[Posted 7:00 AM ET]
The War on Terror
For all the talk of unilateralism and the Bush presidency, thank
God that at least when it comes to the war on terror, the
cooperation among the intelligence set, worldwide, is striking.
Perhaps tomorrow brings another painful moment in world
history but there is no way you can deny that this past week was
a terrific one in the battle between good and evil. Good is
winning out, witness the recent key arrests around the globe; in
Pakistan, Britain, Saudi Arabia and the U.S., to cite the bigger
examples. Terror plots have been disrupted and with each
passing day, you can’t help but see that one hole after another in
the dyke is being repaired. The key is to stay ahead in the game,
and above all not lose focus.
Just think how many plans have been scuttled because of the
work of the brave men and women around the world who go
largely unnoticed. Individual nations and their leaders may
‘hate’ President Bush, but the brotherhood of intel more often
than not has come through since 9/11, regardless of their own
leader’s political stance. These friends of man know far better
than most what the world is up against; that while a Bali or
Madrid can still occur, over time good will triumph if we can just
prevent a truly catastrophic attack.
Of course therein lies the dilemma. Despite the successes,
leaders of all stripes can never let down their guard without in
turn letting down civilization. Just ask officials in Singapore,
Indonesia and Malaysia who recently concluded that only 200 of
3,000 terrorists affiliated with Jemaah Islamiah have been
arrested and that sleeper cells are probably being activated with a
younger, more extremist leadership on the rise. Or think about a
recent British intel report that spoke of at least 18,000 al Qaeda,
let alone its surrogates. We’ve done well, but weighed against
this figure the task can appear overwhelming.
And let’s take a look at the biggest, state-based hot spots these
days.
Iran: The mullahs keep stalling for time, even as they admitted
they restarted a program to build centrifuges, vital for the process
of enriching uranium. It’s an inexorable march here to get the
bomb and what that bomb will be used for is pretty predictable
…nuclear blackmail.
North Korea already has the bomb and thus the blackmail
capacity. Kim Jong il also knows there’s no hurry to appease the
U.S. until after the election. And now Jane’s Defense Weekly (a
definitive publication in its field) said Pyongyang is busy at work
on a sub-based missile system that could bring the nuclear threat
closer to U.S. shores. Washington confirmed this, as well as an
ongoing effort to expand the range of the North’s existing
ballistic force.
In the case of Pakistan, you have arguably the most dangerous
place on earth these days. President Musharraf has been a huge
help in tracking down al Qaeda, and at great personal risk, but
Pakistan is really two states. As the Financial Times reported,
there are extensive ongoing nuclear ties between Saudi Arabia
and Pakistan, going back to 1998, while the New York Times
reports that Pakistan is allowing the Taliban to train fighters that
then go back into Afghanistan.
Finally, in Iraq, Satan’s little helper, Moktada al Sadr, fired up
his band of terrorist idiots to renew the battle to oust the
coalition, while other terrorists are targeting the placid
Christians. As for President Bush, he continues to talk a tough
game but I’m still convinced that whoever is president next year
will draw down forces significantly, and at the worst possible
time. At least Bush supporters have former General Tommy
Franks now running around, humping his best-seller while
proclaiming we can “rest better now that Saddam and his sons
are no longer around.”
So here we are. As Americans, awaiting events like the
Republican convention and the November vote, while the world
community keeps a wary eye on Athens. But I can’t help but
think about a question that is never far from my mind, that being
“Why hasn’t anyone truly crossed the line?” Why didn’t
Saddam, when he had the chance? Why hasn’t Kim Jong il,
knowing the U.S. is preoccupied elsewhere? Why hasn’t China
launched 40 of its missiles at Taiwan, decapitating the
government before the U.S. could respond?
In the fullness of time, historians supply the answers. What we
do know without question, however, is if al Qaeda, Jemaah
Islamiah or any other terrorist group had a WMD in its hands, it
would use it. They’ll cross the line.
