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Comments »Yearly Archives: 2011
JACK BOGLE: ‘Our Markets Have Gone Crazy’
“John C. Bogle counted himself among the 1 percent of wealthiest Americans a couple decades ago. You might not guess that today, when you hear the 82-year-old founder of mutual fund company Vanguard rail against economic inequality.
He can sound almost like an Occupy Wall Street protester: “Our markets have gone crazy, and there is 200 times as much speculation as there is investing,” he says.
It has been 15 years since the low-cost investing pioneer stepped down as CEO of Vanguard. It was Bogle who launched the first index mutual fund in 1976. Vanguard Group has since grown into the largest fund company, managing nearly $1.7 trillion in U.S. fund assets.
Bogle remains wealthy, but his income is a fraction of what he earned when he ran Vanguard. He’s paid a modest retainer to run Vanguard’s Bogle Financial Markets Research Center, a think tank in Valley Forge, Pa.
He resists a label that applies to most people his age: “I’m so far from retired, it’s almost an embarrassment. I’m here in the office every day.” He’s also writing his 10th book, “The Clash of Cultures: Investment vs. Speculation.” And he continues to deliver speeches.
Bogle says he’s paying close attention to tax policies he considers unfair, including one that’s favorable to the fund industry and investors with taxable accounts. The top rate for dividends and long-term capital gains is historically low at 15 percent, as a result of the extension of Bush era tax cuts that Congress and President Barack Obama agreed to a year ago. In contrast, top earners pay 35 percent on regular income. He doesn’t like that disparity.
Here are excerpts from a recent interview with Bogle: “
Comments »The Nikkei Ticks Down 0.8% While the Rest of Asia Moves Higher
Abysmal Year to Date Performance Data of Gold and Silver Stocks
Signs Point to Economy’s Rise, but Experts See a False Dawn
By ANNIE LOWREY
Published: December 21, 2011
WASHINGTON — As the fourth quarter draws to a close, a spate of unexpectedly good economic data suggests that it will have some of the fastest and strongest economic growth since the recovery started in 2009, causing a surge in the stock market and cheering economists, investors and policy makers.
In recent weeks, a broad range of data — like reports on new residential construction and small business confidence — have beaten analysts’ expectations. Initial claims for jobless benefits, often an early indicator of where the labor market is headed, have dropped to their lowest level since May 2008. And prominent economics groups say the economy is growing three to four times as quickly as it was early in the year, at an annual pace of about 3.7 percent.
But the good news also comes with a significant caveat. Many forecasters say the recent uptick probably does not represent the long-awaited start to a strong, sustainable recovery. Much of the current strength is caused by temporary factors. And economists expect growth to slow in the first half of 2012 to an annual pace of about 1.5 to 2 percent.
Read the rest here.
Comments »Bulls Celebrate a Holiday Win
Light volume holiday vacuum trading took the markets higher. Sincerely though, we had good consumer sentiment numbers and a great initial claims number.
DOW UP 61
NASDAQ up 21
S&P up 10
Oil up $0.71
[youtube://http://www.youtube.com/watch?v=hsU6_eSG4k4 450 300]Comments »
Bank of NY Settles Probe of Manipulative Auction Rate Securities
Nevada Gaming To Be the Online Gambling Destination
U.S. Regulators Will Not Back Cell Phone Ban While Driving
Apple Plans a Hydrogen Fuel Cell Battery to Power Your Laptop for Weeks
Target Recalls Children’s Suitcase Due to Lead Paint
Akami Pops 17% on a Web Content Delivery Acquisition
A Jobs Recovery May be Under Way
Jobless claims down for a third month in a row. A much better analysis of employment than the overall unemployment number.
Comments »Lunch Break: America’s Deficit Problem Solved
What is good for the goose is good for the gander.
If we will not print interest free currency then perhaps we can use interest to our advantage.
We live in a world where Harvard / Wharton graduate fucktards can destroy the banking system, the global economy, and the future of this country while not going to jail and holding the tax payer hostage for bailouts.
Two words:
CARRY TRADE
We the people have borrowed money from the future to lend to the banks.
The banks have the opportunity to borrow at low rates, buy higher yielding treasuries, and using the arbitrage proceeds to write down losses on the books.
