Economics
A not very optimistic assessment of the current state of the
The rally in the dollar continues:
http://mjperry.blogspot.com/2008/08/king-dollar-rally-continues.html
The initial jobless claims reported yesterday did not make great reading; and as you know, the employment numbers have been worrisome for me. But take a look at this analysis (absolute must read). Maybe the jobless claims data need to be revised.
http://mjperry.blogspot.com/2008/08/adjusted-for-growth-in-labor-force.html
Politics
Domestic
International War Against Radical Islam
The Market
Technical
Another volatile day, yesterday; once again in a single day’s action, the Averages (DJIA 11431; S&P 1266) have moved from testing a resistance level (the January 2008 intraday lows) on the upside to approaching support levels (the July 2008 to present up trend: DJIA circa 11344, S&P circa 1258) on the downside). That leaves us watching, waiting and thankful for our 20% cash position.
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The percentage of stocks trading above their 50 day moving average:
http://bespokeinvest.typepad.com/bespoke/2008/08/percentage-of-s.html
Fundamental
Having commented yesterday’s Morning Call about how well the financial stocks performed generally on Wednesday in the face of the Freddie Mac news, they reacted terribly to the American International Group and Citicorp news (respectively, horrible earnings and a settlement with regulators to provide liquidity to retail customers for illiquid securities). That certainly squashes for the moment the notion that the financial stocks may have most of the bad news reflected in their prices.
Subscriber Alert
The stock price of Manulife Financial (MFC-$35) has fallen below the upper boundary of its
http://finance.yahoo.com/q?s=MFC
The stock prices of Fastenal (FAST-$49) and SAP (SAP-$58) have traded above the upper boundary of their
http://finance.yahoo.com/q?s=FAST
http://finance.yahoo.com/q?s=SAP
News on Stocks in Our Portfolios
More Cash in Investors’ Hands
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