“We”ve never seen an economy fall off a cliff like this.”
–Economist Ed Yardeni, the week of 1/8.
“Blink and the recession is over…there are already (positive)
signs the economy is responding.”
–Economist Ed Yardeni, the week of 1/22.
So which is it? It”s not just Mr. Yardeni who is a tad confused.
We all should be. This is the most perplexing environment I can
remember, because it”s not just a battle over market valuations
and whether or not inflation is rising ( a la early 2000), or
whether an economic slowdown will drastically affect corporate
profits ( a la the 4th quarter of last year). And it”s not just
whether the world is sliding along with the U.S., or, whether
California”s energy crisis will drag the rest of America down with
it. It”s all of these thoughts…and then some. That”s why I wish
more folks would just say, “I don”t know;” obviously, not particularly
helpful, but at least it”s honest.
Importantly, however, Federal Reserve Chairman Alan Greenspan
weighed in this week on the topic with testimony to the Senate
Finance Committee.
Greenspan said that the U.S. economy is experiencing a “dramatic
slowing down…close to zero at this particular moment.”
Well, no equivocation and no Greenspeak there. That”s as black
and white as you”re going to get, especially from the chairman.
And then, to the cheers of countless millions, Greenspan added
that the budget surpluses are growing so fast that tax cuts are
doable, and, that they “would help smooth the transition to
longer-term fiscal balance.” For the G-Man, a full reversal with a
back somersault flip, executed to perfection.
But while the economy is in the doldrums, just how bad is it?
Manufacturing is obviously in the dumps, but there is anecdotal
evidence that the consumer is still spending. Yes, layoffs are
picking up, but many of those affected should still find work fairly
easily. And for every story that revenue growth is suffering
because corporate America is working off its inventory positions,
you also have the airlines saying that their advance bookings are
up.
So it”s almost as if it”s the consumer vs. the corporation. This is
perhaps a gross generalization, but many CEOs are telling you it”s
pretty ugly out there and many of you are going, no it”s not.
True, the consumer sentiment readings I”m obsessed with
continue to tumble, but I don”t believe they”re reflected in the
level of consumer spending since Christmas…yet.
Well, if one is to believe Chairman Greenspan, we will all know
just where we”re headed “in 3 months or so.” No argument here.
I suspect we”ll have a far clearer picture in just 30 days.
First, the Fed will be lowering interest rates again on Tuesday or
Wednesday. As negative as Greenspan sounded, and as tame as
the inflation numbers continue to be (like last week”s employment
cost index report), you would expect the Fed to lower the target
for federal funds another half percent (50 basis points). And then
we”ll all sit back to see what the equity markets do. It certainly
won”t be a good sign if the reaction is negative, as in “sell the
news.”
As for the week just past, boy, there sure were signs of euphoria
early on. As the Nasdaq rallied on Tuesday, one of the market
commentators said, “Maybe the (Nasdaq) has to rally back to fair
value.” The Nasdaq is undervalued? Heck, I”ve made it pretty
clear these past few weeks that I felt the worst was over, but off
to the races again? Forget it. But there certainly was lots of talk
of good times, along with some drooling, just like the old days.
This was best exemplified by the CNBC interview with the CEO
for OpenWave, a company that makes Internet software and one
which seems to have a niche in wireless applications. OpenWave
issued a stupendous earnings report for the fourth quarter,
earning 9 cents when a loss of 3 cents was expected. For its fiscal
year ending June ”02 (not a misprint), the estimate is for $0.66 a
share. Seeing as they do a good job of exceeding estimates, I”ll
call it $0.80. The stock closed Friday at $69 for a P/E of 86 on
”02 EPS.
Anyway, the CEO was touting this new location software where
“you”ll be walking by a Starbucks and you”ll be notified, hey,
c”mon in, cappuccino is 50% off!” Now Homer Simpson would
love something like this (and would quickly be re-filing for super
duper bankruptcy), but will everyone else? Or at least enough for
the company to be wildly successful, as I expect it will be
increasingly priced? I don”t know. And that”s why I think
OpenWave will be a great stock to watch over the coming 18
months. We are apt to learn a lot about the future for
telecommunications by the success or relative failure of this one
company.
[And since I will be mentioning OpenWave from time to time,
you have my assurance I will never take a position in it myself.