Wall Street
If you can find a better forecast for 2004 than the one I gave you
on 1/3/04, I’d like to see it. True, we still have five months to go
but I called for the deceleration that is now quite evident as well
as falling share prices, with the major indexes then finishing off
9-12% for the year. Unlike the strategists you see so frequently
on television, who feel compelled to change their tune with
each approaching weather front, I stay the course, come hell or
high water…..that or I just admit I was wrong and get on with
my life.
Where I did amend my call was in expressing doubts about the
inflation story, longer-term, in mid-April and said that by 2005
the problem would be deflation instead. I criticized Fed Chairman
Alan Greenspan on April 24 in this space for saying of deflation
it was “no longer an issue,” while I offered that the economy
would flip at some point.
And I’ve been blasting the chairman for keeping the funds rate at
1% for as long as he did because it was forcing those who can
least afford to to take risks. Then on May 22, I reiterated that
there was an inflation / deflation conundrum and that I could
see why the Fed was increasingly confused…which didn’t make
it right.
Finally, in the past few weeks, and before the “experts” did so, I
said on July 17 that the Fed would raise rates 25 basis points in
August and then sit back because the fundamentals would
preclude further hikes. On July 24, I wrote that the Fed’s full-
year forecast for GDP growth of 4.5-4.75% was a crock, and
then last week that we were dealing with a “band of idiots” if the
Fed kept raising rates beyond August.
A 1.5% fed funds rate would, however, help keep a floor under
real estate, at least for the time being, while Friday’s awful
figure on July employment – up an embarrassing 32,000, with a
downward revision in June’s total to just 78,000 – dashed
President Bush’s reelection hopes.
As Jim Grant observed on CNBC Friday, “Alan Greenspan got a
margin call” with this week’s action. Retail sales are tepid,
consumer spending, overall, fell 0.7% in June, the worst pace
since September 2001, IPOs were pulled (Google’s delayed), and
oil hit $44. Throw in the ongoing terror threat with the coming
high-profile events and you have a formula for a bloodbath.
So Greenspan and his board of one meets on Tuesday and he has
to hike because the man basically promised he would in earlier
pronouncements. To do otherwise would be a huge loss of face.
Come to think of it, a fresh face at the Fed should be desired,
despite this cult of personality that surrounds Greenspan; that is
assuming someone wants to inherit the mess he leaves.
Finally, remember all that ludicrous talk following Microsoft’s
announcement it was jettisoning some of its cash? Oh, the
experts cried, others will now be forced to do the same. No they
won’t. What’s wrong with hoarding cash at a time like this?
Nothing. Absolutely nothing.
Street Bytes
–The Dow Jones suffered its worst point loss, 324, since March
with the index now residing at 9815, off 3.2% on the week. The
S&P 500 lost 3.4% to 1063 and Nasdaq was slapped around to
the tune of 5.9%, though it sits at a patriotic 1776. Only it’s
headed in the wrong direction.
–U.S. Treasury Yields
6-mo. 1.66% 2-yr. 2.38% 10-yr. 4.21% 30-yr. 5.03%
There was some good news on the economic front; factory and
manufacturing data was solid. Nonetheless, Friday’s
employment figure led to a spectacular rally on the Treasury
front, with the yield on the key 10-year plummeting to 4.21%, its
lowest level since April. In the span of just 20 weeks we’ve
witnessed the following in this benchmark.
3/17/04…3.65%
5/14/04…4.90%
8/6/04…..4.21%
All eyes now on the Fed and the language accompanying the
expected ¼-point hike on Tuesday.
–Energy: Despite the rising oil price the past few months, I told
you the big money had been made in the sector…and I remain
bang on.
–One day the Kremlin said Yukos could access its bank accounts
to meet normal operating expenses, the next day it said “Nyet.”
Then the day after that, Yukos said it was still able to pay its
expenses. Now, who knows.
