[Posted 7:00 AM ET]
“The problem in Iraq is the failure of policymakers at the highest
levels to fashion a military and political strategy that maximizes
the odds of success. That is what has been missing ever since
Saddam’s statue fell a little over a year ago…
“(It) is clear that there have been failures in planning and in
execution…Serious errors have been made – and made, above
all, by Donald Rumsfeld’s Pentagon…
“The question is whether Rumsfeld and his generals have learned
from past mistakes. Or rather, perhaps, the question is whether
George W. Bush has learned from Rumsfeld’s past mistakes.
After all, at the end of the day, it is up to the president to ensure
that the success he demands in Iraq will in fact be accomplished.
If his current secretary of defense cannot make the adjustments
that are necessary, the president should find one who will.”
–Robert Kagan and William Kristol, The Weekly Standard,
4/26/04
Coming from a mouthpiece of the conservatives, the above is an
important call for President Bush, though to expect any changes
in key personnel this late in the election cycle is unrealistic.
While the fighting in Iraq subsided some this week, it was
nonetheless another bad one for the United States and the rapidly
dwindling coalition thanks to the defections of Spain, Honduras
and the Dominican Republic, with others soon to follow. It was
also a week that saw leading contractors G.E. and Siemens
suspend operations, affecting work on up to 24 power plants.
[Returning electricity to normal levels before the 120 degree
days of the Iraqi summer is a huge issue.] We are losing the
battle for the hearts and minds and there is no one to blame but
the Bush administration. As the Wall Street Journal opined,
there has been an appalling lack of progress in setting up the
security apparatus as insurgents continually seek retribution
against those Iraqis risking their lives in the reconstruction effort.
And in this space two weeks ago, 4/10, I offered the opinion that
“I can’t be the only one watching the recent action in Iraq with
the thought that the U.S. military is going through its budget far
quicker than planned.” So, on the front page of the Washington
Post on Wednesday, 4/20, we had this headline:
“War May Require More Money Soon”
Republican Congressman Curt Weldon of the Armed Services
Committee is furious that the administration is afraid to ask for
further funding because of the election ramifications. If John
Kerry had any credibility on this issue he would be ahead in the
race. Alas, he doesn’t.
There were two important polls this week, one offered by USA
Today / CNN / Gallup, the other from ABC News / Washington
Post, both with various findings on sentiment across America.
57% doubt the U.S. can create a stable democracy in Iraq, 46%
view Iraq as a mistake, and 60% say the U.S. and the coalition
are “bogged down.” But, a majority still believes we should stay
the course. It’s this last one that will probably determine the
election.
I need to switch gears a bit, though, and comment on some things
Bill O’Reilly said over the past week. Following the release of
Bob Woodward’s book and the author’s interview on “60
Minutes,” O’Reilly said the press coverage gets more and more
personal with talk of Bush and religion, to which I’d say to Mr.
O’Reilly, “It’s the president who is bringing it up himself.”
Another time O’Reilly said the U.S. press is creating chaos in
Iraq through its coverage; then in the very next segment of his
television show he talks of how Fox reporters can’t go out for a
cup of coffee in Baghdad without being under heavy guard. You
can’t have it both ways, my fellow conservatives. As Kristol and
Kagan note above, the problems in Iraq are largely a result of our
own stupidity and arrogance. I’d call it chaos when we have a
tough time delivering water to our troops.
Wall Street
I get a kick out of those analysts and market strategists who are
constantly changing their forecasts. I’ve always been of the
opinion you make one and then live with it, though I reserve the
right to change the analysis…there’s a difference in the two.
So in looking at 2004, I said last January 3 in this space that the
major market averages, as represented by the Dow, S&P 500 and
Nasdaq, would decline 9-12%, while on the interest rate side I
felt that building inflation pressures would lead the Federal
Reserve to hike the funds rate ½ percent, 50 basis points, in May.
Both forecasts were in the minority, to say the least, but I still
like them and when the Fed opts to wait until June 30 to raise
rates, I’ll still pick up my toys and declare victory because unlike
the bozos on television who first said the Fed wasn’t moving all
of 2004, and now claim it will be June or August, I have been
nothing but consistent.
I also maintain, as I need to keep repeating, that the second half
of the year will be tough for equities. From 1/3/04: “It’s all
about rising rates, even if slowly, and the diminishing
expectations on the real estate front as housing markets cool,
which then spills over into consumer spending.” And an equity
market already priced for perfection will focus on “decelerating
profit trends” that in turn will lead to sliding share prices.
