[Posted 7:00 AM ET]
Wall Street
You know, I try not to make too much of a single week’s action
on the Street, let alone one day, especially as I’m trying to focus
on the Big Picture and the longer-term. And so it was this past
week that despite the biggest single-day rally in two years,
Thursday, overall the major averages finished with minimal
gains, especially in light of the drubbing stocks had taken over
the previous weeks. One thing is for certain, though, volatility
has picked up in a big way and you can thank the ever present
hedge funds and program traders for that. They feed off
information and surprise and there has been no shortage of both
recently.
On the corporate earnings front it was a most positive week with
the likes of Intel, Yahoo, Motorola, Nokia, Coca-Cola, United
Technologies, Caterpillar, Schering-Plough, SAP and Bank of
America among those beating estimates and offering positive
guidance for the current quarter. But there were some notable
exceptions, including Costco and Eastman Kodak, as well as
General Motors announcing it would withdraw its forecast for
the full year after reporting a loss of $1.1 billion for the first
quarter.
In economic news, housing starts witnessed their biggest drop in
14 years in March, off over 17%, but, to be fair, this follows the
steepest rise in 21 years for February. One month, either way,
does not make for a trend in this sector and while most of us
would agree we’re in the midst of some kind of bubble, if you
also believe as I do that interest rates are not about to surge
higher on a semi-permanent basis, you’ll have trouble building a
case for the bubble popping until the economy enters a recession.
On the inflation front, the figure for core producer prices, ex-
food and energy, was up only 0.1%, but the next day the core
consumer price index rose a disconcerting 0.4%. Then you had
the Federal Reserve’s report on regional economic activity, the
Beige Book, and it offered up two tidbits; that the consumer was
definitely being impacted by high energy prices and that there is
some limited pricing power in the system.
So is the economy truly slowing? Is inflation a problem? What
will the Fed say May 3 in announcing another increase in
interest rates? If the Fed keeps raising rates much further will it
send the economy spiraling into recession?
I laid out my longer-term outlook last week; global recession by
yearend with a whiff of deflation. In the shorter-term it appears
the earnings picture will be solid yet again in the second quarter
but much beyond that is educated guesswork and dependent on
the Fed, oil prices and the geopolitical scene.
Regarding the latter, I continue to spend the time I do on foreign
affairs and ‘hot spots’ because world financial markets are
interconnected like never before. Certainly the finance ministers
for the G-7 recognized this when they issued a statement last
weekend that said in part “vigorous action is needed to address
global imbalances and faster growth.”
The imbalances are largely a result of the fact it’s been China
and the U.S. carrying the load with Japan and Europe, in
particular, failing to pitch in. If others don’t pick up the ball
soon the markets and the global economy are in trouble.
Street Bytes
–Late Friday, Wall Street was swept up by a report that the
United States had asked for China’s help in reining in a possible
nuclear test on the part of North Korea. Within about 30 minutes
the Dow Jones was down 140+ points, but it rallied back some to
close off 60 on the day. What this little exercise showed was that
geopolitical events still have a powerful influence on trading and
no one should necessarily take solace from the fact that as of this
writing Pyongyang hadn’t crossed the line. As I’ve been noting
(including just two weeks ago), either North Korea or Iran will
test this year “and it will shake the financial markets to their
core.”
Aside from the generally strong earnings reports, Wall Street
itself was consumed by talk of the New York Stock Exchange’s
merger with all-electronic rival Archipelago, while on Friday
Nasdaq acquired Instinet in a bid to keep pace. Frankly, this
story bores the heck out of me and while recognizing it does
impact the livelihood of some good friends of mine, for the vast
majority of you it’s a non-event. Yes, you may save a few
pennies on trading costs and you may be able to trade earlier
in the day than you currently can, but besides that don’t expect a
lot of information from yours truly. It will happen when it
happens, as Yogi Berra would probably say.
Back to the real action, for the week the Dow Jones gained 0.7%
to close at 10157, still a far cry from the 10461 mark just two
weeks earlier. The S&P 500 added 0.8% to 1152 and Nasdaq
picked up 1.3% to 1932. Regarding technology, despite a slew
of decent earnings reports following the IBM debacle of the
previous week, most of the big bellwethers such as Intel,
Microsoft, Cisco and Dell, let alone the Internet leaders aside
from Google, are dead stocks. Until they exceed their recent
highs established last November / December, I’ll be unimpressed
by any move on their part. Dell in particular is disappointing,
and sending a message of its own, in failing to confirm its
breakout of last November.
