6/20/08

Economics

Assuming the author’s got his facts right, this isn’t good news:

http://www.newsday.com/business/nationworld/wire/sns-ap-investment-banks-turmoil,0,4159188.story

Why aren’t the oil companies drilling on the 42 million acres of Federal land that they already have leases on? The answer:

http://www.ibdeditorials.com/IBDArticles.aspx?id=298681932620367

Productivity and median household income--they are both rising:

http://mjperry.blogspot.com/2008/06/real-compensation-has-risen-with.html

Politics

Domestic

Karl Rove on Obama and McCain:

http://online.wsj.com/article/SB121383441884986739.html?mod=opinion_main_commentaries

Obama waffles on free trade:

http://money.cnn.com/2008/06/18/magazines/fortune/easton_obama.fortune/

McCain on energy:

http://www.breitbart.com/article.php?id=D91CN6080&show_article=1

McCain on immigration:

http://michellemalkin.com/2008/06/19/inside-mccains-closed-door-meeting-with-chicago-hispanics/

International War Against Radical Islam

The Market

Technical

Despite being up a bit, yesterday’s Market action did nothing to further clarify a dominate trend in the DJIA. The S&P remains solidly above the rising lower boundary of its 1982 to present uptrend and its April 2008 low. Unfortunately both indices are in clearly defined very short term downtrends off their May highs. At the moment, patience is, in my opinion, the best strategy. So we do nothing unless forced to by our Sell Disciplines.

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The number of stocks trading above their 50 day moving average:

http://bespokeinvest.typepad.com/bespoke/2008/06/percentage-of-2.html

Short interest is at an all time high:

http://bespokeinvest.typepad.com/bespoke/2008/06/nyse-short-in-1.html

Fundamental

CNBC Million Dollar Portfolio Challenge

Portfolio 1 (84.8%): Sold: none

Bought: none

Positions: Automatic Data Products, Johnson Controls, Nucor, Canon

Portfolio 2 (87.0%): Sold: none

Bought: none

Positions: Franklin Resources, Graco, United Technologies,

Mastercard

Portfolio 3 (90.8%): Sold: none

Bought: none

Positions: Nucor, Smith Int’l. ConocoPhillips, Mastercard

Portfolio 4 (80.0%): Sold: none

Bought: none

Positions: Suncor , Dow Chemical, Peabody Energy, General Dynamics

News on Stocks in Our Portfolios

A positive write up on Mastercard (Aggressive Growth Portfolio):
http://www.zacks.com/rank/zcommentary/?id=7889

More Cash in Investors’ Hands