The bottom line with oil is that the price will fall as demand
begins to ease with the slumping economy. Maybe not
tomorrow, but certainly in coming months. The stocks are
already beginning to reflect this.
–In perhaps the most significant development of the month, let
alone week, that is if you look out a few years, the United States
and the World Trade Organization reached agreement on a plan
to cut farm subsidies for major crops such as corn, rice, wheat
and soybeans by 20%. In addition, a deal on cotton with four
West African nations is also imminent. This comes on top of
earlier European action this year. In return, the developing
countries are supposed to reduce tariffs on manufactured goods.
The Bush administration deserves great credit here and moves
like this can go a long ways towards drying up the terror swamp
in the poorer nations by giving the people the one commodity
more important than any other…hope.
–Per earlier discussions on the topic, Mary Williams Walsh of
the Times wrote that the pension bailout fiasco could be the
equivalent of the S&L crisis if all the major airlines with
traditional pension plans follow UAL’s (illegal) route and
terminate their programs. The Pension Benefit Guaranty Corp.,
which steps in when plans go under, is in deep trouble itself at
this point. Understand that UAL, having said it will no longer
contribute to its own, is at a distinct competitive advantage vs.
those airlines still using much-needed cash to meet their
obligations.
–As if it didn’t already have enough problems, the New York
Post reported that the New York Stock Exchange mixed up
thousands of employee 401(k) statements. Everyone got the
wrong one, meaning that by looking at the participant’s
contribution you can calculate the worker’s salary.
–Brazil’s markets have been roiled as its central bank president
continues to be investigated for tax evasion.
–Germany’s unemployment rate rose to 10.6%, while the latest
figures on industrial production revealed a decline. In other
words not exactly a growth story here and auf wiedersehen
Chancellor Schroeder.
–India imports 75% of its daily oil needs and like elsewhere this
is going to negatively impact growth with crude as high as it is.
–Britain’s central bank hiked the base lending rate a 5th time
since November to 4.75% in its ongoing attempt to rein in the
housing bubble as well as to damp down growth. The average
Brit, by the way, owes more as a percentage of income than in
any other industrialized country, including the United States,
making the folks all the more susceptible to a crash in real estate
values.
–Per capita income in Singapore has risen from $512 in 1965,
the year it became an independent republic, to $21,800 today.
[Bloomberg News]
–Internet stocks took a hit on the heels of a poor profit forecast
from Barry Diller’s InterActive Corp. (Expedia / Hotels.com),
whose own shares tanked big time. And not for nothing but Mr.
Diller is one of the most obnoxious corporate titans in modern
history.
–According to the Wheat Quality Council, North Dakota could
surpass Kansas as the nation’s leading producer. Kansas growers
may not take kindly to this and I expect the two states to meet in
battle at Chamberlain, South Dakota, in what will forever after
be known as………. “The Battle of Chamberlain.”
–Meanwhile, Nebraska cattle growers can take tremendous pride
in the fact the Greater Omaha Packing Co. was selected to supply
beef to the U.S. Olympic team. [Of course since we’re talking
Olympics, it’s hormone and steroid free!]
–Microsoft is said to be unveiling Service Pack 2 shortly, a
Windows update designed to plug all the holes in the software.
No word on whether it will do your laundry or automatically call
for ‘take out’ when programmed to do so.
–The SEC shut down a Philadelphia area hedge fund,
Fountainhead Asset Management, where the two principals
raised $5 million from at least 18 investors and then blatantly
cooked the books, issuing false statements on account values. I
can’t say it enough; be very careful in giving your investment
dollars to these outfits, both large and small.
–Halliburton just won’t go away as a campaign issue, especially
since a class-action suit was just filed alleging accounting fraud
for the period 1998-2001, encompassing Vice President
Cheney’s 2-year stint at the top. What should be most
worrisome is this particular lawsuit resulted from the testimony
of four whistleblowers. [Gretchen Morgenson / New York
Times]
–Cingular, in playing to the high school crowd, is heavily
marketing picture phones. It’s bad enough the students are
instant-messaging their friends when they should be paying
attention to their teacher, but now it’s even worse. And as I
wrote on the topic a while back, it gives the class bullies a
greater chance to ply their evil trade.
