Waiting one more day, except.........
Steve Cook on Disciplined Investing


Have You Seen This?


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Have You Seen This?


   This Week’s Data

    June business inventories fell 1.1% versus expectations of a 1.0% decline; however, business sales rose 0.9% resulting in yet another decline in the inventory to sales ratio.

    The July consumer price index (CPI) came in unchanged and the core CPI rose a modest 0.1%; both numbers were in line with forecasts.


    The banks are not out of trouble:

    Nor is the housing market:



Why ‘comprehensive’ healthcare coverage?:

Newt Gingrich argues for repeal of the capital gains tax:

    I always love to get to Mickey Kaus’, my favorite liberal, take when the rhetoric starts to fly.  Here he is on ‘death panels’ (he’s actually quoting Obama):

    The fallacy of ‘preventive care’:

    The American College of Surgeons fact checks Obama:

    If you missed this WSJ article yesterday, it highlights the creator of the ‘cap and trade’ concept and his current view as to its effectiveness (guess what it is):

  International War Against Radical Islam

    Tony Blankley following a recent trip to Afghanistan:

The Market

    The indices (DJIA 9398, S&P 1012) closed within their up trend off the March lows (8621-10316, 937-1153).  The S&P finished over the 1004 resistance level for the second day; this is the second time it has been over 1004 for two consecutive days.  Another up day and I will likely start to nibble (though our Portfolios are taking some action this morning in a foreign ETF--see below).

    On the other hand: the latest from Trader Feed:

    Thoughts from Barton Biggs:

    Some perspective on second quarter earnings:


    There was not much Investors pre-opening were upbeat as a result of the hedge fund manager Paulson’s purchase of Bank of America (which I covered in yesterday’s Morning Call).  But the retail sales numbers (also in covered in yesterday’s morning call) burst the balloon.  By mid morning, no one seemed to care and stocks moved to the upside and stayed there.

    Subscriber Alert

    Our Portfolios are raising their commitment to gold and non dollar denominated (foreign stock) ETF’s from 10% of the total assets of the Portfolio to 15%.  An introductory position (1%) of the Vanguard European Stock ETF (VGK) is being Bought.  By way of a review, our Portfolios now hold gold (USERX and GLD), the S&P Bric 40 ETF (BIK) and the Wisdom Tree Emerging Markets ETF (DEM).

    These investments are a defensive response to the continuing debasement of the dollar by the Fed.

Posted 08-14-2009 8:32 AM by Steve Cook