[Posted 7:00 AM ET]
Iraq
Like any good American, and long-time supporter of the war, I’d
love to be able to report on all the successes in Iraq and write of a
bright future but the reality of the situation says otherwise. It’s
getting worse by the week.
It should be clear where I’ve stood for the past year on this
disastrous post-war period, but there are three basic things that
we are paying the price for in not having enough boots on the
ground since the fall of Saddam: we failed to secure the borders,
we failed to secure the weapons caches, and we failed to provide
security for reconstruction. In all three instances, admittedly it
would have been a gargantuan task given the scope of the
problems – i.e., you can’t possibly man the entire border, or
initially secure all of the weapons dumps, or prevent lone
wolves from terrorizing a supply route or two. But it’s as if this
administration didn’t even try to, particularly after things began
to deteriorate last summer and events screamed for changes in
policy.
And as I discussed at great length last time we also have
examples like Fallujah. The other day John McCain and Joseph
Lieberman wrote a piece for the Washington Post, echoing some
of my earlier themes.
“(The) retreat from Fallujah emboldened the insurgents and
convinced some Iraqis that America lacks the will or the means
to enforce its demands.”
[McCain and Lieberman also agreed with the Weekly Standard’s
William Kristol and Robert Kagan, who had earlier called for
moving up the Iraqi elections from January to this fall, thereby
changing the focus to ‘waging elections’ from waging war.]
The other reality of today’s Iraq is that the vast majority of the
people there now hate America. In a survey to be released this
coming week, as first reported by the Financial Times, 88% of
the Iraqi people view coalition forces as occupiers, but more
importantly, a staggering 68% support in some fashion the
firebrand al-Sadr and his popularity is growing. So until he is
taken out, the more moderate Ayatollah al-Sistani is not winning
his own battle for the hearts and minds.
Of course it isn’t just in Iraq but throughout the Arab world and
much of Europe these days that the Bush administration is also
paying the price for abuses at Abu Ghraib. I’m sorry, folks, but
I’m sick of some on the far-right who can’t understand the
consequences. For instance we have the likes of William Safire
and Senator Zell Miller and their ill-conceived comments from
this week.
Safire: “We flagellate ourselves for mistreatment by a few
guards.” [New York Times]
Sen. Miller: “(I’m sick of) the hand-wringers of America…(Abu
Ghraib) is more silly and stupid than sadistic and sinister…These
were acts perpetrated by a few bad apples.” [Don Imus’s radio
program]
Let me make it clear, if I haven’t already done so the past few
weeks. The White House has apologized more than enough and
most Americans know there is no moral equivalency between the
prison abuses and the systematic killing perpetrated by both
Saddam and the terrorists who have murdered the likes of
Nicholas Berg, let alone in carrying out 9/11.
But to slough it off as some have is wrong. We screwed up big
time and this was not just a few bad apples, witness the latest
news that over 30 deaths in prisons in both Iraq and Afghanistan
are now being investigated by the Pentagon.
It’s also no wonder that General John Abizaid, commander of all
U.S. forces in the Middle East, told Congress that time is running
short and the post-June 30 environment could be “more violent”
than ever. Anyone with half a brain has seen that with the
administration’s actions over the past 6-12 months there is no
policy in Iraq. It’s so haphazard the Pentagon has been forced to
pull 4,000 troops from South Korea.
Finally, you have the cases of Ahmad Chalabi and the U.N. oil
for food program. The Wall Street Journal noted that
responsibility for the latter investigation was pulled from the
Iraqi Governing Council by Coalition Provisional Authority head
Paul Bremer. Why? The Iraqis have every incentive to expose
those defrauding their country. This was the perfect mission for
them but if we’re so anxious to turn over authority to the Iraqi
people, why then is the White House doing this?
And then there is Chalabi, Vice President Cheney’s long-time
house pet. Oh yeah, this was a great relationship. For months
there have been reports that Chalabi was working closely with
Tehran for one obvious reason. With Iran’s support Chalabi
hoped to eventually lead Iraq. Some, such as the Journal
editorial board, still support Chalabi. How can they? The rest of
the IGC hates the creep. But what gets me is the raid of his
home was not just carried out by Iraqi police, there were scores
of U.S. intelligence officials supervising the action (as reported
by Jim Hoagland of the Washington Post), so even this mission
has a U.S. face, though the CPA at first denied it.