Also, to offer another viewpoint, an old friend of mine who
manages a leading technology fund believes in OpenWave, and
I”ll leave it at that. Finally, two items hit on Friday that make me
wonder just how successful the company can be. Ericsson”s
decision to drop out of the mobile-phone handset market, and,
Sawtek”s statement that mobile-phone sales growth has dropped.
Put it all together and it”s a good example of why this is such a
stimulating business.]
Well, the above was a long-winded way of saying that the old
bubble mentality is just dying to be let loose again.
The Nasdaq registered its 3rd straight weekly gain, albeit a small
one, as it finished up 11 points to 2781. The Dow Jones also
rose, 0.7%, to the 10659 level. The Nasdaq continued to largely
slough off bad news, particularly when it came to future forecasts.
Except, that is, for PMC Sierra, which said it would miss its
revenue projection for the quarter by, gulp, 30%! Eegads. What
are they doing there? Playing Parcheesi?
Street Bytes
–U.S. Treasury Yields…little changed on the short end, higher
on the long one.
1-yr. 4.80% 2-yr. 4.77% 10-yr. 5.27% 30-yr. 5.64%
–Abby Cohen issued All-Clear Alert #943. Actually, I don”t
write this with the cynicism I used to. Remember, I”m neither
bull nor bear. I”m kind of “eh.” Abby does say she would
overweight in technology and still forecasts a S&P 500 of 1650
and a Dow of 13000 by year end. Go Go….Go Abby Go, Go.
–Two of the leading theater chains, Loews and AMC, have
announced that they are shutting down 20-25% of their screens.
Geezuz, boys. Save some for “Lord of the Rings!”
–Worldcom, AOL, Drugstore.com, Sara Lee (“Everybody
doesn”t like something…but nobody doesn”t like Sara Lee), and,
of course, Lucent, headed up the major layoff list this week.
As for Lucent, while the news was expected it”s still a bit
disconcerting to see a figure of 16,000 pink slips, especially when
you own real estate just 3 blocks from their headquarters. The
company announced a huge loss for the quarter, as well as a
restructuring plan, and many investors started foaming at the
mouth…the worst had to be over. No it”s not, I mused. By
week”s end, others had similar musings and the stock closed
lower than it did the previous Friday.
–Speaking of telecom, France held an auction for its next
generation mobile phone licenses. 2 of the 4 bidders dropped out,
ostensibly because the asking price was outrageous. One that is
still in the running, France Telecom, already has $60 billion in
debt. Holy Cannes! Holy OpenWave.
–PIMCO”s Bill Gross, commenting on the dangers of investing in
corporate bonds: “Today”s winning technology is tomorrow”s
sinkhole.”
–The Wall Street Journal ran the following headline the other day,
“Commercial-Paper Chase Grows Difficult,” alluding to the fact
that while the junk bond market may have revived some, the costs
of borrowing short-term for even some investment grade corporations
are skyrocketing. My own well-placed banking source, “Mr. X,”
informed me a week ago that the bank syndication market had
ground to a halt. He added that Greenspan is very concerned
about this credit crunch and is whispering to the banks to lend.
–A positive; insider selling appears to have bottomed.
–Debt service payments for individuals (ex-home equity and car
loans) are 13.7% of disposable income, the highest level since
1987.
–Exxon Mobil earned a world record $5.1 billion in the 4th
quarter and an astounding $17.7 billion for all of 2000. Both of
these marks exceeded the all-time records for any company,
besting even that of Rome”s Aqueduct Waterworks in the year 32
B.C.
–Converse Inc., the maker of the cool basketball shoes, filed for
Chapter 11. I was forced to wear Keds as a kid because they
offered better arch support. It”s all part of who I am. Quite
tragic, really.
–Ca-li-for-nia here I go….right back to O-hi-o-o
“Americans prefer energy fantasy to energy reality.”
–Robert Samuelson
Particularly in California. Obviously, Governor Gray Davis, who
once harbored thoughts of a presidential candidacy can put them
to rest. And as Mr. X told me, “there is a huge game of
chicken being played” in the state. Who”s going to blink first?
For starters, the Bush administration made it pretty clear that
after another two-week reprieve, whereby neighboring states are
forced to cough up help, California is on its own. And since it
represents 13% of the U.S. economy, that”s a pretty scary
thought considering the incredibly poor leadership that has been
exhibited by its public officials.
Just a few facts. From 1988 to 1998, California”s electric-
generating capacity declined 5% (some plants were retired, none
were really added), while power consumption rose 15%. But while
California is finally building more power-generation facilities,
they haven”t begun to figure out how to transmit the new capacity
when it does come onstream.
