[Posted 8:00 PM ET, Friday…Shanghai]
Iraq
I must say, it wasn’t a great week to be traveling around the
world as an American. It didn’t create any particular problems
for me, but as I took a ferry on Tuesday from Singapore to
Batam, Indonesia, and as the only Yank on board, it was a bit
unsettling to see the locals reading newspapers with screaming
headlines and photos of prisoner abuse in Iraq. I didn’t comment
on this topic last week because the story was just breaking and I
wanted to get more facts before doing so.
Well now I’ve seen all the disgusting details, as we know them at
this point, and I’m ashamed of the likes of Private Lynndie
England, the soldier in some of the worst photos. It is absolutely
sickening and as one who has commented as extensively as
anyone the past 5+ years on the global scene and the big picture,
I am furious at some in our chain of command who allowed this
to take place.
I have written in the past that it is a big mistake to think that the
U.S. military is loaded with brilliant people at the top, and I
know I raised more than a few eyebrows with these comments,
but now any doubters know where I’ve been coming from.
It was a failure in leadership for not moving on to places like
Fallujah after the fall of Baghdad. It was a failure in leadership
in not recognizing that manpower shortages would severely
impede the reconstruction effort. And it was obviously a
massive failure of leadership of disastrous proportions in
allowing some Iraqi prisoners to be mistreated the way they
were.
It’s no secret that the United States will be under the microscope
for years, possibly decades to come. As an American you can
complain about it but the reality is we have to be virtually perfect
in everything we do if we are to sustain the cooperation of our
global partners in the war on terror and to keep from further
inflaming tensions. This prisoner debacle has set us back in
ways we can only just begin to imagine, and I don’t buy this crap
in some circles that it’s only a handful at fault, which in some
way excuses the behavior. Today, one is too many.
Ironically, last week I called for Donald Rumsfeld to be shown
the door and it had nothing to do with Abu Ghraib. I’ve argued
since last May that he was incredibly overrated. After all, more
broadly speaking, as conservative commentator Robert Kagan
put it in an op-ed for the Washington Post:
“Bush administration officials have no clue about what to do in
Iraq tomorrow, much less a month from now.”
As Kagan went on to say, why does President Bush continue to
then tolerate policymakers and military advisers that are making
the achievement of his goals less and less likely?
John Kerry gets blasted, and rightfully so, for flip-flopping like a
salmon that accidentally jumped onto the river bank, but the
administration has been the king of it, whether it’s the amount
needed to fund the operation (another $25 billion is being called
for today), the size of the force level, or what Iraqi general
should be in charge of Fallujah, to name but a few of the latest
examples.
And then I read a piece by George Will in the Post on the
president’s press conference of 4/30 wherein Bush stupidly
commented on Muslims, skin color and democracy. Will
observed, “What does such careless talk say about the mind of
this administration?”
Look, I was one of those neocons who believed, and still do, that
democracy can sprout up in Iraq and influence for the better the
rest of the region, but I then recognized quickly following the
president’s “mission accomplished” fiasco of 5/1/03 that we
were going about it the wrong way. Too bad the likes of
Rumsfeld, Cheney and Rice didn’t get the picture. They in turn
gave the president some historically awful advice.
But as we deal with the issue of today, the Arab world’s view of
a United States that sadistically mistreated Arabs, I conclude
with the thoughts of an editorial that appeared in The Straits
Times, the official mouthpiece of our very staunch ally,
Singapore.
It was U.S. sources that brought the abuse to light…not the Arab
media. “Radical Islam cheered Sept. 11; Americans pro- and
anti-Bush alike, hung their heads in shame over Abu Ghraib.
That is the difference – and it is no small difference.”
Wall Street
I was reading a commentary by one market strategist following
the Federal Reserve’s decision to maintain interest rates at
current levels, while at the same time saying “policy
accommodation can be removed at a pace that is likely to be
measured.”
“It is another move by the Fed to begin preparing Wall Street
and Main Street for an eventual increase (in rates),” this fellow
opined, and therein lies the ridiculousness of this whole Fed
exercise in jerking us all around.
Just hike the rate, Chairman Greenspan, you old fool. PIMCO’s
Bill Gross, who deserves his label as the leading authority on the
bond market, can’t get away with using my language but he
argues the federal funds rate should be 2.5% and not the current
1% and that the Fed should get to that level quickly. Despite a
recent drop in commodities prices, with one big exception, due to
concerns over China’s future strength, other measures of
inflation with far more lasting import are beginning to stir, such
as pricing power and wages, the latter particularly if employment
gains continue to be registered, as we witnessed again on Friday
with the big numbers on April job growth.