Are you a bit confused by it all? You should be. President Bush
has promised to give some detailed policy speeches in the weeks
leading up to June 30 (including one in prime time on Monday)
and no doubt he will emphasize that the “U.S. will stay the
course.” You’ll excuse me if I’m a bit cynical when reviewing
these presentations.
The U.S. went to war for all the right reasons. But Secretary of
Defense Donald Rumsfeld and his minions couldn’t have
mucked it up worse.
I’ll still continue to pray for stability, democratic reform in the
region, and the safe return of our soldiers, but I’ve lost
confidence my prayers will be answered.
—
Wall Street
“We at PIMCO are convinced of the current global recovery but
have reservations as to its stability and longevity.”
–William Gross, Managing Director / PIMCO
As I’ve noted each year at this time, when I worked at bond king
PIMCO we eagerly awaited the conclusion of PIMCO’s unique
secular forum for the new 3-5 year outlook, which then became
our marching orders on the sales and marketing side. This time,
the opinion, as expressed by Gross, is actually exactly what I’ve
been saying since last January 3 in this space, quite frankly. The
economic recovery is in place but I wrote then of a slowdown
that would commence in the second half, which would in turn
lead to some problems in equities due to the already frothy
expectations for future growth, while rising interest rates would
only exacerbate the situation.
But in issuing his own investment outlook (see pimco.com),
Gross himself is increasingly concerned about a move from
inflation to deflation. Again, no conflict here as I’ve been
wrestling with this for months, most recently in my 4/24 review
before I went to Asia. It’s not an easy stance to take. After all,
how can you finally enter an inflationary environment, as the one
we are clearly now in, and then suddenly flip the other way?
Simply because some of us believe economic activity will grind
to a halt, precipitated by problems in China (I’ve said 2005), as
well as a slowing housing market.
[Unlike your editor, who has been very wrong on when the
housing bubble would pop, PIMCO was correctly bullish for
years on housing prices and only now has turned bearish. Gross
opines “There’s little doubt that U.S. and U.K. housing prices are
overextended.”]
It’s this inflation / deflation conundrum that has to be somewhere
in the back of Federal Reserve Chairman Alan Greenspan’s
mind, even though his recent pronouncements finally
downplayed the deflation threat. The guy has been a miserable
forecaster, I think you’d agree…the ultimate contrarian
barometer in some respects. But he’s got to be concerned that
even with inflation now in the headlights, like a crazed maniac in
one of those cheap slasher movies, Greenspan is nonetheless
afraid that tightening monetary policy today will damage the
world economy, and eventually that would indeed be the case.
For now, despite a weak rally attempt this week, the bond market
is fulfilling its vigilante function by doing the Federal Reserve’s
bidding.
But with the funds rate still at 1%, I liked strategist Jim Grant’s
analogy of a Fed “chasing its tail,” forcing Americans to take all
this risk at perhaps the most inopportune time. Grant also views
deflation as a growing threat, arguing the U.S. economy is prone
to it thanks to huge debt levels.
And we haven’t even touched on geopolitical tensions, which in
the words of Hong Kong’s Dr. Doom, Marc Faber, “are on the
rise and could at some point in the future have a very negative
impact on the global economy and financial markets.” Of course
you could say that problems in Iraq and elsewhere in the Middle
East have already hurt us, particularly in the form of higher oil
prices.
Speaking of energy, OPEC meets this weekend amidst
heightened concerns over global supply and the ability to meet
rising demand. OPEC may raise its official quotas, but two
factors will continue to weigh on prices. First, only Saudi
Arabia, Kuwait and UAE have any real spare capacity and,
second, the kind of crude that they would now add to the supply
chain isn’t the right ‘grade’ to satisfy finicky consumers – or
rather environmental regulators and transportation outfits, to be
more specific.
As for releasing oil from the United States’ Strategic Petroleum
Reserve, or that of any other country, it would be the absolute
worst thing to do at this time, let alone the fact its impact
on prices would be minimal. Should terrorists succeed in
disrupting the flow of oil in any serious fashion, these reserves
will be critical in preventing a global economic calamity. I’m
encouraged that President Bush gets it in this regard. Of course
longer-term you also have the question, is supply drying up
across the globe? It certainly appears so, but I’ll give you a rest
on this topic for a week.
Then there is China, which as the Wall Street Journal pointed out
is having a major impact on products such as cement, forcing
layoffs in Florida and other states. Not that the U.S. can’t make
or import it, but rather the supply lines are all tangled up around
the world because there aren’t enough ships available to export
all the building supplies that current demand requires, and not
just to the U.S.