Meanwhile, Governor Davis, who seems reluctant to access huge
budget surpluses which would ensure that the utilities get through
these rough times, also adamantly opposes raising consumer
rates, which is clearly part of the solution (along with allowing the
utilities to sign long-term contracts for their supply). And while
none of us like higher rates, or higher taxes, Californians currently
have no real incentive to save. Plus, the attitude of many is rather
startling. According to a Field Poll, 60% still believe the energy
companies are exaggerating the severity of the shortages.
Heck, no one is denying that the power generators (who supply
the nearly bankrupt utilities) are turning substantial profits, but
blaming them is symptomatic of this attitude that yes, Virginia,
err, Sacramento, there is a free lunch.
Viewing this whole situation from the other coast that voted for
Al Gore, it just seems as though this crisis is having a debilitating
effect. My “Week in Review” hat has to report that there haven”t
been any true disasters, yet. My “Big Picture” hat says, brother,
can you spare a kilowatt?
As I noted last week, assuming the state skirts disaster over the
coming month or two, just wait until summer. Neighboring states
like Washington and Oregon have their own problems and
California can”t continue to count on them, as they normally do in
the summer months, for a little spare hydropower.
Finally, as Mr. X constantly reminds me, the banks are worried,
big time. There”s a lot of shaky paper floating around out there
and the potential for a domino effect, while far less than 50%, is
also too great for comfort.
Mad Cow
According to a Washington Post / ABC News poll, only 1 in 5 are
worried about “mad cow” coming to America. That”s all about
to change. Some of you probably heard about the cattle that have
been quarantined in Texas until the FDA can figure out if mad
cow was transmitted through prohibited feed. And on Monday,
cattlemen from across the country are meeting with the FDA to
reassure themselves that the government is truly doing all it can to
avert a crisis.
It was in 1996 that the British disclosed that BSE (Bovine
spongiform encephalopathy) had actually jumped from cattle to
humans. Since then, about 90 deaths have been reported in
Britain, Ireland, France and elsewhere in Europe. How did it
start? From Barry James of The International Herald Tribune.
“Perhaps only one cow spontaneously developed the disease at
first. To become an epidemic it needed an amplifier, which in
Britain was the practice of feeding grazing animals the ground-up
remains (bone meal) of others of their species.”
Contained within this disgusting feed are prions, deformed
proteins which are indestructible at temperatures of up to 600
degrees! Which also means that if you eat some infected meat, it
could stay on your fork for years.
And therein lies the real danger of mad cow, both to your physical
as well as mental health. The disease (which in humans is called
Creutzfeldt Jakob) can lie dormant for 10, maybe 15 years. Is 90
deaths worth a panic? Of course not, especially when compared
to the tragedy unfolding in India. But does it become 9,000…or
90,000? No one has any idea. In Britain, one study revealed that
975,000 infected cattle may have entered the food chain. And
the concern in America is, of course, did any of these ground up
animals find their way into our feed supply?
Barry James: “The danger to humanity, scientists say, is that the
general level of potential infection will rise, making it easier for
the disease to emerge in future generations.”
And it”s not just cattle we have to worry about. A related
disease, scrapie, is killing sheep not just in Europe, but in the U.S.
as well. [The sheep feed on grass that could have been
contaminated by cattle remains.] And elk are dying of malformed
proteins in Canada, as well as Colorado and Wyoming. [It”s not
known whether these other diseases can make the jump that BSE
can.]
I could go on and on. Unfortunately, I may be doing so later this
year. For now, I leave you with these words from Jim Grant
(“Grant”s Interest Rate Observer”…and I”m a paid up subscriber,
Mr. Grant…Jim”s big on this, and rightfully so).
“Mad cow is about to turn the business of public health and
agriculture upside down.”
*On a personal note, I feel obligated to update you all from time
to time on my own investment strategy. Thankfully, I didn”t
dump my energy holdings, per last week”s review. But I did buy
a stock this past Tuesday that is a well-known agricultural
company which may participate to the upside if a real mad cow
scare develops. However, I would also be very happy with just a
15-20% return on it over the next 12 months. In other words,
this isn”t a potential home run. So now I”m about 45% energy
(thanks to some recent appreciation), 50% cash and junk bonds
(the latter is actually more of a stock play) and 5% mad cow. If
that 5% grows to 20% of my overall portfolio, that”s your sign to
flee the country.
