6/9/08

Economics

fiscal profligacy (Government spending as a percent of GDP is too high and the looming explosion in entitlement expenditures will make it worse. There is no good solution save spending discipline.). The new budget resolution:

http://www.heritage.org/Research/Budget/wm1946.cfm

protectionism (Free trade is a major positive for world and US economic growth.) Canada signs Columbia free trade agreement:

http://www.powerlineblog.com/archives2/2008/06/020705.php

More data on Friday’s non farm payrolls report:

http://mjperry.blogspot.com/2008/06/is-min-wage-behind-50-jobless-rate-jump.html

Politics

Domestic

More on Obama on the Iranian Revolutionary Guards:

http://www.powerlineblog.com/archives2/2008/06/020689.php

Obama on Jerusalem:

http://www.israelnationalnews.com/News/News.aspx/126429

Obama on the Jewish lobby:

http://www.powerlineblog.com/archives2/2008/06/020712.php

International War Against Radical Islam

On the firing of those two Air Force generals:

http://article.nationalreview.com/?q=YTk4ODFiNWRiY2ExOWU1MTRiMjkyOTdiZTcwZWZlMjk=

More bad news for al Qaeda:

http://www.nytimes.com/2008/06/09/world/asia/09terror.html?_r=2&hp&oref=slogin&oref=slogin

Analysis on the recently released report from the Senate’s Committee on Intelligence:

http://www.powerlineblog.com/archives2/2008/06/020706.php

The Market

Technical

Some fun with statistics: Big Brown, the Triple Crown and stock prices:

http://bespokeinvest.typepad.com/bespoke/2008/06/triple-crown-an.html

If Barron’s is correct, stock price action over the next couple of days will be critical:

http://bigpicture.typepad.com/comments/2008/06/barrons-asks-be.html

Fundamental

CNBC Million Dollar Portfolio Challenge

Portfolio 1 (82.1%): Sold: none

Bought: none

Positions: Automatic Data Products, 3M, T Rowe Price,

General Dynamics

Portfolio 2 (85.4%): Sold: none

Bought: none

Positions: Franklin Resources, Graco, Schwab,

Luxottica

Portfolio 3 (90.6%): Sold: Illinois Tool Works

Bought: Emerson Electric

Positions:Emerson Electric Ross Stores. Schwab, Federated Investors

Portfolio 4 (78.2%): Sold: Wells Fargo

Bought: Mastercard

Positions: Home Depot, Blackrock, Peabody Energy,

Mastercard

News on Stocks in Our Portfolios

More Cash in Investors’ Hands