In some instances this money is leveraged to purchase more bonds from say Japan in order to leverage the money once again. This allows for some players to buy speculative investments and make serious coin when their bets come out on top. On another note i think this is cause for much of our volatility….yet i digress.
The first thing we can do for the citizens is let them do the same. Let U.S. citizens borrow at 0-.25%. They can then purchase treasuries and the Fed can buy them back with interest paid.
This would generate money to relieve debt and help those with negative equity or upside down mortgages.
For those who have no debt…well good job and maybe you get a tax break to make it an even playing field.
Furthermore, America could slowly eat away at its debt through this process.
If the goose is going to use us…then why not use them. The banks could mange the program and make a vig. The Fed and its private banks who have skimmed off the backs of tax payers for 98 years could pay us a favor and forfeit some of that stolen money back to America.
Meanwhile, consumer and business sentiment would change; and the economy would pick up. Uncle Sam could collect more taxes and not have to kill what republicans call “socialistic” programs. Because no matter what you say programs like Fannie, Fredie, SS, and such have worked for many years until government and their corporate masters decided to steal and tinker with them. Couple this with some austerity and you have a realistic opportunity for a fresh start.
The only rule would be to insure citizens and governemnt do not incur more debt while trying to relieve what is on the books.
Any thoughts ?
[youtube://http://www.youtube.com/watch?v=rMV-fenGP1g 450 300] Comments »
Convenience or Children ?: Scientists Reiterate the Dangers of Wireless Technology
“At least 15 countries or international bodies have issued advisories on wireless devices and/or transmitters. Governments have warned citizens not to abandon their landlines, to hold cell phones away from heads and bodies when not in use, to restrict children’s use of cellular phones and not to install Wi-Fi. Independent scientists assert that cellular phones are linked to brain tumors, brain damage, sperm count drops and cognitive dysfunction and that being in close proximity to a wireless transmitter regularly is also a problem, especially for children whose brains, eyes, immune systems and other organs are more susceptible to the effects of microwave radiation than adults’.
So how do we relate cellular phones to cellular towers and other transmitters? Obviously holding a cell phone to your ear is usually the most intense exposure people receive at a given time — although sitting next to a Wi-Fi transmitter on a train can expose you to the same radiation as talking on a cell phone. But a 2009 Swiss study showed that people in cities were getting more cumulative radiation from moving in and out of areas with transmitters than they were getting from daily use of their cellular phones.
Cellular towers — termed a public health emergency in the 1990s by 40 public health experts at Harvard and Boston University — were supposed to be kept away from schools and hospitals per a 1993 recommendation by the California Public Utilities Commission. In 2009, the European Union delivered a similar resolution.
The documentary film “Full Signal” chronicles effects on people who have lived close to transmitters. So what to make of Distributed Antenna Systems (DAS) that are being rolled out or proposed in Westchester towns, most recently in Greenburgh where 20 antennas are proposed to be placed on utility poles in residential areas?…”
[youtube://http://www.youtube.com/watch?v=mdZSczgtK9o 450 300] Comments »BP Exiting the Solar Business Due to Unprofitability
BP Plc , Europe’s second-largest oil company will shut its solar power unit and quit the business after 40 years because it’s become unprofitable. Photographer: Andrew Caballero-Reynolds/Bloomberg
BP Plc is exiting the solar business after 40 years, countering a trend led by Google Inc. (GOOG), Warren Buffett and Total SA (FP) of investing in the industry just as competition drives down the cost of sun-based power.
Europe’s second-largest oil company will wind down the unit over several months because it has become unprofitable, BP Solar Chief Executive Officer Mike Petrucci told staff in an internal letter last week. About 100 employees will be affected.
BP Solar is withdrawing from an industry that’s facing oversupply and price pressures after Chinese competitors increased production. Total, Europe’s third-biggest oil company, Buffett and Google have entered the industry with investments over the last six months to take advantage of attractive tax breaks, declining costs and a source of power hedged against high fossil-fuel prices.
BP’s move is an anomaly with more companies trying to get involved than are getting out, said Paul Leming, an analyst with Ticonderoga Securities LLC analyst in New York.
“Two of the biggest oil companies have taken the opposite approaches,” Leming said in a phone interview. “The move toward alternative energy continues to be a well-recognized megatrend.”
Read the rest here.