International Affairs…another light week
Middle East: The Israeli election is just 10 days away, February 6.
Ariel Sharon said that he would not honor any prior agreement
reached between Barak and Arafat, though a peace treaty is
highly unlikely at this point. Sharon has sent his sons to meet
with Arafat”s lieutenants. Meanwhile, the Palestinians have been
blasting President Clinton, now that he”s gone.
China / Taiwan: China”s Vice Premier urged Taiwan to accept
direct talks, starting with trade. But he also urged the U.S. to
butt out. As I”ve mused in this space before, China is
aggressively wooing Taiwan”s opposition and business elite.
Meanwhile, China (as well as Russia) knows that Secretary of
Defense Donald Rumsfeld is adamant about a missile shield.
Look for the first real earnest debate on the topic to start shortly
in our Congress.
And China has a real problem, somewhat reminiscent of 1989, as
5 Falun Gong members set themselves on fire (at least one died)
in Tiananmen Square. The government gets apoplectic over
matters of this kind.
[I started a series on The Tiananmen Papers for my “Hott Spotts”
link which you may find mildly enlightening. Actually, just in time
for the Chinese New Year! Snake, anyone?]
Iraq: All the signs are there; Iraq is rebuilding their chemical and
biological weapons plants. It boggles the mind to think we
haven”t had any inspectors on the ground there since December
1998. And Iraq certainly isn”t hurting for cash as they continue to
smuggle oil through a Syrian pipeline, thus circumventing the
U.N.”s oil-for-food program.
Russia: Folks are finally beginning to realize that President Putin
is an emerging dictator (though he is going about it very
cautiously, one step at a time). So much for the free press in
Russia. For example, even a straightforward story like the
incredibly brutal weather in Siberia (where it hit minus 70
degrees, air temperature, in one city this week) isn”t being
covered because it would expose just how pitiful the nation”s
infrastructure is. Just imagine, in many of the Siberian cities they
can only afford to heat parts of them for brief periods at a
time…actually, it”s kind of like California!
Congo: How would you like to be Joseph Kabila, the 31-year-old
son of the recently assassinated leader, Laurent Kabila. Joseph is
now in charge. He looked scared out of his wits when I saw the
television clips this week. No one likes him, he has other
countries” armies on his territory (Angola, Zimbabwe, and
Namibia, for starters, and these are his “friends”), and the nation
is about to implode. The official betting line here says he is out
by March 15.
Japan: Is there a more corrupt nation on earth? In the span of a
few days, Japan”s top economic planner resigned under pressure
amidst a bribery scandal. Then a senior diplomat admitted that he
diverted $4.75 million in taxpayer money to his personal bank
account, as well as accounts set up for his various girlfriends (and
even his ex-wife). This latter guy proceeded to also buy 12
racehorses as well as golf club memberships.
Well, one thing you can say about the Land of the Setting Sun, at
least they take responsibility for their actions, or even the actions
of their subordinates. The foreign minister voluntarily returned
six months salary for the abhorrent behavior of his deputy.
As a result of these latest developments, Prime Minister Mori”s
approval rating has plummeted to an all-world low of minus 17%.
Colombia: Crucial period at hand as President Pastrana has to
decide whether or not to take back land he gave to the leading
rebel group, FARC, that had originally been intended as a peace
gesture. Talks between the two have now collapsed. This
situation gets darker and darker.
Mexico: We all need to light a candle for President Vicente Fox.
He has so much potential but he is facing all kinds of roadblocks
in his dealings with Mexico”s Congress. For example, Mexico
desperately needs a new power grid (production has been
increasing at 1-2%, while demand is growing 6-8% per
year…there it is again, California!) and the only way to
accomplish this is by opening up to foreign investment. But the
constitution in Mexico says you can”t do that and Congress
refuses to amend it.
Philippines: Now how about this for a market reaction? President
Estrada is kicked out and the first day the stock market can
respond, it rockets 34%, before closing up 17% on the day.
That would be like the Nasdaq going from 2750 to 3685, in a
matter of hours. [The rest of the week the market treaded water.]
Arms Trade
I was reading Defense News and I thought some of you may be
interested to learn the tale of a typical arms transaction these
days. The rest of you can immediately drop down to “Random
Musings.”
Talks between India and Russia have bogged down over 100 T90
tanks that Russia was to send to India, along with an agreement
for the production of 200 more that were to be built in India. The
export cost of a T90 is $2.7 million. But Ukraine has a tank that
is just as good, the T84, which cost $2.2 million.