Well, this week Fed Chairman Alan Greenspan weighed in and
explicitly said rates are going up, with deflation “no longer an
issue.” But Greenspan threw cold water on the thoughts of yours
truly when he said there were also no “broad based” inflation
pressures and that the Federal Reserve wouldn’t act aggressively
until the “slack” in the labor market is addressed. He did go on
to say, however, that pricing power is gradually being restored.
But, when it comes to leverage in the fixed income markets and
the dangers of a financial accident should interest rates spike
upwards, the chairman said it wasn’t a problem because markets
“are more sophisticated today.” At this point I spit out my Chex
Mix over this outrageous statement from a man who is clearly
forgetting his market history.
No doubt, the U.S. economy is beginning to cook and a decent
level of continued jobs growth appears to be in the offing
(barring a debilitating terror strike, as we should all be
conditioned to add by now). And no doubt inflation is just
around the corner, as recent reports on consumer and producer
prices indicate. There’s also no question that we should want a
little inflation, particularly as it stokes corporate profits. It’s just
that there is a fine line between 1-2% inflation and the 3-4%
variety, and in going from the former to the latter the bond
market would likely panic for a variety of reasons. This is why
the Fed should act now, knowing that it is limited in its actions
later in the year due to the election.
But I also commented recently that while I saw inflation as being
a short-term issue, longer-term I felt bubbles in global real estate
and China could lead to a quick reversal later. So I came across
the following from a hero of mine – a voice of reason, if not
pessimism – Dr. Marc Faber, the original Dr. Doom. I subscribe
to a newsletter, Strategic Investment, that is worth getting for no
other reason than it often features his work. The following
encapsulates some of my own thoughts.
“Credit has to be given to Fed Chairman Alan Greenspan. He is
the first head of a monetary authority who has not only managed
to create a series of bubbles in a domestic economy, the United
States, but also has managed to create bubbles everywhere in the
world – in New Zealand and Australian dollars, emerging market
debts, government bonds, commodities, emerging market
equities, and capital spending in China. This is an achievement
that no one else in the history of capitalism has ever
accomplished, and one that investors will never forget once this
universal bubble bursts and fills entire chapters of financial
history books!
“We simply don’t know how the endgame of the current
speculative wave will play out and when the bust will finally
occur, but a painful resolution of the current asset inflation is
inevitable and as certain as night follows day….
“When interest rates rise…it is conceivable that bonds, stocks,
commodities, and real estate will all decline in value at the same
time. So whereas in the past I have had the tendency to dismiss
Robert Prechter and Gary Shilling’s deflation scenario as
unlikely, I now feel that the current universal asset inflation will
be followed by a serious bust and asset deflation, which will kill
consumption in the United States. But when?”
Sometime in 2005, I say.
Street Bytes
–After beginning the week on the downside due to rate fears,
stocks rebounded on strong earnings news from the likes of
Motorola, Caterpillar, eBay, General Motors, and Microsoft.
Many also raised estimates of future growth. In the end the Dow
Jones advanced just 20 points to close at 10472, the S&P 500
picked up 6 to 1140, but Nasdaq recouped most of its prior losses
by tacking on 54, 2.7%, to finish at 2049.
–U.S. Treasury Yields
6-mo. 1.17% 2-yr. 2.22% 10-yr. 4.44% 30-yr. 5.23%
Rates continued to march higher, though this week it was the
shorter end making the most noise with the 2-year Treasury
advancing 23 basis points in yield to 2.22%. The 10-year,
however, remains in the 4.10-4.60% band it has basically held
since last July (with the exception of the recent spelunking
below the 4% level). Again, I’m not going crazy until we’re
substantially above 4.60%.
As for predictions, a Bloomberg survey of 73 economists now
forecasts a 4.70% yield on the 10-year by 12/31, though I see no
reason not to stick with my own projection of 5.24%, as I spelled
out on 1/3/04. And I appreciate some information passed on by
Allen H., who noted a Bianco Research / Business Week survey
of 50 economists that has been taken since 1982. For the period
’82-’03, the mavens were asked twice a year to forecast the level
and direction of interest rates for the next six months. How often
did their average forecast get at least the direction right? Only
12 of 42 times.