–U.S. Treasury Yields
6-mo. 3.13% 2-yr. 3.60% 10-yr. 4.25% 30-yr. 4.58%
Rates on the short end of the curve rose but the long end was flat
over the previous week. The weekly jobless claims figure was
particularly strong and the Philly manufacturing reading was
better than the New York regional number that shook the market
the prior week. But for this coming one, especially with the CPI
and PPI already out, it should be largely a waiting game in bond
land until the Fed meets on May 3.
–For the first time in 10 weeks oil inventories fell and there were
new concerns over refinery outages. In the blink of an eye, oil
was back over $55, gaining almost $5 on the week to close at
$55.39. Not good for the global economy, sports fans.
Separately, ahead of Crown Prince Abdullah’s meeting with
President Bush on Monday, Saudi Arabia’s oil minister said the
kingdom was willing to hike production to 11 million barrels per
day (from its current 9.5mmbd) as well as spend up to $50 billion
over the next five years on further development. And the House
passed an energy bill 249 to 183 that provides far more tax
breaks to the oil & gas industry than incentives for alternative
energy and efficiency.
–I have extensive foreign policy comments on China below, but
first a few economic ones with the usual political overtones. The
government reported that GDP rose 9.5% in the first quarter, or
the same pace as all of last year. In other words, if you believe
the figure the economy isn’t slowing like the government wants
it to. Personally, I’m still a skeptic when it comes to some of
China’s releases and this 9.5% figure is the same one for all of
last year. In fact these #s seldom vary more than 0.5% in any
one quarter and you’ll recall a story I wrote a few months ago
where Beijing is most concerned about local officials cooking the
books in order to please their provincial bosses. But, regardless,
I do recognize the China growth story continues; I just choose to
believe the bubble pops by year end.
One number that does boggles the mind, if accurate, is fixed
investment (roads, power plants), up another 23% in Q1. If
that’s close to the truth, on top of all the other investment here
over the past five years in particular, you’d be a fool not to
believe the bubble story. Remember, banks are financing these
projects…some of which are needed, others which aren’t. Who
pays off the debt, especially during the coming slowdown?
Meanwhile, you have the issue of surging Chinese textile exports
and the growing chorus in the West to do something about it.
French President Jacques Chirac said China’s textile trade is a
“brutal and unacceptable invasion of the European and U.S.
markets.” Jacques, I’m shocked! The man actually supported us
on something. But this was really the last thing needed in the
diplomatic community and the European Union denied it was
preparing to take retaliatory action.
One other note on China, for the time being, concerns its pension
crisis that some say puts ours to shame. David Lynch wrote the
following in USA Today.
“By limiting families to a single child, the controversial
population-control measure created what the Chinese call the 1-
2-4 problem: one worker supporting two parents and four
grandparents. Amid surging economic development, a more
mobile society also is eroding the custom of older parents living
with, and relying on, their working-age children for support.
That’s an especially big problem for rural dwellers, who aren’t
covered by social security.”
–Real estate: Boy was I wrong in thinking that after Florida’s
four hurricanes last year the real estate sector would have a tough
time there. Instead development is setting records on both
coasts. The following is from an article by Marilyn Adams in
USA Today.
“Miami-area home values increased 20% in 2004…But that
measure fails to register the dizzying price escalation for new
condos on or near the water. Developers are asking about
$500,000 for a one-bedroom on the beach with an ocean view.
“Today, an estimated 50 major condo projects are proposed or
under construction within 50 city blocks in Miami on or near
Biscayne Bay. There are so many gaping holes in the ground,
where old buildings have been razed and new ones are planned,
that downtown looks as if it has been bombed. A remarkable
69,000 condo units are currently in the permit pipeline or are
newly built and for sale citywide. By comparison, Las Vegas,
perennially among the USA’s hottest housing markets, issued
permits for 40,000 units of all types of housing last year.”
–New Jersey’s property taxes are up 33% in five years at a time
when wage increases don’t even equal the inflation rate. Of
course the same could be said for virtually every other state in
America.