Well, Russia also wants India to pay an additional $540,000 per
tank as an export commission! Man, are we in the wrong
businesses or what?
So why doesn”t India buy from Ukraine? They can”t because
Ukraine just sold 320 T84s to Pakistan. So Russia has India over
a barrel.
We now resume our regularly scheduled programming.
Random Musings
–My friend Jeff B. was livid about the service, or rather, the lack
thereof, he was getting from Microsoft this week. I”m sure many
of you were also affected by, first, Microsoft”s own ineptitude,
and, later, the hacker. So Jeff passed along some of his notes and
it really was quite startling. Every time he would call or e-mail
MSN / Member Support, they would shoot him over to billing.
–Boy, did you see Senator Byrd during the Greenspan hearing
this week? Just another walking advertisement for term limits.
In a similar vein, a very learned friend of mine, actually, perhaps
the most learned man I know, thought we should penalize states
for really ridiculous election results – with the penalty being the
loss of the position the next time it comes up for a vote.
Therefore, if a state elects as a Senator: (a) a dead man; (b)
someone over 90; (c) a former First Lady running for her first
elective job who has demonstrated no consensus-building skills;
or (d) a former investment banker who demonstrates fiscal
irresponsibility in his own campaign, then the electing states lose a
seat. And if California doesn”t solve their energy crisis, soon,
they lose two…that”s just a matter of principle.
–Newt Gingrich”s advice for our new president: “Take frequent
breaks at the ranch to refocus on the big issues and renew his
energies so he can remain optimistic and positive. Vince
Lombardi once noted that ”Fatigue makes cowards of us all.”
Fatigue also reduces presidents to micromanagement and bad
judgment.”
–Fidel Castro said that he hopes George W. is not “as stupid as
he seems.” This coming from a man whose nation”s main export
is sugar.
–Golfer Andrew Magee became the first PGA Tour player in
history to score a hole-in-one on a par 4 during this week”s
Phoenix Open. His tee shot on the 333-yard hole hit a putter on
the green (from the group playing in front of him) and ricocheted
in.
–Yak Update: This week”s tidbit (I have created a monster)
concerns the fact that the long-haired variety, native to Tibet and
Central Asia, inhabits barren heights up to 20,000 feet! But
domesticated varieties breed freely with domestic cattle. Ergo,
Mad Yak Disease!!
–In East Orange, New Jersey, a 10-year-old boy was arrested at
1:30 a.m. for driving a stolen car. Police said the kid told them
“some dudes” let him drive around for $10. The same kid was
involved in a burglary when he was 9. This is one child I”d leave
behind…behind bars.
–My friend Jimbo (geezuz, Jim, I just realized we”ve known each
other 30 years) said that Bill Clinton”s admission of guilt in his
agreement with the special prosecutor was better than any
Aesop”s fable when it comes to teaching the difference between
right and wrong to his children. Of course, now Jim also has to
teach them why you don”t steal your neighbor”s silverware or
trash their computer keyboards.
–That oil spill in the Galapagos Islands is truly tragic. They
should feed the captain to the Iguanas. But let the seals play with
him first.
–Speaking of environmental issues, the latest U.N. study on
global warming is out and the report projects that climate change
will be greater this century than the previous 10,000 years. It also
reiterates that the water level will rise 3 feet over the same period
and that temperatures may rise up to 10 degrees. Anything to
extend the golf season, I say.
–Jesse Jackson: Wow, he was in seclusion for all of 24 hours!
And then he reemerged, only to see his shadow. It was Dirtball
Day, of course. Jesse spoke to the church.
“I want to thank my family and my wife, a virtuous woman.”
[Notice how the fake Reverend hooked her into his mess.]
“…Life is not a straight line. There are curves in the road.”
[But isn”t it funny how the curves are almost always clearly
marked?]
–Tipper and Al Gore are slated to write a book on the American
family, possibly receiving a $1 million advance. Newsweek asked
an industry source if it would be worth it. “Probably not.”
–Bill and Hillary: Let loose the hounds. These two are toast.
I must say, it”s kind of gratifying knowing that all along many of
us were right. It”s also amazing that I could fill 15 pages on the
former First Couple, just on all that has transpired or has come to
light in the single week since they departed with the flatware.
