[Posted 7:00 AM ET]
Iraq……we’re losing
I can’t help but note two comments from conservatives George
Will and Robert Kagan that were made last spring and still hold
true today.
Will: “This administration cannot be trusted to govern if it
cannot be counted on to think and, having thought, to have
second thoughts.”
Kagan: “All but the most blindly devoted Bush supporters can
see that Bush administration officials have no clue about what to
do in Iraq tomorrow, much less a month from now.”
We are losing this war. Just this week alone, over 100 were
killed in terrorist attacks in Baghdad…Baghdad, for crying out
loud. And as of Thursday over 50 Americans had been killed
this month. It’s sickening and some of us saw this coming long
ago.
But believe me, I am not saying the cause is lost and I’ll keep
praying the White House does what’s right and not just what’s
politically expedient. It’s just so frustrating to look at all that has
gone wrong, and it’s also incredible that the American people
have given our president such a free pass. Some conservative
opinion makers, such as the editorial page at the Wall Street
Journal, more often than not continue to play their sycophantic
roles without regard to the facts.
This week we learned funds are frantically being shifted from
the reconstruction effort to security. Mr. President, why not do
both? Why not go before the American people and Congress and
ask for more, immediately? A majority of us still believe the
cause is just. But then I keep forgetting it’s election time. The
safety of our soldiers, the Iraqi people, and the fate of the Middle
East have to wait until after November.
With regards to the original allotment of funds for
reconstruction, unbelievably only 6% has been spent. Restore
electricity? No. Sewage treatment? No. Give the Iraqis jobs?
No. So no wonder there is growing resentment towards the
United States. Republican Senator Chuck Hagel, a Republican
truth teller, along with the likes of John McCain and Lindsey
Graham, had this to say of the total breakdown in planning.
“It’s beyond pitiful, it’s beyond embarrassing, it’s now in the
zone of dangerous.”
Elections are slated for January and some players, namely
Ayatollah al-Sistani of the majority Shiites, have a vested interest
in seeing them come off as scheduled. But can we hold a vote
when there are still “no go zones”? And while interim President
Allawi continues to do what he can, Iraqi security forces are a
mere shadow of where we were told they would be spring 2003.
Putting an Iraqi face on security is critical and it appears we’re
almost a year behind where we should be.
I’m frustrated. I’m angry. And I can’t imagine what some of the
families of our brave servicemen and women are going through.
I just want our president to level with us. Ask us to sacrifice.
It’s not too late to flood Iraq with more soldiers (if we can find
them), dollars for reconstruction, dollars for employment to get
future insurgents off the streets and give them some hope. And
tell Kofi Annan to shove it and threaten him with everything in
the book, especially U.S. funding for his corrupt institution, if he
doesn’t start supporting the political process.
—
Russia…the growing darkness
President Vladimir Putin, in announcing a slew of dictatorial
proposals for political change in Mother Russia, proclaimed that
the “organizers and perpetrators of the terror attack are aiming at
the disintegration of the state.” So he put forward a number of
initiatives that the rubber stamp Duma will shortly approve: a
commission to look at the problems in the northern Caucasus
region, including a sick economy; Russia’s security services are
to increase the level of international cooperation; Russia will
restore the death penalty and enact tighter controls on those
coming from the Caucasus.
But by far the most disconcerting proposals concerned electoral
change. No longer will the 89 regional governors be selected by
the people. Now, the Kremlin, read Putin, will essentially name
them. And in the Duma, whereas in the past the people voted
directly for individual candidates comprising half of it, now they
will be electing parties…parties subservient to Putin…with the
seats then apportioned appropriately.
The New York Times labeled Putin’s moves “chilling” and both
President Bush and Secretary of State Colin Powell expressed
their concern, though it took Bush a few days to do so. Robert
Kagan / Washington Post:
“Failure to take sides with democratic forces in Russia will cast
doubt on Bush’s commitment to worldwide democracy. A White
House official commented to the New York Times that Putin’s
actions are ‘a domestic matter for the Russian people.’ Really?
If so, then the same holds for all other peoples whose rights are
taken away by tyrants. If the Bush administration holds to that
line, then those hostile to democracy in the Middle East will
point to the glaring U.S. double standard; those who favor
democracy in the Middle East will be discredited. That will be a
severe blow to what Bush regards as a central element of his war
on terrorism.