And while you can argue that maybe consumer spending is
slackening some, thus alleviating certain pressures, it certainly
appears the second quarter is off to a flying start on the
manufacturing end, which was always the Fed’s plan, to
grudgingly give Greenspan his due; that capital spending would
finally pick up where the consumer and, possibly, housing left
off, thus keeping the expansion humming. But while you would
expect real estate prices and activity to level off due to rising
mortgage rates – and for crying out loud, I swear at least prices
will some day – other costs will march higher.
But there is this issue of oil prices, now at new 13-year highs due
in no small part recently to fears that Saudi Arabia could implode
in a spasm of violence. The attack last weekend on contractors at
Yanbu was a possible tipping point and the cat is now out of the
bag. Terrorists, read al Qaeda, have infiltrated Saudi Aramco,
the world’s largest oil company, as well as Saudi intelligence and
the military. One British contractor who had just seen some of
his cohorts killed said “I’ve changed my attitude towards the
Saudis I work with” and with that he was out of there.
It’s a situation that obviously bears watching as it can change the
tone of the global economy in a flash, sending it into freefall if
Saudi Arabia erupts in civil war. I’ve already argued in the past
it’s been in a low-grade one for some time now.
But Alan Greenspan can’t assume a scenario such as this. He’s
supposed to act on the here and now, and today the bond market
is telling him the inflation train has left the station and he’s been
left behind…right on schedule.
Street Bytes
–Stocks took it on the chin yet again on the rate fears, with the
Dow Jones off 1.1% to close at 10117. Nasdaq lost just three
points, however, to finish at 1917. All of the major indexes,
including the small guys such as the Russell 2000, are now down
on the year.
–U.S. Treasury Yields
6-mo. 1.32% 2-yr. 2.61% 10-yr. 4.77% 30-yr. 5.47%
The 10-year is now at its highest level since July 2002. Much
more next week.
–Warren Buffett is maintaining his big bet against the U.S.
dollar.
–Frank Quattrone was convicted on all three counts of
obstruction of justice in his retrial. He could now serve 1-2 years
in prison, quite a comeuppance for the poster boy for dot.com
excess, Quattrone having received compensation of $120 million
in 2000 alone. But at least he’ll be able to afford protection
while in the slammer.
–McDonald’s can’t catch a break. First CEO Jim Cantalupo
drops dead, now his successor, all of 43-years-old, has had
colorectal cancer surgery.
–I had no idea that there were now something like 58 low-cost
airlines in operation in Europe with another 22 expected to enter
the market. However, a 3rd just bit the dust, Duo, stranding over
1,000 this week. It’s a certainty few of those in operation today
will be around in 5 years.
–The New York Stock Exchange has set aside $36 million in
severance owed Dick Grasso under his old deal should they lose
their quest to have Grasso return $120 million he’s already
buried in coffee cans across the New York area. Meanwhile, the
Exchange, as part of its new openness, revealed that Co-Chief
Operating Officers Catherine Kinney and Robert Britz are both
entitled to about $19 million apiece should they opt to retire at
age 55 (2 to 3 years away for them). Ms. Kinney, in particular,
totally cracks me up as each day she stands there at the closing
bell with some CEO bringing down the gavel on another day.
And each time she has the same goofy expression as you can see
her say, “You did that so hard!” Just what else has this woman
done all these years to qualify for the huge pay she’s garnered?
Obviously she wasn’t looking out for shareholders….
–…such as those who owned stock in Global Crossing, which
now faces de-listing in its reincarnation (though this time from
Nasdaq) for further astonishing accounting irregularities. When I
was in Singapore this was big news as Singapore Telemedia
owns 61.5% of the new company.
–Sony is receiving big press in these parts for unveiling a
handheld product for games, video and music. Not exactly “the
next big thing,” if you ask me, but if it employs some folks I
can’t complain. I do get to complain, however, about what
should be the next big thing, space. A few weeks back New
York Times commentator Thomas Friedman blasted the Bush
administration for not focusing more on basic science programs
in our schools, especially compared to the likes of China and
India, while Bush spoke of manned missions to Mars (which the
president abandoned anyway, as he is wont to do).
But I say, that’s why the space effort is needed, Mr. Friedman; to
stimulate our youth. And I’ll say again, what’s wrong with a
little jobs program in this area?