–In Net land, shares in Google soared following its super
earnings report that included far higher revenues than anticipated
from online advertising, while eBay’s stock was flat following
news that growth in the U.S. (and Germany) is slowing. That’s
no surprise for eBay, as we saw in the fourth quarter, as it’s now
a mature company whose parabolic run ended last year. And
while the company raised its forecast a few pennies for all of
2005, if you call it a very generous 75 cents, eBay, at $32, is still
trading at a price / earnings multiple of 43.
Google, on the other hand, is still in the hyper-growth phase. At
some point it, too, will slow dramatically but when that will be is
anyone’s guess. In the meantime Google will trade irrationally
for long stretches until its day of reckoning arrives, that being
when the pace of online advertising revenue begins to slow. [Of
course you’d also expect Google to open up other prime sources
of income by then, as Yahoo is doing.]
But back to eBay, I have to comment on CEO Meg Whitman,
who had floated her name to the Disney board when it was
looking for a replacement for Michael Eisner. Watching Ms.
Whitman the other day I couldn’t help but notice how glum and
disinterested she looked. In other words, she desperately needs a
new challenge after doing all she could, and spectacularly well,
at eBay.
Lastly, the Washington Post joined the list of news outlets with
stories on click fraud. You know how I feel about the online ad
game, but to repeat myself, stay with the big boys like Yahoo
and Google; the ones with the most to lose and thus the biggest
incentive to keep it as clean as possible.
–U.S. Airways just confirmed it is in merger talks with America
West.
–Shares in Altria Group (parent of Philip Morris) rose on news
the company was close to signing an agreement with China
allowing it to sell Marlboro cigarettes; a big coup given that
China not only is the largest market for smokers, it’s still a
growing one compared to declining levels most everywhere else.
–Warren Buffett’s Berkshire Hathaway unit acquired a
“significant” stake in Anheuser-Busch, giving that stock a boost.
–In reporting a strong first quarter, business-management
software king SAP announced its market share in the U.S. had
soared to 41% at the expense of Oracle and Siebel.
–Can it get any worse for Amtrak? The White House has been
recommending that Congress cut off all subsidies and privatize
the operation when Amtrak was suddenly forced to suspend its
Acela Express service due to brake issues. It turns out the part in
question isn’t even being produced anymore. What a bunch of
dopes.
–Here I thought I wasn’t going to write anything on AIG this
week but former Goldman Sachs chairman John Whitehead
offered up the following in support of AIG’s disgraced Hank
Greenberg, while blasting Eliot Spitzer, as part of an op-ed in
Friday’s Wall Street Journal.
“I have had the pleasure of knowing Mr. Greenberg for many
years and working side-by-side with him on numerous voluntary
efforts on behalf of the nation and the city. Far from the
caricature sketched by leaks and innuendo, Mr. Greenberg is an
ethical, decent and honest man. He has spent his life building a
remarkable company that has provided enormous returns for
shareholders. He has also been extremely generous with his time
and money. He is surely one of the city’s largest
philanthropists.”
There we go again, folks. As I’ve written for years now the rich
and powerful always hide behind charity. So I have a question
for Mr. Whitehead. What does that have to do with the fact Mr.
Greenberg, according to Mr. Spitzer, in so many words, was
running a fraud factory?
–Pernot Ricard and Fortune Brands have teamed to acquire, and
carve up, Allied Domecq, meaning the two will now hold such
labels as Malibu Rum, Glenlivet, Beefeater Gin, Canadian Club,
and Jim Beam. But to help pay for it all, Allied’s Dunkin’
Donuts will be sold. What? Before they can offer Malibu
Rumballs?!
–To my friends in the brokerage and mutual fund industries, I
was pleased to see the NASD support the continuation of 12(b)-1
fees. Any client should recognize the fee is appropriate
compensation for normal client servicing, even with funds that
are closed to new investors, the latter a big bone of contention
with some regulators.
–Medtronic, the medical device maker, is paying a California
inventor $1.35 billion to gain ownership of patents related to
spinal surgery, including $550 million to settle past litigation.
Dr. Gary K. Michelson is the surgeon turned device maker who
will benefit.
–Now we know for sure that the finger found in Wendy’s chili
is, as was pointed out to me weeks ago by my friend Mark R.,
Frodo’s.