“Nor should the president and his advisers doubt that vital U.S.
interests are at stake in the Russian struggle. Fighting the war on
terrorism should not and cannot mean relegating other elements
of U.S. strategy and interests to the sidelines. A dictatorial
Russia is at least as dangerous to U.S. interests as a dictatorial
Iraq. If hopes for democratic reform in Russia are snuffed out,
Russia’s neighbors in Eastern and Central Europe will be rightly
alarmed and will look to the United States for defense.
“And there is an even more fundamental reality that the president
must face: A Russian dictatorship can never be a reliable ally of
the United States. A Russian dictator will always regard the
United States with suspicion, because America’s very existence,
its power, its global influence, its democratic example will
threaten his hold on power.
“Finally, there is the matter of the Russian people themselves.
Did the United States help undo Soviet communism only to
watch as tyranny takes its place? Is that the legacy President
Bush wants to leave?”
As the racists in Russia have increased their attacks against all
dark-skinned people from the Caucasus following Beslan, and as
Putin’s moves do nothing to solve the Chechen problem, one
thing is clear.
President Bush had his window of opportunity when he first took
office to help the Kremlin clean up its weapons of mass
destruction stockpile. Some of us begged this administration to
speed up the task. Now it’s too late and the world is less safe
because of Bush’s failure in this regard.
But there was another big story in Russia this week, concerning
energy.
First, the Kremlin is certain to sell off Yukos’ chief assets, with
the finance minister insisting the sales will be transparent.
Beforehand, the goons are taking away the company’s licenses to
pump oil, while Vladimir Putin’s political moves further
illuminate what the Yukos struggle is all about; silencing former
chairman Mikhail Khodorkovsky and his future plans to
challenge Putin.
The story that was totally misinterpreted, though, concerned the
government’s announcement it was merging its state-owned
energy interests into giant Gazprom, raising the Kremlin’s stake
to a combined 50% plus one share. The Kremlin attempted to
disguise the real purpose of the move by saying foreign
companies could now own more than the existing cap of 20%.
So that’s good, right? Are you kidding? It’s a smokescreen and
I didn’t see one mainstream piece address a topic I did years ago
concerning Gazprom; that being it has incredible leverage over
Europe, more so today, particularly with those in the old Soviet
bloc. In other words, coupled with Putin’s authoritarian political
moves, over the coming years we could easily see a crisis, say in
the Baltics, where Putin could just shut off the supply of gas. It’s
an incredibly dangerous development. Some need to wake up
and see it for what it is.
More Foreign Affairs
Iran: This week the International Atomic Energy Agency met on
the issue of Iran and its nuclear weapons program. Chief
Mohamed ElBaradei said there is still no proof Iran is developing
nukes, no “smoking gun.” The U.S. has been relying on Britain,
Germany and France to apply their own pressure. But as of this
writing, the U.S. claims a draft resolution just negotiated means
Iran is “completely isolated,” and our representative at the talks
is satisfied that progress has been made. Forgive me if I have my
doubts as this continues to unfold.
China / Hong Kong / Taiwan: Hong Kong voters went to the
polls in record numbers to elect 30 members of the 60-seat
Legislative Council. Unfortunately, the democracy movement
won only 25, up just 3 from the last time. [The other 30 are
elected by industry special-interest groups largely beholden to
Beijing.] It was in April that the communists said ‘no’ to a
popular vote for chief executive and the full council by 2008 and
it was thought this would spur a sweep of those seats up for
grabs, but while a significant majority voted for pro-democracy
parties, the electorate is also saying it wants stability. Here is but
one opinion, from a businessman who voted the pro-Beijing
slate.
“Hong Kong is a commercial center. We need to be stable and
stop kicking up so much dust. Why are we locking horns with
Beijing when the rest of the world is trying so hard to do
business with them?” [Los Angeles Times]
As for Taiwan, for the 12th time the UN rejected its bid for
membership as the world is scared to confront China. Taiwan’s
President Chen Shui-bian commented.
“A free and democratic country like Taiwan should not be the
missing piece in the United Nations’ principle of universality…
Taiwan’s absence has left its 23 million people without an
internationally acknowledged identity, and has turned them into
international vagabonds, victims of political apartheid.” [South
China Morning Post]
Finally, China’s communist leadership is in the midst of its
annual meeting. More next week, including whether or not Jiang
Zemin gave up his position overseeing the military.
North Korea: One week after a reported massive explosion, no
one really knows what happened, except it seems virtually
certain it wasn’t a nuclear test. But no doubt, a test of some kind
is imminent as it’s a perfect bargaining chip for Kim Jong il.