–Beer byte: I have a lot of Canadian readers and thus feel
compelled to pass along a note from Harry K. that one of
Canada’s finest, Sleeman, saw revenues rise 18% in Q2 thanks
largely to the introduction of its new Sleeman Amber Ale in
western Canada. The brewer is also bullish on its full year
bottom line results, leading Harry to observe that it’s like Carling
O’Keefe’s “Old Vienna” beer label used to say, “An honest beer
makes its own friends.”
–My portfolio: No changes, but what a volatile week. To
remind you, I have ten stocks that comprise about 23% of my
portfolio, the rest being cash. Of the 23% (on any given day it’s
up to 25% these days, depending on depreciation!) 6% is in two
energy issues (I see no contradiction here…it’s a bit of a hedge),
3% Singapore (another hedge, assuming Asia does alright), 2%
Aussie commodities play (partial gold hedge), 2%
pharmaceutical comeback story (was doing very well, now up
just a little), and no more than 10% in five tech-related issues
that have generally sucked wind, and in the case of at least three
of them they often move 10-20% in a single day. In other words,
I’m not smart enough to ever be 100% in cash, or short, but I’m
certainly protecting my downside, while holding stocks that
would participate in any rallies, especially in small caps. And
per my note of last week, I will still buy a small position in
Portugal because I said I would. Just waiting for the ol’ full-
service broker to return from vacation.
Foreign Affairs
Russia: Thanks to the Yukos debacle, net capital outflows are
accelerating with the government now admitting these could
approach $8 – $8.5 billion in 2004. But when it comes to oil,
Russia is still the big game in town as the large integrateds across
the globe scramble for reserves, yet it’s also apparent that all
future deals on this front must go directly through the Kremlin
(such as in the case of another giant, LUKoil, where the
government is selling off its holdings).
Following are some observations from a piece by Carola Hoyos
and Arkady Ostrovsky of the Financial Times.
“Alexander Radygin (an economist), argued in a recent paper
that, over the past four years of Mr. Putin’s presidency, Russia
has been moving towards ‘state capitalism’ where power belongs
to the bureaucracy rather than to private business. ‘The
dominant trends of the past few years have been the growing
expansion of property interests of the Russian state, an attempt to
establish control over capital flows in the Russian economy and a
desire to make business dependent on state institutions – despite
decisions about deregulation, administrative reform and
privatization plans.’”
A sociologist, Olga Kryshtanovskaya, who has conducted a study
of Putin’s political elite, says “Russia is following the path of
former Soviet republics such as Azerbaijan or Uzbekistan, where
economic wealth is concentrated in the hands of a ruling political
clan. Putin may not realize that he is creating a new oligarchy
which, once it has enriched itself, will pose a considerable threat
to his own authority.”
Separately, as promised President Putin is dismantling the
welfare state, with the prime victims being war veterans and
pensioners. For this reason his popularity is fading.
And tensions between Russia and Georgia over the breakaway
provinces of Abkhazia and Ossetia still threaten to boil over.
Finally, a government study revealed that there are actually more
contract killings in the country than 10 years ago, 500-700 in
2003, for example. But a former Kremlin official actually pegs
the number at 5,000. [Moscow Times]
Israel: The government of Prime Minister Ariel Sharon approved
600 new housing units for existing West Bank settlements,
exactly what ticks some of us off. Of course the Bush
administration protested, with a State Department official
proclaiming the “road map calls for an end to all settlement
activities.” But then the White House does nothing, knowing
that Israel has further plans for thousands more.