Comments »Mortgage Rates Hit a New Low of 3.91%
Natty Gas Inventories: Down a 100 BCF
This Morning’s Money Flows, Heat Map, and S&P A/D Line
Money Flows
ISSUE GAINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO (in millions) iShrs Tr MSCI EAFE EFA ARCA 48.96 +36.6 2.94 Citigroup C NYSE 27.37 +30.0 1.79 Apple AAPL NASD 398.28 +29.7 1.18 SPDR S&P Retail XRT ARCA 53.12 +22.0 10.48 PwrShrs QQQ Tr Series 1 QQQ NASD 55.46 +14.9 1.91 Abbott Labs ABT NYSE 55.45 +13.9 2.24 Google GOOG NASD 630.80 +13.7 1.23 Amazoncom AMZN NASD 176.61 +9.9 1.23 Coca-Cola KO NYSE 69.49 +8.0 1.87 AT&T T NYSE 29.47 +7.6 1.86 iShrs Russell 2000 IWM ARCA 74.61 +7.4 1.15 JPMorgan Chase JPM NYSE 33.34 +7.3 1.30 Microsoft MSFT NASD 25.69 +7.2 1.48 Oracle ORCL NASD 25.70 +6.0 1.17 iShs Tr DJ U.S. Real Es IYR ARCA 56.81 +5.7 1.67 Select Sector SPDR-Finl XLF ARCA 13.00 +5.4 2.17 UnitedHealth Group UNH NYSE 50.30 +5.3 2.34 SPDR S&P Homebuilders XHB ARCA 17.19 +5.2 21.78 Cisco Systems CSCO NASD 18.05 +5.1 1.48 Vanguard MSCI Emerg Mkts VWO ARCA 38.49 +4.9 1.59 ISSUE DECLINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO (in millions) General Electric GE NYSE 18.00 -19.0 0.63 IBM IBM NYSE 181.52 -18.9 0.68 ExxonMobil XOM NYSE 83.82 -17.6 0.53 Ford Motor F NYSE 10.89 -12.1 0.49 Bank Of America BAC NYSE 5.32 -11.6 0.67 Chevron CVX NYSE 105.85 -10.7 0.53 Pfizer PFE NYSE 21.62 -10.3 0.49 SPDR S&P 500 SPY ARCA 125.01 -9.6 0.95 Johnson & Johnson JNJ NYSE 64.77 -8.3 0.51 Cemex SAB de CV CX NYSE 5.27 -7.5 0.06 Mead Johnson Nutrition MJN NYSE 70.27 -7.2 0.90 Amgen AMGN NASD 63.17 -7.1 0.53 McDonald's MCD NYSE 99.10 -7.1 0.58 Wal-Mart Stores WMT NYSE 59.41 -6.7 0.48 Altria Group Inc MO NYSE 29.85 -6.5 0.53 Informatica INFA NASD 37.35 -5.9 0.21 Verizon Communications VZ NYSE 39.44 -5.6 0.44 Direxn Daily Finl Bear 3x FAZ ARCA 37.68 -5.1 0.77 Merck MRK NYSE 37.34 -4.9 0.50 Delphi Fincl DFG NYSE 43.98 -4.9 0.45
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52 Week Highs and Lows This Morning
NYSE
New Highs 118 COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ Airgas Inc ARG 79.35 24,103 Alaska Air Grp ALK 76.99 21,690 AllianceBrnstn NtlMun AFB 14.73 20,612 Alliant Energy LNT 43.73 24,452 Amer Campus Communities ACC 41.48 38,341 American Elec Power AEP 41.09 354,715 Amer Fincl Grp AFG 37.10 31,303 Amer Muni Income Ptf XAA 14.44 203 American Water Works Co AWK 31.89 82,371 B&G Foods BGS 24.64 62,627 BlkRk Munienhanced MEN 11.48 8,836 BlkRk MuniHldgs CA Qlty MUC 14.70 7,159 Blkrck MunHl NJ Qlty MUJ 15.55 6,607 BlkRk MuniHldgs Qlty II MUE 14.19 10,088 BlkRk MuniYld MI Qlty MIY 15.20 5,830 BlRk Muyld NJ Qlty MJI 15.34 4,758 BlRkMunyldQltyIII MYI 13.82 33,401 BlackRock NJ Municipal Tr BNJ 15.47 2,803 Buckeye Tech BKI 33.66 63,159 CH Energy Group CHG 58.98 4,195 CMS Energy