And, as expected, the North will not only wait until after the U.S.
election to return to the disarmament table, it’s insisting South
Korea’s own experiments on the nuclear front be fully explained
beforehand.
Israel: Prime Minister Ariel Sharon has accused the extremist
settlers in Gaza and parts of the West Bank of fomenting a civil
war, as Sharon proceeds with his disengagement plan. But
fellow Likud member and former Prime Minister Binyamin
Netanyahu has called for a national referendum on withdrawal.
As it is, the Knesset is expected to take up the issue in
November. Meanwhile, the settlers are calling on the police to
refuse orders to dismantle the settlements. It’s a volatile mixture
and it could blow later this fall.
Syria: The government seems surprised by international
condemnation for its recent moves in Lebanon, especially the
one two weeks ago that illegally extended the term of Lebanon’s
president. Not just the six-member Gulf Cooperation Council,
but even the UN has demanded that Syria pull its 20,000 troops
from the nation.
Libya: Despite all the happy talk, the U.S. has yet to formally
remove Libya from the ‘state sponsors of terrorism’ list; the
White House not totally certain Gaddafi has mended his ways.
This impacts the families of Pan Am Flight 103 who will not
receive the full agreed upon compensation until President Bush
reports to Congress that Libya has done all it said it would.
Afghanistan: President Hamid Karzai escaped an assassination
attempt on Thursday when a missile missed the helicopter he was
riding in. Earlier in the week Karzai courageously removed the
warlord Ismail Khan, Khan having lorded over the province
centered around Herat for decades. Khan’s supporters then
rioted and did drugs.
Pakistan: President Pervez Musharraf was to step down from his
dual position of army chief of staff in January, but this week he
announced he’s keeping it. Sounds like the right move to me.
Musharraf says he needs the power to most effectively wage the
war against the terrorists in his land. While you can say he plays
both sides, the facts are these. 1) He’s been incredibly
courageous in the face of multiple assassination attempts. 2)
Who else would you prefer to run things in this nuclear hell-
hole?
Saudi Arabia: The government warned civil servants not to
criticize government policies, while the U.S. scolded the
kingdom for its lack of freedom of religion. In other words, this
is still a very bad place…with lots of oil we desperately need.
Australia: In the only debate between candidates John Howard
and Mark Latham, Howard said the withdrawal of Aussie troops
from Iraq would deal a “huge psychological and real blow” to the
U.S. and its allies. Latham countered that Australia’s
participation has made the nation more of a target. The people
go to the polls October 9, same day as the Afghan election.
European Union / Turkey: Former French President Valery
Giscard d’Estaing, father of the new E.U. constitution that still
must make its way through a lengthy approval process, said
Turkey’s bid for E.U. membership is a no-go. Specifically, he
refers to the constitution’s new provision concerning double-
majority voting*. Under this provision, Turkey, which by 2020
is projected to have a population greater than Germany’s, would
carry way too much weight in decision-making, at least to its
detractors. The European Commission is set to weigh in on
October 6 as to whether formal talks with Turkey should be
opened. It’s not looking good.
[*Article 25 of the constitution outlines the new system. From
Katrin Bennhold of the International Herald Tribune: “All
decisions that do not require unanimity – many matters,
especially foreign policy and taxation, still do – must be backed
by at least 65 percent of the EU population and 55 percent of
member states. Put another way, any country would need
support from 35 percent of the EU population and 45 percent of
member states to block a proposal it did not like. Under the
current system…votes and population are more loosely linked.
Germany, France, Britain and Italy each have 29 votes, although
the latter three each have about 60 million inhabitants, compared
to Germany’s 82 million.”]
Germany: Christian Democrat President Horst Kohler said it was
futile to keep subsidizing former East Germany. Tensions
between East and West are mounting. Obviously, statements like
this one only fan the flames.
Wall Street
Dull week…OK, I was watching the Ryder Cup Friday…but it
really was an uneventful one as we await the Federal Reserve’s
next move on interest rates this coming Tuesday. August retail
sales slumped 0.3%, not a big surprise given the warnings we
were receiving during the month, while manufacturing has
rebounded some. Meanwhile, the core consumer price index for
August (ex-food and energy) was up only 0.1% and now stands
up 1.7% year over year. In other words no inflation despite
substantial hikes in items like healthcare.