[I’ll return to a more extensive ‘street bytes’ next week. Picking
up on a lot of relevant material hasn’t been as easy not being
back home.]
Foreign Affairs
China: I’m not going to pretend I saw and experienced what
makes China tick in less than three full days in Shanghai. I did
see a city of 15-17 million (depending on how you count it),
though, and with all the construction going on, particularly for
housing, I do feel like I have an even better understanding of
what I called the China bubble long ago. Deng Xiaoping said in
1978 “To get rich is glorious” and that’s what this nation is
attempting to do at breakneck speed.
Consider the convulsions China has been through, however. 300
million have moved from the country to the urban areas since the
late 1970s and another 250 million are slated to do the same by
2020. And I’ve noted this before but it bears repeating. While
China represents 4% of the world’s GDP, it has been consuming
40% of the world’s coal, 25% of its steel, 30% of its aluminum
and, now, 7% of the world’s oil.
Yet it’s not just outside observers speaking of a bubble. China’s
own central monetary authorities reiterated again this week that it
sees bubbles in upscale housing (Shanghai property prices were
up 24% in 2003) and with the huge amounts in fixed
investments, such as the steel project I discussed last week that
was scrapped, the percentage of non-performing loans is
staggering, anywhere from 30-50%. [45% is the figure used by
99% of the analysts out there which means there is no way it’s
accurate. What it does mean is everyone is lazy and just ripping
each other off. Thus, yours truly, who also has no idea, is giving
a wide estimate.]
The government is of course worried that if the bubble pops there
will be massive layoffs at a time when the authorities set a goal
of adding 14 million jobs this year and similar #s well into the
future. As an aside, what I have observed in my brief time here
is that an awful lot of people have very small, menial jobs. But
that’s okay. Thank God they have something and it would
appear that’s the government’s overriding objective.
What everyone needs to remember, additionally, is that as China
goes these days, so goes the rest of Asia and to an increasing
extent the U.S. That’s a simple fact and I maintain that in my
reading of financial history, regardless of the Chinese
government’s good intentions on the economic front, they are
obviously having trouble controlling the corruption and
overbuilding at the local level and thus a bursting of the bubble
seems a sure thing. It’s only a matter of when and I’ll stand by
my prediction of 2005.
Notice how I didn’t bring up the politics of the place…yet. I still
maintain in order to have an honest discussion on China you have
to separate the political from the economic. But as I walked into
the Shanghai Art Museum on Thursday, I was confronted with
both in the form of an absolutely phenomenal photography
exhibit on everyday life in today’s China. There were hundreds
of stark pictures with such vivid displays of poverty I was
shocked that the communist authorities allowed the exhibit in the
first place. Believe me, the U.S. and any right thinking people in
the world should want China to succeed with its goal of
prosperity. These people have suffered for far too long at the
hands of oppression and socialist economic doctrine. But at the
same time the photos bore out another ideal, the danger inherent
in China’s inferiority complex. This is what we will increasingly
have to deal with on the military side of the equation as the
nation rushes to modernize.
And in one of those little moments that captured the essence of
the time, next to the museum is People’s Park. It was a gorgeous
day and I’m walking through the place when I came across a
pond where there were these little motorized boats that the
parents steered while the child sat in the other seat. And what
was the child doing in these boats? Shooting from a mounted
machine gun at targets that if hit set off a stream of water. Now
on one hand the world lives with the consequences of violent
video games these days, I guess you could say, but I myself was
swept away with the violence of this scene, especially as I
walked on and the sound of the bullets echoed throughout the
park.
Maybe I’m making far too much of this little anecdote. It was a
kid’s game, after all, but there is another simple truth we need to
deal with in the U.S. All of the surveys show that China’s youth
is an increasingly nationalistic bunch, fed by the Internet. The
old guard is fading from the scene but just because the new one
replacing it desires to get rich doesn’t mean that the future will
be a peaceful one. The Chinese are catching up, fast, and even
with a bubble popped here and there, it’s assuredly two or three
steps forward for every one back. How will we deal with it?
Taiwan: Of course one issue confronting both the U.S. and
China today is Taiwan. As President Chen Shui-bian’s
inauguration to a second term approaches, May 20, and assuming
the recount goes as expected, the U.S. remains committed to a
“one China” policy, as in the status quo. Washington doesn’t
mind if Taiwan tinkers with its constitution, as Chen has called
for, just don’t mention the word ‘independence’ or suggest
Taiwan is an independent nation. And don’t in turn, China, mess
around with Taiwan. Accept the fact you are separate, for now,
and over time maybe the two of you will reach an
accommodation. Oh, were it truly that easy.
