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Today's News and Commentary
Thursday, July 03, 2008
MARKET COMMENTARY
The Yield on the 30-Year Bond – Weekly and annual supports are 4.680 and 4.975 with daily, quarterly, monthly and semiannual resistances at 4.461, 4.191, 4.171 and 4.107. Quarterly and semiannual pivots are 4.628 and 4.489.
Comex Gold – Daily, quarterly and semiannual supports are $934.0, $921.7 and $938.2 with weekly and monthly resistances at $950.9 and $991.8. My semiannual and annual supports lag at $796.5 and $729.5.
Nymex Crude Oil – Monthly and semiannual supports are $128.16 and $127.99 with daily and weekly resistances at $145.11 and $150.39. This week...
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ENERGY
August Brent Crude futures hit $145.01 in Asian trading early Thursday morning. Since Brent is not normally the price leader that suggests the U.S. contract for light crude will continue to move higher on Thursday. As of 10:ET the U.S. crude contract was $144.38 and rising.
The EIA inventory report Wednesday morning showed crude inventories fell for the sixth time in seven weeks. Crude oil inventories dropped by -2.0 million barrels to 299.8 million. This is was much lower than expected and pushed inventory levels to 15.3% below the same period in 2007. Refinery...
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DIVIDEND
As we head into the long Fourth of July weekend, my favorite financial joke:
Albert Einstein dies and goes to heaven. He's greeted warmly and told he'll have four roommates. As he's settling in, the first roommate walks up and says, "Professor Einstein, what a great pleasure. I hope we can be friends — I have an IQ of 160. Einstein replies, "That's fine. We can talk about the theory of relativity."
After a while the second roommate comes in. "Professor Einstein, what a privilege," he says. "But my IQ is only 140."...
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HEDGEFUND
The mania began in 1981, when American Airlines launched AAdvantage, the world's first mileage-based frequent-flyer program, to encourage customer loyalty. Today more than 130 airlines issue miles and 163 million people around the globe collect miles of some sort. Indeed, by some calculations the total stock of unredeemed miles was worth more than all the dollar bills in circulation. The record for the biggest individual account is 25 million miles, reputedly belonging to a publishing executive who charged his firm's postage bill to his own credit card.
The biggest collectors of miles...
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