–I read the back of Parade magazine last week and James
Brady’s profile of CNBC’s Maria Bartiromo. So in case you
missed it, CNBC junkies, she’s 37 and as you know was once a
producer at CNN before CNBC gave her an on-air shot. I loved
her comment, though, on leaving CNN. “Lou Dobbs told me it
would be the greatest mistake I ever made.” Can’t you just
picture that blowhard saying this? Throw in a few “harrumph
harrumphs” for good measure.
–NBC will once again be broadcasting football in 2006 as it
acquired the rights to Sunday night NFL games for $600 million
a year, while ESPN is taking over the Monday Night Football
duties from ABC for $1.1 billion per; which leads me to….
–Inflation Watch: Look for your cable bill to soar as a result of
ESPN’s move because the network will now go to cable
providers and demand more of a fee to help defray its huge costs.
–CD music sales, after being up 2% for all of 2004, were down
8% in the fourth quarter and another 7% in the first. So much for
the comeback.
–Singapore will allow two Vegas-style casinos to be built, lifting
a longstanding ban as it goes after the mainland China market
that is currently flocking to Macau, as well as those using
Singapore primarily as a transit point these days. Most of you
know I was in Singapore last spring and had a very enjoyable
time, but I can also tell you from experience it is incredibly
humid here, 365 days a year, and the casinos should be a gigantic
success because it’s tough to spend more than 20 minutes
outside.
Foreign Affairs
China: It was virtually a replay of the prior week as last weekend
more anti-Japanese protests were launched, the largest being in
Shanghai, as the police once again just stood by and watched.
Japan demanded another apology and none was forthcoming.
One Japanese newspaper asked “Doesn’t China have either law
or order? Where is China’s responsibility and integrity as a
state?” Japan’s foreign minister reported no progress in two days
of talks in Beijing and Chinese officials said relations were the
worst in 30 years. For its part Japan could only be left
wondering if the critical Japanese / Sino trade relationship was in
danger and whether all its development assistance to China over
the years was simply financing a growing threat.
On Friday, Japanese Prime Minister issued a statement on his
nation’s previous transgressions, the first time such comments
have been made in an international gathering, saying in part
“Japan squarely faces these facts and history in a spirit of
humility and with feelings of deep remorse and heartfelt apology
always engraved in mind.” And as I go to post Koizumi and
Chinese President Hu Jintao are slated to meet.
But China has its own problems, topped by the thought on all
minds these days, when will the people here turn against the
government? Once again, after the anti-Japanese demonstrations
the Communists were forced to tell the people to cool it, lest the
anger be turned against them.
Sorry to keep repeating the same theme but in China it’s all
about rising expectations and the government’s ability to control
them. Consider the following. The size of China’s middle class
has been booming, which is good for the rest of the world in
general, but in a survey by the official Chinese news agency, the
#1 concern these days among the people (3-to-1 over
‘corruption’) is the nation’s six-year plunge in the stock market,
even as the economy has been surging. [Wall Street Journal]
But I read this and think of the real estate bubble in China. How
can the people afford outrageously priced, tiny apartments and
condos when their net worth has been plunging? Of course they
can’t but do so anyway, obviously tacking on gobs of debt that
the banks here have been all too happy to lend out (just as they
have in similar fashion in the U.S.). And while the people
struggle to make ends meet, they see the fat and happy ruling
class along with one corruption scandal after another. Longer-
term this is a recipe for disaster and it’s why leadership plays
with fire in allowing their people to blow off steam. You can’t
control where the wind will take it. Fred Hiatt wrote the
following in a Washington Post op-ed that echoes some
sentiments I’ve expressed in recent weeks, with Hiatt examining
the Japanese textbook issue.
“(In) countries that permit open debate, historical interpretations
can be constantly challenged, revised, maybe brought closer to
the truth. In dictatorships that use history as one more tool to
maintain power, there’s no such hope.
“China’s Communists used to find it useful to vilify Russia in
their history texts. These days, for reasons of China’s aspirations
to lead Asia, Japan makes a more convenient villain. Next year
might be America’s turn. The reasons may be complex, but none
of them has much to do with facing history squarely.”
But we’re not finished with this topic. This week French Prime
Minister Jean-Pierre Raffirin was in China and proclaimed that
France had no problems with China’s anti-secession law that
allows China to attack Taiwan, and, in addition, it will push the
E.U. to lift its arms embargo. Not what Washington, let alone
Taiwan, wants to hear.
On the issue of arms, U.S. Representative Curt Weldon (R-PA),
the second-ranking Republican on the House Armed Services
Committee, blasted the United States.