One piece of news that wasn’t good was the record $166 billion
current account deficit for the second quarter, the broadest
measure of trade and possible dangers down the road. But
despite the doom and gloom, with a 10-year Treasury at 4.11%
both the federal budget and trade deficits have obviously had no
impact, yet. Foreigners, for example, bought a net $35 billion of
U.S. Treasuries in the 2nd quarter, though this was a decline from
Q1’s pace of $65 billion. The key is the trend. If flows turn
negative then you put pressure on rates, the currency, and so on,
with an inevitable negative impact on economic growth.
As for energy, Hurricane Ivan carried more weight than the
OPEC meeting in Vienna as there were concerns the huge
exposure to rigs and refineries in the region could result in
significant stoppages in production. As of this writing, the
damage is still being tallied, with a few giant rigs off their
moorings or floating aimlessly in the Gulf.
Meanwhile, OPEC announced it would hike its official
production quota from 26 to 27 million barrels per day
(excluding Iraq), even though its producing far more than this
already, thus it’s meaningless. For their part, the Saudis
promised to pump 800,000 barrels more and seeing as they are
the only ones with any real spare capacity, maybe, this just
further points out the supply / demand conundrum.
Finally, on the real estate front, prices in Los Angeles County
have stabilized, up only 0.2% in August over July and 1.6%
below June’s record. [Los Angeles Times] Experts say it
confirms a “soft landing.” You know, everyone in the world is
talking about soft landings, including government officials in
China in discussing economic activity there. I just beg to differ.
It can’t be that easy.
Street Bytes
–The markets finished mixed with the Dow Jones closing down
just 0.3% to 10284, while the S&P rose for a sixth straight week,
up 0.4% to 1128 and the Nasdaq tacked on 0.8% to 1910.
Energy issues rallied big on Friday thanks to Ivan related
shutdowns that will impact inventory levels. The XOI
and OSX that I referred to a few weeks ago have now broken out
to new highs and, yes, I’m underexposed with just 6% of my
portfolio in energy compared to 35% earlier in the year. I’ve
never lost money in this sector, but this is the first time I may
have missed a decent move and as I related the other day I have a
tough time adding to the group because of my belief the world
economy will go through a major slowdown in 2005. Many of
the stocks aren’t exactly undervalued, either.
–U.S. Treasury Yields
6-mo. 1.90% 2-yr. 2.47% 10-yr. 4.11% 30-yr. 4.91%
The long end of the curve rallied a bit on the tame CPI reading.
Far more on bonds next week following the Fed’s action.
–As expected, US Airways filed for bankruptcy on Sunday and
the key now is whether or not the airline will freeze or terminate
its pension plans, thus opening the door for the other ‘legacy’
airlines (like UAL, Delta and AMR) to do the same.
–I said last spring that Dow 10000 was the one, single barometer
that would foretell the winner in the presidential race. I’m
waiting until mid-October to give my formal forecast, but the
level of the Dow at that time will be a factor in my decision-
making.
–Citigroup is under attack in both Japan and Europe for
misleading advertising and crooked dealings in the bond market.
On Friday, Japanese authorities took the extraordinary step of
suspending Citigroup’s operation that marketed to high net worth
individuals. Yes, this is still all part of the great legacy of Sandy
Weill.
–Since 2000, China has convicted 7,600 of financial crimes and
56% have received death sentences, life imprisonment or prison
sentences of 5 years or more. [South China Morning Post] Oh,
if only authorities in the U.S. had done the same in the aftermath
of the bubble.
–But here’s one guy who will receive what he deserves, 8-10
years, that being former CNN “Moneyline” pretty boy and
broker / money manager Todd Eberhard. The wunderkind
pleaded guilty to fraud and obstruction of justice for churning
customer accounts.
–And then there is the holier than thou John Montgomery of
Bridgeway Funds. This guy promoted himself as the spokesman
for fund reform yet he is now settling with the SEC for
overcharging his investors about $5 million in fees. While
Montgomery does have a good track record, that doesn’t excuse
his fraudulent behavior.
–CBS’ arrogance in its handling of Dan Rather and memogate
should remind everyone of Wall Street’s own tale the last few
years. Personally, I wish Rather the worst.
–Russia: This week the ubiquitous Rudy Giuliani was touring
Russia’s largest steel plant, near the Kazakh border, clearly
representing a potential U.S. buyer (of just a percentage). And
Wal-Mart may be opening a store in St. Petersburg next year,
according to Interfax. The Russian business community welcomes
this as it could spur more investment, even as capital flows out
thanks to the Yukos debacle.
