2000 +32.2%
Nasdaq +39.7%
Bulls 56.4%
Bears 22.8%
Have a great week. I appreciate your support.
Brian Trumbore