I’ll take a stab at it, though, and say Chen will be somewhat
conciliatory on May 20 and the mainland won’t adopt too
belligerent a posture in its own right. Beijing could give Chen a
year or so just to observe his actions. In the meantime you have
moves such as the one Taiwan Semiconductor made with its first
officially sanctioned chip factory in China, here in Shanghai.
But I would caution that complex business relationships between
the tycoons and the central government in Beijing do not
necessarily devolve to the betterment of the people. Beijing is
playing Hong Kong’s business elite like a fiddle as the tycoons
themselves speak out against the democracy movement there.
Lastly, the world community needs to step up and do just one
thing for Taiwan…make it a full member of the World Health
Organization. It’s absurd, and dangerous, that it isn’t already.
Israel: Prime Minister Ariel Sharon’s conservative Likud Party
rejected his proposal to withdraw from Gaza and three feet of the
West Bank by a 60-40 margin, yet 2/3s of Israelis as a whole
support it. The hardliners don’t want the creation of a
Palestinian state of any kind but it’s time for the West to tell
these folks to ‘stick it’ if they want to continue to receive our
support. President Bush, of course, didn’t say this when he met
with Sharon on April 14 and, once again, Bush found himself
backtracking some as he met this week with Jordan’s King
Abdullah. The Palestinians need to be given Gaza to see if they
can govern it responsibly, and the West should set a strict
deadline for doing so. If they can’t, then no one can complain
when Israel chooses to act in its own self-interest. Separately,
the Israeli government revealed that the Housing Ministry was
funding $millions to support the infrastructure of illegal
settlements without first gaining government approval.
Greece: What a mess. This week’s bomb blasts were a rather
loud example of coming attractions and the Summer Olympics.
Why anyone could possibly think they’ll be safe, both athletes
and spectators, is beyond me. So many of the facilities are still
not close to being finished and we are now about three months
from the opening ceremonies. Cancel the Games, today, and
either give Greece another year to get its act together or move
them to Sydney. Of course to do so would be a total disaster for
the country and the international community would need to be
prepared to pick up some of the financial damages, but the
results of even a fairly small terrorist action would in the end
have far greater consequences.
Georgia: So I was reading the past week how Georgia’s new
President Saakashvili was already too big for his britches as he
applied pressure on the leader of autonomous Adzharia to mend
his ways. But then the Adzharian blinked first and fled and
today Saakashvili is a hero. Good for you, sir…now use your
increased power wisely.
Thailand: The repercussions from the attack by Islamic militants
that left over 100 of them dead are still being felt here as there
are growing fears of a new coalition between the various terror-
related factions. The government is facing heat for perhaps
going too far in killing at least 30 of the lightly armed rebels in a
mosque.
Turkey: With a big NATO gathering slated for Istanbul in June,
the government said it foiled a suicide bomb plot against
participants, including President Bush. Coupled with the big
arrest in Jordan the other week with the foiling there of a
possible al Qaeda-inspired chemical attack, it’s amazing just how
many times good police work, coupled with carelessness on the
part of the terrorists, has prevented a disaster not only in human
terms but in the global economy as well.
Philippines: President Gloria Arroyo seeks reelection May 10
and is expected to win. She’s a favorite of the editor. Arroyo
rocks!
Random Musings
–Not seeing the television coverage back home, I’ll spare you
my latest thoughts on the presidential campaign except to say
that I found the Wall Street Journal survey that revealed 4 in 10
Bush supporters might reconsider their vote to be extraordinary.
If one in ten does it’s over.
–8 Chinese warships docked in Hong Kong’s Victoria Harbor
the day after I left and then they in turn left 3 days before I return
for a day. Coincidence? I think not. [Just kidding…but since
the Chinese let residents on board in an act of goodwill – before
they then went out to sea and jerked the Taiwanese around – I
wondered if I would have been allowed on. That would have
been pretty cool, as I then searched for the “Donated by Bill
Clinton” plaques on the various weapons systems.]
–The population of Japanese that are 15 or younger is now the
lowest since at least 1981. Not a good sign for them, that’s for
sure. The economy here may be rebounding now, thanks to
China’s growth, but longer-term Japan is doomed unless they
liberalize their immigration policies.