But here’s a take on the bond market from noted strategist Ned
Davis in the 4/19 edition of Barron’s:
“We’ve done a study that shows when 10-year Treasury notes
rise 50% from their cyclical low, which was 3.10% (6/13/03), the
economy’s growth rate is cut in half a year later. If we get to
4.75% on the 10-year, the economy would drop from a 4.5%
growth rate to about 2%. A 2% growth rate takes care of a lot of
overheating problems and the bonds would likely do well again.”
I just added this for those already heavy in paper, as opposed to
my preference of coins in a coffee can. But maybe I’ll buy
bonds at my projected 5.24% level.
–China: There’s the political angle, and then there’s the market
angle. One must learn to deal with both, objectively, because the
fact is you have to be a realist when it comes to China’s
stupendous impact on both the U.S. and the global economy. At
least this week there was some respectable news on the trade
front as China agreed to clamp down on piracy of DVDs and
software, while abandoning a wireless plan that would have
created its own technical standard, meaning U.S. companies
would have had to give up intellectual property rights to compete
in the market. Taken together, the moves are all well and good,
but we’ve advanced to the “show me” stage. For example, China
has offered to crack down on piracy before, and didn’t.
–Big goings on in France with regards to the battle over French-
German owned Aventis. Many in the nation see it as in their
national interests for Aventis to be acquired by Paris-based
Sanofi, but now Swiss giant Novartis has entered the fight and
the French don’t like the idea of seeing a possible Aventis-Sanofi
merger evaporate in the hands of the watchmakers on the other
side of the Alps.
–Despite the great news on the earnings front from Microsoft,
shares closed the week at $27.50, still firmly ensconced in the
$22-$30 range they have been stuck in for over two years.
–Inflation Update: This week it’s all about me. My barber raised
his price from $16 to $17, a cool 6% increase, while my property
taxes are going up another 7%. As Charlie Brown would say
“Drat!”
–I forgot to add in my discussion of real estate last week that,
depending on the region, Americans expect their property to
appreciate 11-15 percent, annually, over the next decade. This is
insane, and reminiscent of the feelings toward equities in 1999,
right before the crash.
–In the 4/19 edition of Barron’s, Alan Abelson lampoons
CNBC’s Jim Cramer (“Kudlow and Cramer”), calling him
nothing more than a hype machine. Not a week goes by that I
don’t want to take off on the guy myself, but then I hold back.
Abelson is right. But I’ll use some words he didn’t employ;
Cramer is reckless and an embarrassment. You’d have to be
missing some marbles to take any advice he gives on his show,
for instance, and it’s a mystery to me why CNBC, which has had
a slew of ethics problems before, keeps him on. [Of course it has
to do with ratings, but the network is setting itself up for a huge
lawsuit down the road, I guarantee it.]
–I can’t be the only one upset over MCI’s beautiful new
commercials, as it re-emerges from bankruptcy, the ones
featuring the song “What A Wonderful World.” This is the same
company that screwed hundreds of thousands out of their life
savings, after all, and thousands more were impacted in other
ways. It’s a disgrace…and I will never use their services.
–Computer Associates began the week by firing 9 more
employees, all in the legal or finance departments, for their roles
in the accounting fraud scheme at this software giant. Then the
board finally jettisoned CEO Sanjay Kumar, though instead of
kicking him out of a moving car, Kumar was demoted to chief
software architect. It is expected, though, that at some point the
law will catch up with this little dirtball. As Graef Crystal
reports on Bloomberg News, it was back in 1998 that the
company’s top 3 executives, including Kumar, were rewarded
with collective options-related pay of $1.1 billion (later reduced
22% due to shareholder suits). It was simply a heist of world
record proportions. And who was on the compensation
committee back then? Why none other than Dick Grasso.
–A follow-up to my story last week on philanthropist Herbert
Axelrod, who was indicted on charges of evading income taxes
by concealing hundreds of thousands in Swiss bank accounts.
This week it was learned that the 76-year-old Axelrod fled to
Cuba to avoid prosecution, and further, his gift of $50 million in
rare instruments to the New Jersey Symphony (for $18 million)
turns out not to have been the gift it was originally presented as.
According to the Star-Ledger and appraisers, the items, while
authentic, were “wildly inflated.”
–AT&T continues to slide into its own primordial muck as the
company reported first quarter revenues fell another 11% due to
fierce competition in the telecom sector.