Corp CMS 21.81 95,499 CVS Caremark CVS 40.88 818,086 Chesapeake Granite Wash CHKR 22.47 95,429 Citizens Inc CIA 9.60 9,065 Clarcor Inc CLC 51.21 8,783 Clean Harbors CLH 63.12 19,257 Cross Timbers Royalty Tr CRT 49.77 2,617 DCP Midstream Ptnrs DPM 45.64 10,801 Dominion Resources D 52.96 140,591 Dreyfus Strategic Munis LEO 8.85 9,751 DTF Tax-Free DTF 16.13 2,612 Duke Energy DUK 21.72 756,105 Education Realty Trust EDR 9.99 70,168 El Paso Corp EP 25.86 445,933 Elan Corp ELN 13.14 384,430 EnbridgeEnergy EEQ 33.74 6,945 Enbridge Inc ENB 36.62 57,737 GATX GMT 44.07 13,173 GNC Holdings A GNC 29.50 110,480 Gallagher AJG 33.38 14,333 Generac Holdings GNRC 29.06 24,994 Genesco Inc GCO 64.00 79,706 Great Plains Energy Inc GXP 21.68 62,546 Home Depot HD 42.14 915,106 Idacorp IDA 42.31 10,257 Inv CA Ins Tr IIC 15.20 4,291 Invesco InsCa ICS 14.35 335 Invesco MIO II OIB 7.34 9,333 Invesco Mun Prem Inc PIA 8.92 10,380 Invesco VK MuniOpp VMO 14.60 2,427 Inv Vn Km Inv Grd VGM 14.86 6,141 KIMCO Realty Pfd H KIMpH 28.44 13,631 Kinder Morgan Energy KMP 82.14 81,112 Kinder Morgan Mgmt KMR 75.53 39,564 Kirby Corp KEX 66.28 86,253 Kodiak Oil & Gas KOG 9.34 933,064 Kraft Foods KFT 37.54 608,955 LTC Properties LTC 30.55 6,366 Eli Lilly LLY 41.86 823,133 Michael Kors Holdings KORS 26.88 87,385 Monmouth Real Es Inv Cl A MNR 9.29 22,562 NJ Resources NJR 49.14 9,376 NewMarket Corp NEU 204.12 9,927 NiSource NI 23.31 83,712 Nuveen CA Muni Value NCA 9.40 3,636 Nuveen Div Fnd NAD 14.41 11,697 Nuveen Ins Cal NPC 15.92 375 Nuveen Insured CA Muni 2 NCL 15.04 2,425 Nuveen Ins Muni Opport NIO 14.88 14,165 Nuveen Insured Premium NNF 15.70 4,012 Nuveen Insurd Prem Inco 2 NPX 13.47 14,871 Nuveen Insd Qual Muni NQI 14.91 10,441 Nuveen MA Premium Income NMT 14.28 800 Nuveen NY Div Fnd NAN 14.11 5,936 Nuveen NY Performnce Plus NNP 15.39 3,310 Nuveen Performance Plus NPP 15.23 16,225 Nuveen Premier Muni Inc NPF 14.74 12,203 Nuveen Prem Inco Muni 2 NPM 14.83 9,369 Nuveen Prem Inco Muni 4 NPT 13.32 16,694 OGE Energy OGE 56.22 15,223 Oneok Inc OKE 86.21 47,166 Omnicare Inc OCR 34.98 100,551 Pacific Drilling PACD 9.20 22,578 Philip Morris Intl PM 78.55 392,804 Pimco Muni Inc II PML 11.38 13,427 PimcoNY PNI 11.55 1,834 Pinnacle West Capital PNW 48.01 84,284 PionrMuniAdv Tr MAV 14.45 10,565 Pionr Muni HI Tr MHI 14.79 12,568 Plains All Amer Pipeline PAA 72.05 38,142 Progress Energy PGN 55.16 145,461 Public Storage PSA 132.56 33,022 Qwest Corp. Nts CTQ 26.20 5,528 Qwest Corp7.50%Notes2051 CTW 26.38 5,924 RLI Corp RLI 74.32 3,869 RSC Hldgs RRR 18.90 372,301 RenaissanceRe Hldgs 6.08% RNRpC 24.99 1,533 Rex American Resources REX 22.30 1,003 Sally Beauty Hldgs SBH 21.85 143,742 SandRidge Permian Trust PER 20.74 15,693 Scana Corp SCG 44.48 19,094 Sherwin-Williams SHW 87.90 47,399 Simpson Mfg SSD 35.23 