Turkey: In a major move designed to appease the European
Union before it holds a series of meetings on Turkey’s
candidacy for union membership, the government has appointed
the first-ever civilian to head the National Security Council,
heretofore a position held by a general and a major sticking point
in E.U. negotiations.
Paraguay: In an incredible tragedy, over 460 lost their lives in a
supermarket fire in the capital of Asuncion last Sunday. Arrests
have been made as, supposedly, security guards locked the
emergency exits to prevent looting when the fire started. With a
total population of around 5 million, imagine the state of shock
this nation is in.
Random Musings
–John Kerry: From Robert Kagan in a Washington Post op-ed.
“Throughout the long months of the campaign, Kerry disciplined
himself to sound like a hawk. But in his heart, based on all he
learned during the formative years of his life, Kerry is not a
hawk….
“The ironies abound. Three decades ago, Kerry came out in
opposition to the war he had fought in Vietnam. Today, Kerry
extols that service so that he may safely, patriotically distance
himself from the war in Iraq that he had supported.
“If Kerry has revealed himself in an unusual moment of honesty,
it’s time everyone took an equally honest look at where he would
lead the country if elected. Kerry’s ‘doctrine of necessity,’ [ed.
America “only goes to war because we have to.”] if seriously
intended, would entail a pacifism and an isolationism more
thorough than any attempted by a U.S. government since the
1930s. It would rule out all wars fought for humanitarian ends,
all interventions to prevent genocide, to defend democracy or
even, as in the case of the Persian Gulf War, to uphold
international law against aggression. For those are all wars of
choice.
“For someone who professes to seek better relations with the rest
of the world, Kerry’s doctrine of necessity would base American
foreign policy on narrow, selfish interests far more than the
alleged ‘unilateralism’ of the Bush administration. Some
Europeans have been quietly worrying that what they consider
Bush’s overambitious foreign policy will be followed in the
United States by an isolationist backlash. After hearing Kerry’s
speech, they may worry a bit more.”
–It’s interesting to watch John Kerry praise Richard Nixon for
his diplomatic efforts. Kerry never seems to hesitate to cite
Nixon and his reaching out to China as an example of how he,
Kerry, would conduct foreign policy. In the same vein, Ronald
Reagan is also touted by Kerry at times. I bring this up because
you’re seeing why historians, 50-100 years from now, will be re-
evaluating Nixon and his ranking will rise, just as today the
assessment of presidents like Polk and McKinley is better, along
with more obvious examples such as Truman and Eisenhower.
–Senator Kerry is making one dumb move in slamming the
Saudis for our own energy problems. It’s not their fault we
import so much from the Middle East. The U.S. has had 50
years to work on an alternative plan, but each time the
groundswell begins for other sources and energy independence,
oil prices have collapsed and the hue and cry has subsided in an
orgy of renewed consumption. And if I’m right on the direction
of the global economy and terrorism is minimized, this will
happen yet again.
–Barack Obama
I was worried that maybe I made too little of his speech at the
Democratic convention with my commentary of last week so I
went back and reread it. Folks, I’m sorry, but this was nothing
more than a good televangelist’s effort (I often watch these guys
on Sunday evenings, by the way). Obama didn’t really say
anything, yet he received great press because, (1) that’s the
media’s bent and (2) he is an articulate African-American.
Obama did, however, discuss a few topics that Bill Cosby has
been trumpeting and Henry Louis Gates Jr., the great black
historian, had the following thoughts of his own on the speech in
a New York Times op-ed:
“These issues can be ticklish, no question, but they’re badly
served by silence or squeamishness. Mr. Obama showed how to
get the balance right. We’ve got to create as many opportunities
as we can for the worst-off – and ‘make sure that every child in
America has a decent shot at life.’ But values matter, too. We
can’t talk about the choices people have without talking about
the choices people make….
“Yet in too many black neighborhoods today, academic
achievement has actually come to be stigmatized. ‘We are just
not the same people anymore,’ says the mayor of Memphis, Dr.