Along these lines the Washington Post had a story citing a port
near Newcastle, Australia where at one point this spring 56
tanker ships were lined up waiting for coal to transport primarily
to China, but as in the U.S. the Aussie rail system couldn’t
handle the demand on its end. The same story notes that global
ship building orders doubled to a record 1,600 vessels in 2003.
But fear not, sports fans, this boom we’re experiencing in some
parts of the world isn’t going to last. We’re going to go into
reverse in the next 12 months or so and you’ll still be able to
cement your patio or walk…that is if you can afford to by then.
Street Bytes
–Stocks finished mixed in a lackluster week with the Dow Jones
closing off 0.5% for a Friday close below 10000 (9966) for the
first time since December, while Nasdaq picked up 0.4% to
1912.
–U.S. Treasury Yields
6-mo. 1.37% 2-yr. 2.55% 10-yr. 4.76% 30-yr. 5.46%
Chairman Greenspan was nominated for a 5th term by President
Bush who said Greenspan had done a “superb job.” [If everyone
in the president’s mind is doing such a “superb job,” then why do
I feel so lousy?] Greenspan, however, can’t fulfill the full term
due to limits on time served by Fed governors. So the now 78-
year-old chairman will exit the stage sometime in early 2006,
depending on the nominating process for his replacement.
Meanwhile, Fed governor Ben Bernanke said in a speech this
week that “inflation data bear watching” but he still thought it
would be well contained into 2005. This supplied the fuel for a
brief rally in Treasuries but it didn’t last.
–A piece of possible good news. 80% of household debt in
America is at fixed rates and won’t be immediately impacted by
rising interest rates. [Robert Samuelson]
–Japan’s economy grew at a 5.6% annualized pace in the first
quarter, Mexico at a 3.7% rate (the best here since 2000), while
my new favorite Singapore is now projected to grow at about a
7.5% clip for all of 2004.
–Another positive. The state budget picture is improving with
the overall pickup in economic activity. In New Jersey, for
example, $700 million more in revenues than originally forecast
is now expected to flow into state coffers.
–I loved this comment by David McCourt, Chairman and CEO
of RCN Corp., in Friday’s Wall Street Journal.
“Even more irritating to consumers is the way the cable giants
package their programming. This may be the only business in
the world in which you have to purchase a product you don’t
want in order to get the product you do. If you want to watch a
ball game, you are forced to buy the garden channel. If you want
to watch a movie, you’re forced to buy kids’ channels, even
though your kids may have left home long ago. In some
systems, cable operators own nearly 50% of cable programming,
so they have decided that consumers are going to pay for it. Can
you imagine if Wal-Mart insisted that you buy a hairbrush when
all you want is a toothbrush? Or toilet paper when you only want
wallpaper?”
–Barron’s ranked the 500 biggest publicly traded U.S. and
Canadian companies on how they perform for investors and #1 is
Boston Scientific, #2 Countrywide Financial. On the other side,
#498 is AT&T and scraping the bottom at #500 is Sun
Microsystems.
–Outsourcing…the truth: In a widely quoted study Forrester
Research has talked of a loss of 3.3 million jobs overseas by
2015, but it needs to be noted that on a yearly basis this would
represent just 0.2% of the total American labor force.
–Sorry, don’t care about Martha Stewart’s possible second
chance.
–The criminal investigation into Nortel and its accounting
practices continues and this week the Ontario Securities
Commission barred 157 company managers from trading Nortel
shares until it provides more details on its books for 2003.
–And at Nortel’s rival Lucent, 10 current and former sales
executives have now been charged with fraudulently booking
revenue during the telecom bubble. Which means one
thing…the Lucent lawn indicator remains firmly in place. But
last week I mentioned “groves of dandelions” on the
headquarters’ lawn and long-time friend Liz S. noted that in her
native Texas these would be considered “wildflowers” and
“beautiful in their natural state.” But Lucent’s dandelions were
in seed form, I advised her, which come to think of it means the
wind is blowing this bad karma all over my neighborhood. Just
another sign the housing market has peaked in these parts.
–Home Depot reported strong earnings for its recent quarter. I
went to my local store last Saturday to buy a garden hose, hosel
and wrench and am now proud as a peacock that after all my
years of navigating this giant place I have some sense where
things are. I should also hasten to add I’ve never seen the store
more crowded.