–Speaking of telecom and AT&T, shares in sibling Lucent
tumbled on word its own revenues were down another 9%, even
as LU announced its 3rd consecutive profit. Well, this called for
a look at the lawn over at headquarters (near my home) and with
my friend Johnny Mac in town we drove over. Now J. Mac
knows far more about all things horticultural than yours truly and
he noted the mulch that was being used at Lucent was of an
inferior quality; the point being it’s one thing to be prudent while
cutting costs, but never, ever use low-grade mulch. Ergo, I
couldn’t possibly rate Lucent a ‘buy.’
–Shares in Taser, the maker of non-lethal / lethal stun guns,
plummeted from $118 (up from $2 a year earlier) to $84 on
Tuesday following its earnings release that was solid, just not
spectacular enough to warrant the absurd valuation being
accorded it. CEO Rick Smith went on CNBC and for once wore
white, instead of his traditional all black, but it couldn’t stop the
slide. Taser closed the week at $81.
–We note the passing of McDonald’s CEO Jim Cantalupo. He
did an exceptional job in turning around the company, though I
was disappointed with the Philly cheesesteak offering.
–A Russian court froze the assets of oil giant Yukos as the
government goes after what it claims are $3.5 billion in back
taxes. Yukos was given 24 hours to comply, and instead is
appealing as former CEO Mikhail Khodorkovsky rots in prison.
The Moscow Times reported the move is aimed at bankrupting
Yukos and a full seizure of property is not out of the question.
But otherwise, investing in Russia is a sure thing…or so the
“experts” would have you believe.
–We congratulate Mark Whiston, the Janus Capital CEO who
was forced out for his possible role in the market-timing fiasco.
He deserves kudos because he leaves with $15 million in parting
gifts! Mark must have selected the box that Carroll Merrill was
standing in front of.
–My portfolio: No moves this week and I remain roughly 20%
equities, 80% cash; the latter now in various money market
accounts averaging .000624% in yield. Using the ‘rule of 72,’
it would thus double in about 842 years.
Foreign Affairs
Israel: In keeping with my comments of last week, following
President Bush’s granting the green light to Israeli Prime
Minister Ariel Sharon and his plan to keep some settlements on
the West Bank while abandoning Gaza, commentator Robert
Novak called the Bush / Sharon deal a “catastrophe,” adding
Sharon “can get anything” from this administration and he
“thinks he has a free pass.” [“Capital Gang”] These remarks
were on the heels of the assassination of Hamas leader Rantisi
and are further confirmed by Sharon’s comment on Friday that
he could now go after Yassir Arafat.
Americans need to face facts. Egyptian President Hosni
Mubarak is right when he says anti-Americanism is at
unprecedented levels in the Arab world and Jordan’s King
Abdullah, from his own political standpoint, was right in
snubbing President Bush by postponing a long-scheduled
meeting, half of Jordan’s population being comprised of
Palestinian refugees forced out or having fled the 1948 and 1967
wars. And as historian Walter Russell Mead noted, in his own
travels throughout the region the average Arab can’t understand
why the U.S. doesn’t appear to care more about the Palestinians.
You can agree or disagree with this, but our leaders in
Washington must nonetheless deal with the reality of it all.
Americans must also understand that with Rantisi’s
assassination, we ourselves are one step closer to being victims
of Hamas attacks in the U.S. It’s important to remember that on
March 22, following Sheikh Yassin’s demise, it was the then
newly-selected replacement, Rantisi, that said “Americans will
not be targeted. Americans are not our enemy.” This is no
longer the case.
Let me reiterate, again, Israel obviously has the right to target
terrorists, but Americans must understand the consequences of
our own support for the nation in these chaotic times. The U.S.
is no longer considered an honest broker by the Arab world and
it astounds me that Mubarak, while at Bush’s Texas ranch just
two days before the Bush-Sharon meeting, wasn’t told of the
U.S. change in policy regarding the acceptance of West Bank
settlements.
Make no mistake, the Arab world and its leaders deserve nothing
but scorn for their utter failure in bringing their lands into the 21st
century, for their support of terrorists and for the overall
subjugation of their people. At the same time, however, I am
sickened by America’s political leaders who continually kowtow
to the Jewish voting bloc at the expense of any hope for stability
in the region. Then again, I could be wrong.
[Also in Israel this week, activist / whistleblower Mordechai
Vanunu was released from prison after 18 years. Vanunu was
incarcerated for leaking Israel’s nuclear secrets and he has severe
restrictions on his personal freedom as a condition of his release.