For starters, there is the case of the pardon for Marc Rich. All he
was responsible for was the largest tax evasion in history, over
$50 million. He was a fugitive for 17 years and Rich never
admitted guilt or apologized. Ah, but he had friends in high
places. Israelis from Prime Minister Barak – remember, Barak”s
initial campaign for prime minister was engineered by James
Carville and fellow operative Bob Shrum – on down flooded
President Clinton with tales of Rich”s incredible philanthropy. He
supposedly gave $200 million to charities throughout Israel. So
what are we supposed to say, hey, he”s really a good guy? Hell
no. This guy is scum. And as Johnny Mac reminded me, this is a
crook who bounced checks to his employees as he was fleeing the
U.S.
Enter Rich”s ex-wife, Denise, she of the artificial body. [10-20%
is O.K. 95% should give you all the creeps.] Now Denise has
donated a mere $1 million to Democratic causes, as well as some
lovely furniture for the Clintons in the past few weeks. Pardon –
Rich.
[In the interests of full disclosure, Jack Quinn, Rich”s attorney,
had an op-ed piece in Friday”s Washington Post explaining his
side of the story. Not once did Quinn explain why, if Rich is
really innocent, he nonetheless fled the country.]
And what do you make of the four New York men who set up a
fake religious school which they then used to attract $40 million
in federal aid? Well, they happened to represent a crucial
constituency for Hillary during her Senate campaign. So let”s
pardon them!
It”s all sickening. The gifts, which were solicited before Hillary
fell under Senate ethics rules (source: NBC News); as well as the
acts of the Clinton staff, which were nothing but pure vandalism.
Of course, the above is minor compared to the real issues that
bothered me all along, like Chinese involvement in the ”96
campaign. Maybe the indictment this week of former Teamsters
boss Ron Carey will shed some light on the fundraising
shenanigans of some of Clinton”s close friends, namely Terry
McAuliffe.
But you know what may have been the best story of the week?
On Monday night, Bill and Chelsea went to see “Aida” in
Manhattan. At the end of the first act, as the curtain came down
and the lights went up, there was Bill, standing in the middle of
the orchestra pit. The audience roared its approval. How
dramatic. How sick.
And at his interminable farewell at Andrews Air Force Base, Bill
told his supporters, “You gave me the ride of my life.” As Peggy
Noonan wrote of our former president, “What a disturbed and
disgusting individual.”
Yes, this isn”t the first time you”ve heard it, but it needs to be
repeated…it was always all about him. And now Hillary hopes it
will be all about her. But guess what? As the gifts and pardons
hit the fan this week, on Friday Hillary suddenly canceled all of
her appointments. What could she possibly have been afraid of?
I say, how do you like your toast?
–IT: Well, many of you probably saw the articles last weekend.
Inventor Dean Kamen”s contraption that will change life as we
know it, “Ginger,” IT, is probably a scooter. A freakin”
scooter…and a $2,000 one to boot! And we”ve been told that
entire cities will be built around it. This is absolutely laughable.
The hook is supposed to be that IT can traverse irregular ground.
So, I guess that means you could take this scooter through your
neighbor”s backyard, thereby cutting off hundreds of feet from
your destination! Think of the productivity gains!
Of course, there is no protection from the elements. So what?
you might say. I”m changing the world! And if I”m hit by a car,
or run into my neighbor”s tree (thus pulling a Sonny Bono), that”s
O.K., too, because someone else will come along with IT and
drag me away!
But wait. Haven”t we seen this before? Perhaps a bicycle? Even
a mountain bike? And if we”re going this far, why not just give
everyone a golf cart? They go over irregular surfaces just fine.
And you can buy one with a roof.
–Super Bowl Prediction: Giants 4 – Ravens 2. [3 safeties.] And
here at StocksandNews, we wish Ray Lewis the worst.
Gold $263
Oil, $29.77 [New contract]
Returns for the week, 1/22-1/26
Dow Jones +0.7%
S&P 500 +0.9%
S&P MidCap +2.9%
Russell 2000 +2.2%
Nasdaq +0.4%
Returns for the period, 1/1/00-1/26/00
Dow Jones -1.2%
S&P 500 +2.6%
S&P MidCap +0.4%
Russell 2000 +3.1%
Nasdaq +12.6%
Bulls 56.8%
Bears 32.4%
Note: Here”s what we did with the ticker, folks. You will notice
a logo for Money.net to the left on the Home Page. Clicking on
that activates it. Frankly, I should have done this from the start,
as the site loads far faster for those of you who use a dial-up.
Please accept my apologies.
And, as always, I appreciate your support!
Brian Trumbore