–Italy’s Prime Minister Berlusconi hit the 1,060 days in power
mark, thus becoming the longest-serving prime minister since
World War II. There have been 59 administrations in 59 years in
Italy.
–Pursuant to my comment of last week concerning incumbents
running for Congress, the Washington Post’s Fred Hiatt noted
that with the latest round of redistricting, soon Congress will be
“reelected by acclamation.” In 2002, only 4 incumbents who
faced non-incumbent challenges lost. Hey, what kind of freakin’
democracy do we have, people?! Storm the town halls!
–While away, I’ve been taping “Friends,” along with “The
Sopranos” and “Deadwood.” So you’ll need to excuse me if I
carve out a day next week to catch up on what’s been really
important. In other words, if all you did was stick to the serious
stuff these days you’d go crazy.
–So a Picasso painting sold for a record $104 million. I still say
he’s overrated and I’m ‘shorting’ “Boy with the Pipe.” Instead,
you should go ‘long’ Russian artists from the 1800s…that’s my
call.
–China: I have been in Shanghai during the nation’s week-long
holiday and it has afforded me an opportunity to observe the
Chinese family unit, which as you know normally consists of
three. The children are adorable and oh how their parents dote
on them. The museums are also packed, which is great to see,
and they cost only $2.50 for an adult.
The family here is far more critical than in the West for the
simple reason there is no real safety net from what I’ve gathered.
My heart goes out to those elderly who lack the support of their
children. Shanghai may be booming but you see some sad, sad
cases walking the streets as I did. God be good to them, I
thought.
But on a lighter note, I went to the museum commemorating the
First Congress of the Communist Party of China, held here in
Shanghai back on July 23, 1921. The exhibits were quite good,
as these things go, and I even bought a Deng Xiaoping medal for
all of $3.00. Heck, the case alone appeared to be worth $10. I’ll
keep it in a drawer at home and if the day ever arrives that the
mainland and Taiwan reach a peaceful arrangement to unite, or
formally respect each other’s uniqueness, I’ll pull out the Deng
medallion and give it more prominence.
The area surrounding this particular museum is quite nice, with
lots of outdoor cafes, so I availed myself of the beautiful weather
and had a few beers. This young waiter in a Che Guevara t-shirt
spoke good English and I enjoyed the conversation, mostly just
about business in general.
I had other nice encounters in Shanghai, and none that were
uncomfortable. One, in particular, was kind of funny. An old
gentleman walked up beside me and said in good English “Good
morning!” At first I gave him a harsh look and thought “Uh
oh… what does he want?” Then I realized he just wanted to try
out his English on me, nothing more. “Good morning” I replied,
finally with a smile and feeling a bit guilty for being so
suspicious. Then he walked off, appearing quite proud of
himself.
But there is one thing I learned about Shanghai with almost
tragic consequences as I crossed my very first street. Cars have
the right of way, even during a ‘walk’ sign, as it is right turn on
red with zero hesitation. The traffic is crazy so with this one
lesson I learned to use human shields, though never the elderly. I
hope the Lord forgives me for doing so.
–Which also means it’s a good time to bring up Singapore
because here there is no problem with the traffic if you’re a
pedestrian. In Singapore there is order…and you see this in
every possible facet of life.
Singapore is a place of about 4 million with a super vibrant
economy (once it got over 2003’s SARS epidemic). In fact this
week a top Swiss survey labeled it the second most competitive
in the world behind the U.S. (Canada is #3). The GDP will grow
at a 5-6% clip this year, unemployment is 4.5%, and the financial
/ banking sector is a key factor in the entire region. One of the
issues facing the country, though, is it has always been viewed as
the gateway to the emerging markets of Southeast Asia, but
today it is losing out, somewhat, to Hong Kong because the latter
is the gateway to China. It will be interesting over the coming
years to see how Singapore navigates this.
Singapore is America’s 11th-largest trading partner and while I
was there Prime Minister Goh was making another visit to the
States. Its port is one of the busiest in the world, thanks to the
Strait of Malaca that then feeds into the Singapore Straits, with
ship traffic going on from there to Japan, China, or across to
North and South America, to cite a few examples. The Business
Times paper in Singapore had a fascinating schedule of the
shippers and I counted about 1,400 that were leaving for various
destinations in just a few weeks time.
I had a certain perception of Singapore before I arrived and I
must say it was largely met, except for one thing. You all know
it’s strict, but you see few policemen on the street. So I asked a
bartender, “Are they all in plainclothes?” “Yup,” he said. “You
do something wrong, like litter, and you’ll get a tap on the
shoulder.”
