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Today's News and Commentary
Friday, June 27, 2008
MARKET COMMENTARY
June 27, 2008 - Market Overview
Because the Federal Reserve ignores inflation, stocks got clocked on Thursday. Yesterday I said that the Federal Reserve made a big mistake and stocks proved my point. The Dow Industrial Average lost 354 points as the break of the five-week modified moving average at 11,672 opened the flood gates as expected. The Dow had been above its 200-week since November 2003. The NASDAQ stayed above its monthly support at 2314. The Dow Transports closed below monthly and quarterly pivots at 5001 and 4949.
The yield on the 30-Year bond declined towards my...
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ENERGY
Another Day, Another Five Dollars
Just when the oil bears thought it was safe to come back into the market the head bull appeared to give them a ride on his horns. The president of OPEC became another in a long line of prognosticators to claim oil prices are not done climbing. Chakib Khelil said oil prices could hit $150 or even $170 this summer but did not think they would reach $200. That was all the bulls needed to stampede back into the market. The bears who loaded up on shorts again after the failed weekend meeting were squeezed unmercifully once again. Oil traded over...
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DIVIDEND
Following up yesterday's story on America's less-than-sensational broadband performance rank (dead middle, in case you missed it), we discover that despite spending ever more time and money on the Internet, the already-wired don't seem to be wising up to online scams. The FBI's Internet Crime Complaint Center says that although complaints about online fraud stayed steady around 200,000 last year, the bad guys made more than ever — $239 million, up 20% from 2006. (That's a nice revenue bump, and margins are sure to be sky-high. Maybe online scammers should stage an...
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HEDGEFUND
Some time in 1938, Franklin Roosevelt got a vexing power bill for his cottage in Warm Springs, Georgia. He had to pay 18 cents per kilowatt for the cottage’s electricity, four times what he paid at his home in Hyde Park, New York. The bill strengthened the president’s conviction that power companies were gouging rural America. As a result, Roosevelt established the Rural Electric Administration, which dispensed technical advice and low-interest loans to rural communities wanting electricity but shunned by investor-owned utilities.
Today, with their dependable dividends and...
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