“U.S. national security is being harmed by technology transfers
to China – but by our own doing. (U.S. policies on trade with
China) are hypocrisy.”
But technology sales are only part of the problem. “I would like
to hear from this administration specifically what this Congress
can do to stop the imbalance of trade that is financing (the
modernization of the Chinese military).”
Added Representative Brad Sherman (D-CA), “There is no
purpose for the weapons China wants but one: to invade
Taiwan.” [And to defeat our Navy, I would have added.]
[Source: William Matthews / Defense News]
–Japan: The Washington Post’s Jim Hoagland had this comment
on Japan’s quest for UN Security Council membership. China’s
effort to block Tokyo’s bid “is easily the worst tactic that China
could have chosen.”
“Japan’s commitment to its ‘peace constitution’ and the vow in
that document never to seek nuclear weapons have won for the
island nation a moral authority and credibility that its consensus-
minded people will be reluctant to cede. But the combination of
North Korea’s threats and China’s attacks on its reputation can
only stimulate the survival instinct in the Japanese.
“Beijing advances toward creating its own worst nightmare. The
Bush foreign policy team, short on experience at the top on Asia,
must move quickly to reassure Japan, caution China and enlist
India as it tries to keep Asia’s political turbulence from spinning
out of control.”
North Korea: The White House expressed concern over the
shutdown of a nuclear reactor, the first process in removing fuel
rods that can then be used to build more nuclear bombs, while
satellites have picked up worrisome levels of activity around
some suspected weapons sites. There are also stories that
Pyongyang may at this point be content to wait out the second
Bush term before pressing for a deal with whoever follows.
Separately, last Saturday Arizona Senator Jon Kyl had an op-ed
in the Post that I saw too late to include in this column but it
pertains to another topic I’ve written of before. Specifically, Kyl
voiced his concerns over United States vulnerability to an
electromagnetic pulse (EMP) attack. A Scud missile carrying a
single nuclear warhead, detonated at altitude, would send out a
pulse knocking out everything, starting with the power grids.
While the human toll would initially be minimal, all
communication, refrigeration, gasoline delivery, the water
supply, you name it and it would be shut off. Within weeks you
would have a breakdown in society…anarchy.
The problem is it’s easy to pull off. The missile could be
launched from a freighter in international waters and doesn’t
have to be on target. [You have a similar danger with cruise
missiles, though with nukes and chemical or biological
warheads.] The North Koreans or Iranians could pull something
like this off as well as many terrorist groups.
However, there is a solution to an EMP attack and it is in
procuring backup power systems. But it takes time to build
it out and we don’t have a lot of time; just something to
think about when Congress is dickering over federal judges
instead of focusing on national security issues.
Iraq: New President Jalil Talabani continues to talk of amnesty
for insurgents, including those who attacked U.S. forces, not
exactly what the Bush administration desires. And the White
House really has no clue what the government will eventually
decide on the issue of long-term bases. Meanwhile, the terrorists
have found their mark with increasing frequency the past few
weeks, which won’t help the president’s critical poll numbers.
Russia: Secretary of State Condoleezza Rice didn’t mince words
in her trip to Moscow as she warned Russian President Vladimir
Putin not to stay beyond his current term amidst concern over
“the centralization of state power.” Rice did add that Russia
remained a “strategic partner” and her talks with Putin appeared
to go relatively well.
But then the next day Rice blasted Alexander Lukashenko of
Belarus, calling his regime the last “dictatorship” in the center of
Europe. The E.U.’s foreign policy expert Javier Solana
concurred. Russian Foreign Minister Sergei Lavrov, however,
was none too pleased, saying Washington could not effect
“regime change,” an obvious reference to U.S. policy in Iraq.
Russia’s frustration over losing Ukraine and Georgia, among
others, in just the past year may yet manifest itself in ways the
West is not likely to stomach.
India / Pakistan: Pakistani President Pervez Musharraf traveled
to India to attend a cricket match in the clearest sign yet of
improving ties between these two as Musharraf said the peace
process was “irreversible.” But then as he was leaving after
three days in the country he warned in the strictest terms that the
issue of Kashmir must be resolved or else. Not a great way to
finish up, even if it was done for consumption back home.