It is inconceivable, though, that the government will be able to
completely shut him up, as his first press conference this week
proved.]
China / North Korea: Lil’ Kim Jong-il paid a surprise visit to
Beijing where he huddled with leaders to discuss Pyongyang’s
nuclear program. Setting aside the obvious dangers to
humankind, this is really a fascinating situation. Kim, as I’ve
stated in the past, has zero reason to reach any kind of agreement
with Washington until after the election and his nuke force,
which probably numbers between 3 and 10 bombs, is tremendous
leverage as he seeks massive economic aid and security
guarantees in exchange for a Libya-type arrangement.
But as for China, you’ll recall I have surmised that should Kim
ever get religion, North Korea would then become the world’s
hot new destination for outsourcing. This is the last thing China
wants as it continues to struggle to relocate and employ tens of
millions of its own still flooding the cities from the hinterlands.
Nor does China want North Korea to implode, thereby sending
millions of refugees across the border, and it certainly doesn’t
want a nuclear arsenal, controlled by a nut-job, next door,
which would necessitate a nuclear arms race in the rest of Asia.
So, what’s the best solution if you’re Beijing? I can’t say I have
the answer.
[Details are so sketchy on North Korea’s train accident it’s not
even worth commenting on…except to say it must be hell on
earth there.]
E.U. / Britain: Prime Minister Tony Blair now says he is
prepared to hold a referendum on an as yet finalized European
constitution. Conservatives in Britain say the document would
erode their sovereignty…and they’re right.
Cyprus: Assuming Greek Cypriots vote ‘no’ to Saturday’s
referendum on unification, only they, not the Turkish Cypriots,
will be admitted to the European Union on May 1. This is a huge
embarrassment for the U.N., which brokered the plan, let alone
the E.U. and the Turks. And it sucks that Russia, a long-time
ally of Greece, vetoed a Security Council resolution in favor of
Kofi Annan’s work. It’s an instance of Russian President
Valdimir Putin playing the role of thug.
Saudi Arabia: Might as well call the latest spate of violence
what it is, a low-grade civil war.
India: 700 million began going to the polls in what is a 3-week
election process, one that is expected to re-confirm the leadership
of Prime Minister Vajpayee, who by my reckoning has done an
outstanding job.
–Burma: The military junta here is expected to finally release
Nobel Peace Prize winner Aung San Suu Ky from house arrest.
Slovakia: Being part Slovak, I note the surprise election of Ivan
Gasparovic to the presidency here as he defeated former prime
minister, and hardliner, Vladimir Meciar. Then again, I.G. was a
former ally of Meciar so I don’t know what it all means for my
relatives in Bratislava.
The Balkans: Two American peacekeepers were killed by a
Jordanian soldier in the disputed town of Mitrovica. This region
continues to simmer, awaiting a spark that will turn the
television cameras onto it.
Random Musings
–If there are one or two of you who still don’t know what we’re
up against in this war, look no further than an action in Spain this
week where the coffin of a policeman, who died while
apprehending suspects in the train bombing, was dug up and the
body burned. It’s why some of us look at the situation in places
like Fallujah, for example, and as Scott P. wrote, wish “we’d just
take off the gloves and kick some butt.”
–Military historian Frederick Kagan joined the chorus in
describing U.S. armed forces as being stretched too thin. “The
tank is dry,” he wrote in a Washington Post op-ed. And this
week we had renewed debate on re-instituting the draft. Senator
Chuck Hagel framed the issue in terms of a “25-year war,” with
today’s burden falling unfairly on the lower- to middle-class
when it comes to the fighting and dying. At the very least some
form of national service should be instituted.
[In the interests of full disclosure, I turned 18 in 1976 and didn’t
serve in the military. I’d like to think I would have willingly
done so if pressed into duty, but being deaf in one ear I don’t
think you’d have wanted me in the foxhole next to you.]
–Related to the above is the current sorry state of our reservists,
who are being asked to shoulder way too much because of the
military’s low force strength. True, by law their jobs are
supposed to be waiting for them when they return but it doesn’t
have to be at the same pay level and benefits, and they can face
layoffs if others in a similar position were let go while they were
gone. But a bill floating through Congress really tells the full
story. Reservists would be allowed to tap retirement accounts
without penalty. Think about this. It isn’t a great thing, folks,
and it speaks again to the burdens of war addressed by Senator
Hagel.