Willie W. Herenton. ‘We are worse off than we were before
Brown v. Board,’ says Dr. James Comer, a child psychiatrist at
Yale. ‘And a large part of the reason for this is that we have
abandoned our own black traditional core values, values that
sustained us through slavery and Jim Crow segregation.’”
And then there is columnist Anna Quindlen of Newsweek. Her
material is unreadable, yet I had to check out her thoughts on
Obama.
“But remember this: it is not moderation that redresses the great
injustices, demands the vote for women or the right of black
soldiers to fight alongside white ones.”
Ah, Ms. Quindlen? You actually sound like a hero of mine. I
take you back to July 16, 1964, Barry Goldwater and one of the
most misunderstood quotes of all time.
“Let me remind you that extremism in the defense of liberty is no
vice. And let me also remind you that moderation in the pursuit
of justice is no virtue.”
But I’ll tell you what was really on my mind this week, as praise
poured in for Obama. Last Saturday, here in New Jersey the
Star-Ledger blared on its front page that the Bloods street gang
announced it was going after law enforcement, while calling for
an “uprising” in New Jersey’s largest cities as well as the jails.
Recently, four Newark police officers were shot (all saved to
some extent by their bulletproof vests) and authorities have now
determined at least three of the culprits were Blood members.
So then on Sunday, what happens? In this region we were
suddenly inundated with terror alerts, one of which involved the
Prudential Financial headquarters building in Newark. So I’m
thinking; so much for a crackdown on the Bloods, as the police
had planned the day before. No, instead precious resources were
allocated elsewhere, while the Bloods largely run free, or those
behind bars plan their revenge when they are released.
But there are some out there who want to blame society in
general for the plight of these thugs, let alone the Bush
administration. These poor kids, some say. They don’t have the
opportunities others do and that’s why they act up. Bull.
–I totally agree with retired colonel Ralph Peters, who writes an
excellent column for the New York Post. This week he opined
the ideal ticket would have been John McCain and Joe
Lieberman. No duo acts more in the nation’s best interests than
these two.
–From Sports Illustrated: Russian President Vladimir Putin
scolded the country’s national soccer team “after Putin saw
players chewing gum during the Russian national anthem at a
recent game. Putin reportedly called the head of the Russian
Olympic Committee and ordered a stop to the public
mastication.”
Hey, something Vladimir and I can agree on!
–Update: The story of dirtball “philanthropist” Herbert Axelrod
continues. You’ll recall this is the shyster who sold $49 million
worth of rare instruments to the New Jersey Symphony Orchestra
for around $17 million, a gesture praised across the arts world at
the time. Then Axelrod was indicted on tax fraud (unrelated), he
fled to Cuba, and then was later picked up in Germany. Now, an
extensive report by the Star-Ledger reveals that the instruments
themselves were not what they were thought to be. Certainly not
worth $49 million, according to a slew of dealers and violin
experts, and probably not worth the $17 million the NJSO paid.
What makes this story even worse is that NJSO officials never
bothered to confirm the authenticity beforehand and went some
$20 million in debt to cover all the associated costs. Idiots.
–Boy, Bruce Springsteen is making a big mistake. I’m not a
huge fan of his but it’s my observation the majority are pretty
conservative, yet they put up with Bruce’s own liberal politics –
that he interjects into his shows, at which point everyone just
rolls their eyes – because his music and showmanship are
without peer. But in writing an op-ed piece for the New York
Times the other day, one in which he blasted the president and
voiced his support for Senator Kerry, the Boss clearly crossed a
line and many of his fans are ticked.
And in aligning himself with the likes of Jackson Browne and
James Taylor, to cite two who will be part of an announced
concert series to promote Kerry and get out the vote, my friend
Jude (with whom I attended a Springsteen concert last summer)
observed, “Wasn’t it Jackson Browne who assaulted his
girlfriend, Darryl Hannah, and wasn’t James Taylor an admitted
heroin addict? Great folks to be associated with in such a cause.”