Lebanon: Prime Minister designate Mikati set May 29 as the date
for parliamentary elections and, on the urging of the opposition,
the security chief stepped down amidst his failed investigation
into the assassination of former Prime Minister Hariri back in
February. Both positive signs.
Turkey: I’ve discussed this before but relations with the U.S. and
E.U. continue to deteriorate. For every step forward, it seems,
there are two or three back. Sales of “Mein Kampf,” for
example, are actually near the top of the best-seller list. [Defense
News] And when it comes to Turkey’s candidacy for
membership in the European Union, there remain bitter feelings
on both sides. Watch the May 29 referendum in France on the
new E.U. constitution for a big clue in this regard as Turkey is a
primary issue in the constitution debate.
Italy: Prime Minister Silvio Berlusconi was forced to resign in
order to attempt to establish a new government, which would be
the 60th since World War II.
Ecuador: The president here was forced out over his attempts to
change the Supreme Court. South America is disintegrating at
the fringes.
Canada: And there’s a leadership crisis here as Prime Minister
Paul Martin remains under a cloud over a kickback scandal
involving his Liberal party and government contracts.
Random Musings
–We note the 10th anniversary of the Oklahoma City bombing.
For new readers I’ve been out there twice since that tragic day
and what upsets me to no end is the fact the victims here were
never compensated compared to those of 9/11, whose families
received an average $2.1 million. That’s just wrong, and a black
mark on our government.
–Folks, regardless of your politics you have to admit it’s pitiful
that President Bush, with a congressional majority behind him,
hasn’t been able to get a balanced energy plan approved. Let’s
see if the Senate now follows the House in passage, though as
alluded to earlier the House plan is deeply flawed.
–Republicans need to ask themselves one simple question when
it comes to Tom DeLay, “Is this the face of the party we want
going into 2006 and the critical mid-term elections?” Not for
me.
–On the other hand, I remain a supporter of John Bolton (even if
the stories of Colin Powell advising otherwise are true).
–The news cycle is so swift these days that my old adage of
“wait 24 hours” was never more applicable, whether discussing
politics or Wall Street. And then there’s Pope Benedict XVI.
This talk that Joseph Ratzinger was an active member of the
Hitler Youth is absurd and was long ago proven to be a non-
issue. But I really don’t know what to make of my church’s new
leader except that I’ll give him time just as all should.
–I was doing a “Wall Street History” piece on McDonald’s 50th
birthday and for those of you who might be late bloomers in life,
take heart in the fact founder Ray Kroc was 52 in 1954 when he
first got involved with the McDonald brothers. [The first
franchise was established in Des Plaines, Illinois, April 1955]
–Speaking of food, it’s worth checking out the government’s
new web site on the revamped food pyramid, ‘mypyramid.gov’.
Of course it’s already being ridiculed by most.
–Speaking of turkeys, wild turkeys are wreaking havoc in my
state of New Jersey. In one suburban community, the turkeys
have attacked one mailman three times in about two weeks. [No
serious injuries as a result…yet.]
These creatures can grow to 4 feet in height and are obviously
not to be messed around with. Our own Dr. Bortrum almost hit
one the other day which would have been quite a mess, I
imagine. And I was jogging in a wooded park this week when
one flew right in front of me at eye level. If that darn bird had hit
me in the face it could have killed me. Boy that would have been
distressing.
Actually, seeing them in the forest like that reminded me of the
flying monkeys in “The Wizard of Oz.”
—
God bless the men and women of our armed forces.
God bless America.
—
Gold closed at $436
Oil, $55.39…back near Friday closing high of $57.27
Returns for the week of 4/18-4/22
Dow Jones +0.7% [10157]
S&P 500 +0.8% [1152]
S&P MidCap +1.1%
Russell 2000 +1.5%
Nasdaq +1.3% [1932]
Returns for the period 1/1/05-4/22/05
Dow Jones -5.8%
S&P 500 -4.9%
S&P MidCap -4.3%
Russell 2000 -9.5%
Nasdaq -11.2%
Bulls 48.4
Bears 26.9 [Source: Chartcraft / Investors Intelligence]
Note: Be sure to tune in next week. I’m going on a little trip to a
rather interesting place for some fact-finding, a real ‘hot spot’ in
the Middle East. Should this column not be up by 7:00 AM ET,
Saturday, it would be the result of technical difficulties….
including my laptop being confiscated by authorities.
Have a great week. Mine could be a most memorable one.
Brian Trumbore