–If President Bush believes he has a shot at winning California
in November, I would argue he may want to spend his
advertising dollars elsewhere. A Los Angeles Times poll
showed 62% of Californians believe the war in Iraq is not worth
the costs, while the president’s overall approval rating here is just
44%. Not a chance.
–I see nothing new in Bob Woodward’s book, but as a long-time
supporter of Secretary of State Colin Powell, I would nonetheless
have hoped he had resigned at least a year ago. At this point, he
can’t wait to leave on November 3. His legacy is tarnished.
–John Kerry on his solution for Iraq: “I will go to the U.N. and
rejoin the community of nations.” Shouldn’t this be the other
way around? Shouldn’t the likes of Iran, Syria and Sudan be
groveling for re-instatement, having been booted out by what
should be an enlightened body? Otherwise, looking at it totally
dispassionately, I thought Kerry handled himself pretty well on
“Meet the Press.”
–In a recent survey for the Times of London, 80% of the British
people favor identity cards as a way of tackling issues such as
illegal immigration, let alone the epidemic in fraudulently
obtaining access to benefits and services.
–Awhile back, I raised the issue of succession should Congress
be hit by a terrorist attack. Senate vacancies are filled by
governors, but there is no uniform guideline for the House,
especially as relates to timing. So the House just passed a bill
that, given a catastrophic event killing 100 or more members,
would call for special elections within 45 days.
–The Los Angeles Times reports that only 15 of 39 Olympic
venues are complete, with the Athens Games slated to begin
August 13. Also, only 1.8 of 5 million tickets have been sold.
–Usage of anti-depressants is soaring for today’s youth. Even
though I was a New York Mets fan, I never required them myself
as a kid. But I know who will need lots of adult strength pills,
that being John Negroponte, President Bush’s selection to be the
new ambassador to Iraq. This truly is the worst job in the world.
–I join the chorus against the latest erectile dysfunction ads.
They are more offensive than any commercials in history, for
crying out loud (save the old ones by the tobacco companies).
The latest spot for Levitra is from the woman’s angle. “My man
takes Levitra. And for him, it’s about the quality.” Giggle
giggle. You might as well just follow this with a trailer from
“Deep Throat.”
–With everything I have been writing over the past year or so
concerning mercury and other toxins in many species of the fish
we eat, I find that despite holding “Salmon Sunday” and “Tilapia
Tuesday” in my own home, I am now bypassing the fish counter
with regularity. In other words, here’s something you’re not
reading anywhere else, I imagine. You know all those stories on
overfishing? With many of us cutting back on consumption, this
may no longer be an issue, let alone the fact that so much is
farm raised these days.
And what am I eating instead of salmon and tilapia? White
Castle microwavable cheeseburgers. Just four of these babies,
plus a little fruit and some beer, and I feel like I’ve got the entire
food pyramid covered.
—
God bless the men and women of our armed forces.
God bless America.
It’s tough to single out any one soldier who gives their life in the
defense of our freedom, particularly in the Iraq and Afghanistan
theaters. But we all have to note the tragic death of former NFL
star Pat Tillman, killed on Thursday in Afghanistan.
Tillman turned down a $3.6 million contract extension with the
Arizona Cardinals to sign up to be an Army Ranger following
9/11. Talk about an inspiration. Tillman’s spirit and the
example he set should be taught to every generation of
America’s youth.
Some of us have always been in awe of our armed forces; today
even more so. To my readers who are currently serving our
country, just know that we love you and wish each and every one
God’s speed.
—
Gold closed at $395…the slide continues.
Oil, $36.46
Returns for the week 4/19-4/23
Dow Jones +0.2% [10472]
S&P 500 +0.5% [1140]
S&P MidCap +1.2%
Russell 2000 +1.3%
Nasdaq +2.7% [2049]
Returns for the period 1/1/04-4/23/04
Dow Jones +0.2%
S&P 500 +2.6%
S&P MidCap +5.5%
Russell 2000 +6.1%
Nasdaq +2.3%
Bulls 49.5
Bears 21.2 [Source: Investors Intelligence / Chartcraft]
Note: Folks, I’m taking off in a few hours on a rather long trip.
Let’s just say that the next time I greet you, laptop willing, I’ll be
coming to you from Singapore, a place I’ve always wanted to
explore. I’m also going to Hong Kong and Shanghai.
I obviously won’t be responding to e-mails right away. Thanks
for your understanding in advance.
Have a great week. I certainly hope to.
Brian Trumbore