The point being, sure, musicians have just as much a right to
voice their opinions as any other individual, but there are some
who ought to keep their mouth shut at a certain level and in the
case of Springsteen, he’s about to learn there are consequences to
not knowing this.
–I didn’t think it was possible but in just the last six months or
so it seems that cellphone usage has exploded to a new level.
You’ve all noticed it yourself, I’m sure, with people carrying on
in grocery stores, for example, letting the world know of their
most intimate secrets. And should I be liable as a driver if
I hit someone walking across the street, who’s on their cellphone
and oblivious to the fact they’re crossing on red? You ought to
see how many mothers in my community are pushing a stroller
across a busy intersection, gabbing away and seemingly without
a care in the world.
The behavior of many in our society is abominable and so it hit
me this is where we’re headed.
Scene: Church…communion line.
Babe: “…I can’t believe Joey said that to you! What a jerk!
…hold on a second…”
Priest: “Body of Christ…”
Babe: “……amen……yeah, I’m at church….Joey is such an
idiot!”
–Newsweek had a story on the latest research on sleep and
dreams. 85% of men dream of sexual experiences. 83% of
women dream of being chased or pursued. My own top
dreamscapes didn’t make the study’s top 15, that being North
Korea launching bottle rockets and being attacked by a giant
squid.
–Speaking of nightmares, seven men were murdered in Tanzania
by a group of village leaders for allegedly practicing witchcraft.
Which reminds me of the 1958 #1 hit by David Seville and the
Chipmunks:
I told the witch doctor, I was in love with you…
Ooh eeh ooh ahah, ting tang wallawalla bing bang…
Sorry, that was totally inappropriate.
–Speaking of chipmunks, Leah K. offered up a solution to Dr.
Bortrum’s problems with the varmints. Get a Jack Russell
Terrier. I figure since Bortrum probably doesn’t want to train a
dog at this point in his life, maybe I could rent one for him.
–The other day I was talking about my new Shark dustbuster and
a family friend wrote in to find out the model. So for the rest of
you that may be interested, it’s the Euro-Pro V1510. Accept no
imitations!
[Actually, you could use a Shark to take care of the chipmunks,
but I wouldn’t want the animal rights groups all over my case.]
–A new film opened on Friday, “Open Water,” that is receiving
rave reviews. NBC’s Jeffrey Lyons said that if “Jaws” kept you
out of the water for years, you will never go in the water again
after seeing this one. And it was made on a budget of around
$130,000, if I have my facts straight. Personally, I never
recovered from “Jaws,” thus the dreams involving other marine
life.
–The overseas share of the audience for StocksandNews,
thankfully still growing, is now 50%. I hadn’t taken a look in
quite a while, but I found some of the statistics to be quite
startling.
After the U.S., the top countries are Australia, China, Japan,
Canada and Brazil.
But check out the top cities.
1. Sao Paulo 2. Beijing 3. Tokyo 4. Milton, Australia (near
Brisbane) 5. Marina del Rey, California 6. New York
Yup, the Net works in wondrous ways. My heartfelt thanks to
those who not only gave StocksandNews a shot, but also helped
spread the word.
—
God bless the men and women of our armed forces.
God bless America and those around the world who cherish
freedom.
—
Gold closed at $402
Oil, $43.95
Returns for the week 8/2-8/6
Dow Jones -3.2% [9815]
S&P 500 -3.4% [1063]
S&P MidCap -4.7%
Russell 2000 -5.7%
Nasdaq -5.9% [1776]
Returns for the period 1/1/04-8/6/04
Dow Jones -6.1%
S&P 500 -4.3%
S&P MidCap -4.3%
Russell 2000 -6.7%
Nasdaq -11.3%
Bulls 48.9
Bears 24.5 [Source: Chartcraft / Investors Intelligence.]
Have a great week. I appreciate your support.
Brian Trumbore