–Applied Materials and Hewlett-Packard issued solid earnings
reports of their own, with AMAT’s revenues up a whopping 82%
and H-P’s up 12%, though in a sign of the times the latter’s
would have been up only 4% were it not for the benefit of the
weaker dollar.
–Eliot Spitzer will finally be filing a lawsuit next week against
Dick Grasso and at least one former director, Ken Langone.
Unfortunately, it now appears the suit will be limited and not
involve a “showtrial” with other big Wall Street executives, both
former and current, such as Goldman Sachs’s Henry Paulson and
Merrill Lynch’s David Komanski. This would have been great.
–Richard Strong, founder of the Strong mutual fund family,
avoided criminal charges for improper trading in his own funds,
but was fined $60 million and handed a lifetime ban from the
industry. He is still subject to all the class-action suits floating
around, though he’ll end up selling the company he has a 90%
interest in for around $500 million.
–Deflation Update: Mark R. renewed the lease on his SUV,
same vehicle / newer model, for $80 less a month than his
previous one. A canary in the mine, as we like to say.
–Inflation Update: Beef prices are up 10%. Time to resume the
beer and Chex Mix diet.
–The NASD fined Bear Stearns, Deutsche Bank and Morgan
Stanley about $5 million apiece for improper allocations of stock
in hot IPOs. The description of the behavior was truly
abominable.
–100,000 workers for SBC commenced a four-day walkout on
Friday to protest their latest contract offer and the company’s
outsourcing policy. Actually, by taking this action they ensure
back-to-back long weekends. Good move.
–So I’m reading this op-ed piece in the New York Times by
Jeffrey Lockwood on the 17-year cicadas that are now terrorizing
great swaths of the northeast and mid-Atlantic, and he notes that
this ‘Brood X’ variety last emerged in 1987, “the year of Donna
Rice and Gary Hart, Jessica Hahn and Jim Bakker.” But I got to
thinking, 1987 was also the year of the Crash. Aaghh!
[Incidentally, regarding Brood X, I checked the return on the
S&P 500 for 1970 and the market was up only 4%, while in 1953
it was flat, sandwiched in the middle of a terrific stretch for
stocks that decade. We call this……the StocksandNews
advantage.]
–My portfolio: I haven’t made a change in weeks now and I
remain about 80% cash, mostly in $20s I buried this week in
mudflats along the Delaware River, now that the spring flooding
danger has subsided. The other 20% in equities (10 issues)
continues to get hammered as half of them are highly speculative
and currently out of favor……he mused, praying they would get
back in favor this decade.
Foreign Affairs
China / Taiwan: Taiwan’s President Chen Shui-bian, in
Thursday’s inauguration speech to mark his second term, was
mostly conciliatory in calling for better ties with the mainland,
though he vowed to press ahead with a new constitution in 2008.
Chen added, questions on national sovereignty and unification /
independence should be excluded from the constitutional debate
for now. He also said he was open to any form of ties with
Beijing as long as it met the approval of 23 million on Taiwan,
while then stressing that Taiwan needed to do much more to
improve its self-defense capabilities (a key concern of the United
States). All in all, Washington labeled the speech “constructive
and responsible” and to me Chen touched all the bases.
But Thursday, China’s People’s Daily opined: “The 1.3 billion
Chinese people will never allow Chen Shui-bian to gamble on
the mainland’s tolerance and seek Taiwan independence.” Other
official statements reiterated that China would use force if
necessary to stop Taiwan’s independence movement, saying on
Monday that Taiwan’s leaders better choose carefully or the
“Chinese people will crush their schemes firmly and thoroughly
at any cost,” adding:
“Chen Shiu-bian has left Taiwan society deeply torn with his
vicious mischaracterization of the popular will of the Taiwan
people, his unbridled instigation of hostility and animosity
towards the mainland, and his frenzied provocation to the status
quo that both the mainland and Taiwan belong to the one and
same China.”
Meanwhile, mainland dissident Du Daobin went on trial for
subversion. This fellow’s crime is that he is a prolific writer of
opinion pieces on the Net. And in Hong Kong, a 3rd influential
radio talk show host resigned over restrictions on free speech and
intimidation from pro-Beijing forces.