–Liz S., longtime friend and financial advisor down in Texas,
warns that folks should “run away” from MegaLife. I have zero
experience with this outfit but I certainly trust Liz’s opinion on
matters of this kind.
–It’s really incredible so much attention has been focused on
Martha Stewart, though I recognize many of you are big
supporters of hers. But this week, in announcing she wanted to
go to prison early, we learned she’ll miss her chickens among
other things. [May I suggest baking them in a mushroom / red
wine sauce.] And then, in her prepared statement, she began to
enlighten us on the number of prisoners in America. Why she’ll
be one of 2 million “serving time,” she said. Yup, I mused. Lots
of dirtballs in this country. We need more cells.
–J.P. Morgan scrapped a $5 billion outsourcing deal with IBM
and now will take back 4,000 employees. This is a big blow to
Big Blue as JPM decided it was best to keep the technology
infrastructure in house. That has always been the opinion of
COO and heir apparent Jamie Dimon, former chief of Bank One.
–The market share for the Big Three domestic automakers was
under 60% for June-August at 58.8%, the first time ever below
this level. GM is at 27.2%, Ford 18.4% and Chrysler Group
13.2%.
–Charles Schwab reported that trading activity fell 11% in
August over July, a telling barometer and confirmation of what a
painfully slow summer it was on the Street.
–My old employer, the distribution arm of PIMCO Funds,
settled in two separate cases with the SEC and state officials.
The first was tied to Canary Capital and market timing, while the
second involved the failure to properly disclose arrangements
whereby commissions were directed to various brokerage firms
in return for “shelf-space.” I have commented on both issues in
the past and it’s important to note that Bill Gross and his bond
operation were not implicated. The cases deal with the equity
division.
For new readers, I left PIMCO in February 1999 as executive
vice president / national sales manager. While I was involved in
‘hard dollar’ marketing arrangements when I was there, all
properly disclosed, it was disappointing to learn of the directed
brokerage activities that took place from January 2000 through
2003.
Random Musings
–Fuoad Ajami / U.S. News & World Report
“In our innocence, we think that a battle ought to be waged for
Muslim hearts and minds, that perhaps if we refined or amplified
our message, this hate would be driven away. It is in this spirit
that the 9/11 commission recently recommended the launching of
a campaign of public diplomacy in the Muslim world. But this is
illusion. For at heart, this war for Islam is one for Muslims to
fight. It is for them to recover their faith from the purveyors of
terror.”
–Pundits such as the New York Times’ Maureen Dowd never
fail to take a shot at national missile defense, as she did once
again this week. Let me set Ms. Dowd straight on this one. We
must proceed with NMD, not just because of the threat from
North Korea, but also to protect us from the ones emanating from
China and, once again, Russia. As I’ve said countless times
before, it’s an American president’s job to shield the people from
all threats and to just blow off the ballistic missile one is courting
disaster.
–George Will said this week that John Kerry’s campaign is
simply “pathetic.” I thought Robert Dole’s 1996 effort was
abysmal, but Kerry’s takes the cake. And it bears repeating; isn’t
it amazing how some of these guys run for the highest office in
the land and really don’t know why they’re doing so?
–Last week I wrote of the murder of an acquaintance of mine.
After talking to some friends the past few days who were close to
him, I learned the real deal.
Omar and a friend walked out of an Irvington, N.J. club and were
accosted by seven gang members who robbed them both. [I
initially thought Omar refused to give up his jewelry.] Then the
gang forced them down on the sidewalk. Omar’s friend pleaded
that they didn’t know who Omar’s brother was, but the killer said
“I don’t give a —- who he is” and shot Omar in the stomach.
They left the friend alone, for whatever reason, and the kid drove
Omar to the hospital. Omar was talking all the way, but he died
because the bullet hit an artery. Imagine the trauma the other kid
is going through, let alone the fear if he’s ever asked to testify.
[No arrests have been made as of this date but the friend
identified one of the gang members.]
I’ve told you how I sometimes watch BET’s comedy show in the
evening. The acts are seldom funny, but it gives you a window
into what the black culture is thinking these days.
So on Wednesday night I was watching this guy, “D’Militant,”
who was dreadful and even the audience wasn’t laughing. But
then right at the end he starts discussing the census and how
blacks are now outnumbered by Hispanics. “Man,” he said in a
serious tone, “we’ve got to stop this black on black killing, you
all.” He got his biggest applause with that. I’m not optimistic.
