Economics
The consumer price index for July was reported up .1%, in line with expectations; the core number was up .2%, also in line with expectations. The reported statistics continue to confirm our forecast.
Politics
Domestic
International War Against Radical Islam
In case you missed this in the morning news; the escalating confrontation with
http://www.washingtonpost.com/wp-dyn/content/article/2007/08/14/AR2007081401662_pf.html
The Market
Technical
The major indices banged through their support levels (DJIA 13200 and S&P500 1449). The question for us is, will they rebound tomorrow? If so, that would constitute another successful challenge of those levels--which we would view as a positive. If not, next stop DJIA 12855 (and the next support below that is 11982) and S&P 1359.
Hang on to your cash. Continue to avoid the financials. Remember our annual income is growing even through this current mess; and our Price Disciplines will save us from large losses and as well as point us to buying opportunities when we return to an orderly Market.
Fundamental
More on the sub prime mess from Barry Ridholtz:
http://bigpicture.typepad.com/comments/2007/08/ratings-agencie.html
News on Stocks in Our Portfolios
A positive write up on General Dynamics (Dividend Growth Portfolio):
http://www.zacks.com/rank/zcommentary/?id=5687
More Cash in Investors’ Hands
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