[Sources for the above quotes: South China Morning Post,
Reuters, AP]
India: On Monday, the Bombay stock exchange plummeted
17.5% at one point before finishing the day down a record 11%
as investors panicked on word that the supposed new prime
minister, Sonia Gandhi, would halt most of the economic reform
plans currently in place. But then Sonia pulled a huge surprise –
in a period of one big one after another – by turning down the top
slot. Stepping up instead is former finance minister and architect
of India’s recent economic success, Manmohan Singh. The
markets rallied on this news, even though Singh, a Sikh and the
first non-Hindu premier, said he ruled out further privatizations
as he seeks reform with a “human face” and a focus on the poor.
From a foreign policy standpoint, Singh said he would pursue his
predecessor’s peace initiatives with Pakistan.
Israel: Last weekend 100,000 attended a peace rally, the largest
such demonstration in years, urging Prime Minister Ariel Sharon
to pull out from Gaza, but the government chose to launch a
massive three-day offensive against the Rafah refugee camp
there, killing at least 39 Palestinians and bulldozing countless
homes that left another 1,000+ homeless. It was the biggest
operation of its kind in the area since 1967. So the Arab world
got to see loads of pictures of Palestinian mothers crying and the
world community expressed outrage at Israel’s behavior, which
you’ll recall was precipitated by the killing of 13 Israeli soldiers
in the Gaza border region with Egypt.
As for the Bush administration’s reaction, various officials said
Israel’s moves weren’t helpful and President Bush later said the
incursion was “troubling.” Yup, it sure is but don’t look for the
White House to get any tougher because it’s election time. Let’s
face it, when it comes to the whole U.S. / Israeli relationship, at
least in this time of Sharon, America, the alleged superpower, is
nothing but a boy toy.
Russia: Mikhail Trepashkin, a lawyer who investigated the
possible link between the Federal Security Service to the 1999
apartment bombings in Moscow, was sentenced to 4 years in
prison in what by my reading appeared to be a classic Stalin era
trial consisting of trumped up charges. Trepashkin had been part
of a commission looking into the bombings when he spoke of
his suspicions in 2001. The commission itself never announced
any findings. I took particular note of this because yours truly in
the fall of 1999 first gave my own suspicions, similar to
Trepashkin’s and a few weeks before New York Times
columnist William Safire did. Vladimir Putin, having recently
been appointed by Boris Yeltsin at the time, used the bombings
as an excuse to wage a second war in Chechnya, one that proved
wildly popular with the Russian people.
Separately, Russia agreed to ratify the Kyoto Protocol on global
warming in exchange for the support of the European Union in
its bid to join the World Trade Organization.
Venezuela: President Hugo Chavez appears to be creating
enemies as part of a plan to eventually call for a state of
emergency. He pointed to a group of Colombians recently
arrested in Caracus as being terrorists when others say they were
nothing more than day laborers.
Zimbabwe: President Robert Mugabe, two-time StocksandNews
“Dirtball of the Year,” said he would step down in 2008. “I want
to retire from politics. I have had enough.”
You know, I was musing during one of my jogs the other day
that if the world, specifically Britain and the U.S., had had the
guts to take this guy out back in 2000, perhaps Saddam would
have received the message.
Britain: As a follow-up to my comments of last week on the
chances of Tony Blair stepping down, the London Times reports
that there is a plan in the works for finance minister Gordon
Brown to take over this fall at a Labor party confab.
Random Musings
–The Weekly Standard’s William Kristol on taking charge in
Iraq.
“If the president…and his administration acted in concert – if the
president led the country as a fully engaged commander in chief
– surely the American people would prefer this to the squeaking
of his opponents. If not, then he, and we, are headed to defeat in
any event. But at least this path would give victory a chance.”
[The president may be listening, witness Monday’s speech.]
–Fred Hiatt of the Washington Post wrote that the victims of
Abu Ghraib include the likes of democracy advocates in Hong
Kong, “or peasants being chased from their villages in western
Sudan.” These and other dissidents or champions of human
rights “might tell you that the United States has never been
perfect, has never done enough, has never been free of hypocrisy
– but also that if America cannot take up their cause, no one
will.”
–Two whose heads should roll. Undersecretary of defense for
intelligence Stephen Cambone and Maj. Gen. Geoffrey Miller,
both of whom are lying through their teeth.
–The 20th Italian soldier was killed in action this week in Iraq,
but Prime Minister Berlusconi said the 3,000 troops in Iraq have
an obligation to continue with the peacekeeping mission.
Ukraine’s parliament also voted to maintain its own force of
1,600. We salute them both.