9,701 Southwest Gas SWX 42.49 7,794 SpectraEnergy SE 30.60 148,650 TJX Cos TJX 64.00 184,380 Tanger Factory Outlet Ctr SKT 29.56 26,402 Targa Resources TRGP 40.74 24,854 Triumph Group TGI 60.58 20,971 Tyson Foods TSN 20.95 111,043 Vectren Corp VVC 29.99 18,287 WGL Holdings WGL 43.93 16,193 Westar Energy WR 28.34 44,445 Western Asset Income Fd PAI 14.33 5,014 Wstrn Asset Muni Hi Inco MHF 7.92 6,541 Wstrn Asset Muni Ptnrs Fd MNP 15.16 4,000 Wisconsin Energy WEC 34.66 117,682 Wyndham Worldwide WYN 36.73 120,501 New Lows 13 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ Advantest Corp ADS ATE 9.52 3,052 Alon Hldgs Blue Square BSI 4.17 7,550 Amer Greetings A AM 13.06 1,526,389 CPI Corp CPY 2.76 261,992 China Education Alliance CEU 0.89 81,735 China Green Agric CGA 2.76 33,424 Christopher & Banks CBK 2.15 52,234 Cntry Style Cooking ADS CCSC 6.60 34,604 Kyocera Corp KYO 78.26 963 Lentuo International LAS 2.70 1,098 PHH Corp PHH 12.44 264,868 Reddy Ice Holdings FRZ 0.33 83,139 Sanchez Energy SN 17.07 71,395
NASDAQ
New Highs 34 COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ Air Methods AIRM 88.79 5,440 Allegiant Travel ALGT 55.27 6,445 Astronics ATRO 38.01 1,534 Bank of The Ozarks OZRK 29.95 9,060 Barrett Business Svcs BBSI 19.71 1,300 Carrols Restaurant Group TAST 11.88 10,167 Cintas CTAS 34.81 270,932 Commercial National Fincl CNAF 23.39 4,650 Coronado Biosciences CNDO 7.00 300 Curis CRIS 4.49 180,595 Garmin GRMN 39.87 65,796 Golar LNG GLNG 45.50 75,189 Home BancShares HOMB 25.49 6,798 InfoSpace INSP 11.28 10,030 Intuitive Surgical ISRG 450.00 51,934 Mattress Firm Holding MFRM 24.08 12,495 Mitcham Industries MIND 22.86 80,388 MOD-PAC MPAC 6.75 5,874 Old Dominion Freight Line ODFL 41.20 13,363 Parkvale Fincl PVSA 24.61 2,000 Perrigo Co PRGO 104.70 209,059 Rent-A-Center RCII 38.00 26,479 Retail Opp Investment ROIC 11.93 41,089 Smith & Wesson Hldg SWHC 4.37 310,878 Synageva BioPharma GEVA 23.55 1,174 Synergetics USA SURG 7.50 28,900 Team TISI 29.59 2,007 Tower Bancorp Inc TOBC 28.40 4,258 Universal Truckload Svcs UACL 17.73 739 Video Display VIDE 5.65 6,800 Virginia Commerce Bancorp VCBI 7.55 9,000 WCA Waste WCAA 6.43 3,415,771 Winmark WINA 58.75 1,073 World Acceptance WRLD 72.49 2,968 New Lows 15 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ ARCA biopharma Inc ABIO 0.97 384,558 Alaska Comm Sys Grp ALSK 3.33 839,194 Dataram DRAM 0.82 250 FreeSeas FREE 0.47 940 Horizon Pharma HZNP 4.37 14,092 Intergroup Corp INTG 18.01 100 Kelly Services (Cl B) KELYB 11.26 770 Neogen NEOG 25.59 329,222 Partner Comm Co PTNR 8.76 28,059 Poniard Pharmaceuticals PARD 1.91 24,759 ProShs UlShrt Nsdq Biot BIS 33.64 300 SORL Auto Parts SORL 2.58 2,100 Tudou Holdings ADS TUDO 9.54 8,098 U S Concrete USCR 2.28 4,600 WPCS Intl WPCS 1.47 1,300Comments »