–The Russian special forces that sacrificed their lives at Beslan
are being buried in silence, with military authorities saying
nothing, part of their code it seems. But these were heroes and
deserve to be recognized. According to a story in the New York
Times, “one unidentified wounded special forces soldier,
interviewed on Russian television, confirmed that after the
(initial) blast the two commando teams had been caught between
lines of fire – pinned down by the hostage-takers inside the
building and fired on by local residents who had begun shooting
at the hostage-takers.” The poor soldiers sprang into action,
many without taking the time to put their bulletproof vests on. 11
died.
–Ralph Peters / New York Post:
“(The Internet) has become the most powerful tool for spreading
hatred in history, as well as the home of the two great
pornographies, the grotesque porn of the flesh and the even more
virulent pornography of hatred….
“(The Net) trumps all previous means of deepening hatred.
Cheap to access and subjected to endless variations of electronic
vagrancy and subterfuge, it’s proving ever harder to patrol. Its
celebrated anarchy camouflages well-organized bigotry.
“Far from bringing together the forces of peace and progress, the
Net has become the perfect realm for monsters in search of
victims. In the past, aberrant human beings were isolated from
one another, living in shame and fear, whether we speak of
village pederasts or potential terrorists. Thanks to the Net,
they’ve learned that they’re not alone, that there are millions of
similarly diseased minds around the world.
“Today the bigots and perverts of the world are all but unionized.
The Net has built communities, all right – communities of hatred.
[When was the last time you were spammed by Quakers?]”
–The average age for all aircraft in the U.S. Air Force is a
staggering 32.5 years. [Defense News] We are spending more
and more on maintenance and less and less on modernization.
–Former D.C. mayor Marion Berry is back on the city council,
having won an election this week. Those who voted for him are
truly idiots.
–New Jersey Governor James McGreevey’s top advisor told
folks this week that the governor should serve out his term and
not resign. I promptly had nightmares that evening. But, alas, it
appears our deeply troubled leader will exit the stage on
November 15, helped along by the fact that another one of his
top fundraisers pled guilty in a bribery scheme. This particular
fellow is in the mulch business, by day, not that there is anything
wrong with that.
–Oh yeah, Britain has real tight security. Another nut scales
Buckingham Palace and the next day five jerks breach security
and enter parliament. Be afraid, my British friends.
–Scott P., Florida resident, wrote that with all the hurricane
action in his state, he finds himself spinning counter-clockwise.
Scott also notes that regarding Bill Maher’s observation that the
electorate suffers from “intellectual sluggishness,” it is being
exploited by both parties, much to our detriment.
–Back on 3/29/03 in this space, I blasted Bill O’Reilly because
he was telling his audience then that he didn’t understand why, in
the first few weeks of the war, some folks were sensitive to
American casualties. “Oh, we’ve only lost a handful” he was
saying with his trademark sneer. Of course today he looks like
a fool, albeit a very rich one.
I bring this up because on Tuesday I heard him say, “Oh,
c’mon…today we’re losing half the soldiers we did in the
spring!” Of course this fraud ignored the 1,000 wounded in
August and he glossed over the already significant death toll in
September.
You know, anyone, Democrat or Republican, who isn’t sensitive
to the plight of the families of those serving our country in both
Iraq and Afghanistan is beneath contempt. I remain a supporter
of the war and will never make light of the sacrifices our brave
men and women are making. My suggestion to O’Reilly is that
he stop singing “How Great Thou Are” every now and then and
think for a few seconds about what he’s saying.
—
God bless the men and women of our armed forces. You are in
our thoughts and prayers every day.
God bless America.
—
Gold closed at $407
Oil, $45.59
Returns for the week 9/13-9/17
Dow Jones -0.3% [10284]
S&P 500 +0.4% [1128]
S&P MidCap +0.5%
Russell 2000 +0.6%
Nasdaq +0.8% [1910]
Returns for the period 1/1/04-9/17/04
Dow Jones -1.6%
S&P 500 +1.5%
S&P MidCap +2.8%
Russell 2000 +2.9%
Nasdaq -4.7%
Bulls 50.0 [4 weeks ago…39.6 / 30.2]
Bears 24.5 [Source: Investors Intelligence / Chartcraft]
I’ll be coming to you from Pennsylvania next time. Going to
Gettysburg and Shanksville, among other places. Have a great
week. I appreciate your support.
Brian Trumbore