–During the 9/11 hearings that were held in New York City this
week, commission member John Lehman called “command and
control a scandal” on that fateful day, at which point then NYC
Fire Commissioner Thomas Van Essen took umbrage with the
remark. And some of the victims’ family members in the
audience were totally disrespectful of Rudy Giuliani in
particular.
But here are the facts, folks. If you’re new to this space, I live
near New York and it was a big deal on local newscasts months
before 9/11 that there were problems with the radios used by
both the police and fire departments. Unfortunately, this cost
some lives. It’s also important to note that today, a New York
City fireman / whistleblower contends that the same problems
continue to exist with the new Motorola phones currently under
contract for. Some of you have heard that Motorola has had
other problems elsewhere in the country recently. Yes, there are
two sides to every story and I’m sick of those who refuse to see
more than one.
–Jews represent 4% of the vote nationwide, with President Bush
capturing just 17% of it in 2000. The president’s goal in 2004 is
30% and a survey for the L.A. Times has him right on target to
do so.
–A while back I wondered why the Bush campaign was
spending so much money on television advertising in the New
York / New Jersey market when I felt the president didn’t stand a
chance of winning either state. Well, I could be very wrong in
this regard as a key poll just released has John Kerry leading in
New Jersey by only 46-43 percent (Nader is at 5). Let’s face it,
Kerry just isn’t likeable.
–I can’t be the only one who is very disturbed by President
Bush’s continuous bashing of his father.
–Campaign Ad: “A lifetime of service and strength…John
Kerry.” Hey, what about your daughter, Senator? Nice outfit
she was wearing in Cannes. Put that in your ads. And I bet this
was all Ralph Nader talked about when he got together with you
the other day.
[As for the possibility that John Kerry will delay accepting the
nomination so that he can spend more advertising dollars, no one
cares.]
–Gay couples from across America traveled to Massachusetts as
it became the first state to allow same-sex marriages. Governor
Mitt Romney, though, is going after the out-of-staters in seeking
to prevent his dominion from becoming the Las Vegas of gay
marriages. I’ve told you all before I really don’t give a damn
what people do, but to the news networks, keep those freakin’
pictures of two men tonguing each other off my screen.
–New York, London, Madrid, Paris and Moscow are the finalists
to host the 2012 Olympics. I’m on record as saying I hope New
York doesn’t get the Games, but the New York Times’ Harvey
Araton had a good thought concerning the International Olympic
Committee’s unimaginative selection process. For example, Rio
de Janeiro was nixed, even though no South American country
has ever hosted an Olympics. World Cup officials recently did
the right thing in awarding South Africa the 2010 spectacle in
soccer and that decision was a terrific one, so why can’t the IOC
step out of the box for the good of humankind every now and
then? [I disagree with Araton on Istanbul, however. I love the
city and the people, but it’s just not realistic right now. Forget
the potential terrorism angle; if you thought Greece couldn’t
afford the Games, Turkey is the last country that should be going
further into debt than it already is.]
–Boy, that “60 Minutes” piece last Sunday on the plight of Arab
women in France certainly didn’t do a lot for French tourism. In
case you missed it, suffice it to say the women are treated like
garbage by the males in the Muslim ghettos. No chivalry
displayed here, that’s for sure.
–So I belong to this little civic organization and the other day I
had to pick up our speaker, Jane, who is blind and brought along
her seeing-eye dog. I have to admit I had had a lousy go of it
that day until I met her and learned more of her situation.
Incredibly, living way out in the New Jersey suburbs, Jane and
Laramie trek into New York alone by train and subway to attend
Yankee games, if you can imagine that. Her attitude was so
tremendous and, yes, it put my troubles of the moment in
perspective. Of course each of us has similar experiences all the
time but I just wish I didn’t keep needing these ‘shots in the
arm.’
—
God bless the men and women of our armed forces.
God bless America.
—
Gold closed at $384
Oil, $39.93
Returns for the week 5/17-5/21
Dow Jones -0.5% [9966]
S&P 500 -0.2% [1093]
S&P MidCap -0.0%
Russell 2000 +0.4%
Nasdaq +0.4% [1912]
Returns for the period 1/1/04-5/21/04
Dow Jones -4.7%
S&P 500 -1.7%
S&P MidCap -1.4%
Russell 2000 -2.0%
Nasdaq -4.6%
Bulls 43.6
Bears 26.7 [Source: Chartcraft / Investors Intelligence]
Have a great week. I appreciate your support.
Brian Trumbore