Yes, there is no chewing gum and good for them. The place is
spotless and you feel totally safe walking anywhere. The people
are also some of the friendliest I’ve ever come across.
If there was another surprise for me it was just how multi-
cultural Singapore is. I guess I should have known better, with
its geographic location and all, plus the vibrant economy needs
immigration to fill the construction and service jobs. By all
accounts, the policy in this regards is working.
Despite the cleanliness and order of society, though, there is a
huge disparity between rich and poor; it’s just harder to see
because even the lower-class neighborhoods aren’t as rundown
as those, let’s say, in Detroit. I have a habit of asking taxi drivers
wherever I go of their thoughts on the local beer and this was the
first place where more than one told me in a matter of fact way
he couldn’t afford it. After paying a $10 fare, including tip, for a
30-minute ride I could see why. Beers in many places are $6 and
higher. At least for the locals there are lots of ‘eating clubs’
where one can get a good meal for $2 or so.
As for the political situation, yes, it’s one-party rule. The prime
minister is retiring and appointing the son of the nation’s founder
and no one wanted to discuss the subject with me, I found. Too
controversial. But my observation is the place works and people
seem happy. There is one big drawback, however, and that’s the
weather. It is hot and steamy, folks, and it’s like that year round.
As Rudyard Kipling once said of Singapore, “Leave me alone
and let me drip.” Oh, but the women are drop dead gorgeous.
Finally, as Washington knows, Singapore is a huge strategic
partner of the U.S., particularly today with the war on terror.
The aforementioned Strait of Malaca, dividing Indonesia and
Malaysia, sees ½ of the world’s oil flow through it and ¼ of the
world’s total trade. 1,000 ships a day navigate the channel and
countless fighter jets, helicopters and search planes fly overhead,
a reminder of the constant dangers. In the area of vigilance, no
one is better than Singapore in fulfilling their obligations.
But while I could see the action out in the water from various
locations on Singapore, I needed to take a boat out to view more
of it up close and personal. Thus my journey to Batam,
Indonesia on Tuesday. As I noted in the beginning of this piece,
at first it was unsettling being the only English person on board,
but the boat was comfortable and I quickly realized the locals
were fine. I also got to see the tanker traffic…an amazing sight.
And after an hour’s journey I arrived in Batam. Within a span of
20 minutes I had to get a visa, clear immigration, and then go
back through the process in order to get the same boat back to
Singapore. The fellow handing out the visa wondered what the
heck I was doing but wasn’t much of a hindrance, then a women
processed it, and now I’m in the welcome area with about ten
minutes to spare. I go to security, show them my visa, motion
that I want to get back on the boat and they let me through. Now
I have to wait in the passport line to clear immigration a second
time and it’s a long one.
Then my guardian angel appeared in the form of a beautiful
woman wearing an official uniform. She grabbed all my papers
and ushered me into a private lounge. She left, a fellow came in
and offered me a drink (I was the only one in this room), to
which I replied ‘no thank you’ due to time constraints. And then
the woman reappeared and I realized that she had personally
processed my documents so I didn’t have to wait in line. She
then whisked me past immigration and ahead of the line at the
pier. Then she said “Goodbye” with a big smile. I must have
given her a look of wonder. “Thank you very, very much” I
replied as I tried to figure out why she had been so kind to me.
As I was about to step on the boat I turned back and she was
gone. Geezuz, I was kind of choked up at that point. There is
still hope in the world, I mused.
—
God bless the men and women of our armed forces. I’ve closed
these pieces with this line for years now…I just urge those
serving to always do the right thing. Follow your conscience and
think of the big picture when at all possible.
God bless America.
—
Gold closed at $379
Oil, $39.93
Returns for the week 5/3-5/7
Dow Jones -1.1% [10117]
S&P 500 -0.8% [1098]
S&P MidCap -1.7%
Russell 2000 -2.0%
Nasdaq -0.1% [1917]
Returns for the period 1/1/04-5/7/04
Dow Jones -3.2%
S&P 500 -1.2%
S&P MidCap -0.5%
Russell 2000 -1.5%
Nasdaq -4.3%
Bulls 46.4
Bears 23.7 [Source: Investors Intelligence / Chartcraft]
Have a great week. I’m back home on Sunday and I’ll resume
my normal, if less exciting, schedule next Saturday…7:00 AM
ET.
Thanks for your support.
Happy Mother”s Day!
Brian Trumbore
