FLASH: House Approves Bill to Lift Drilling Moratorium

The House of Representatives voted to open more of the nation’s oceans for oil and gas exploration on Thursday by a vote of 243 to 179.

The “Reversing President Obama’s Offshore Moratorium Act,” requires the Interior Department to set a production goal of three million barrels of oil per day for its 2012-2017 leasing plan.

In order to reach that target, the legislation requires the department to hold lease sales off the coast of Southern California, in the Arctic Ocean, off Alaska’s Bristol Bay, and in the Atlantic Ocean from Maine to North Carolina.

Read more: http://politics.blogs.foxnews.com/2011/05/12/house-approves-bill-lift-drilling-moratorium#ixzz1MCerPs2z

Renown hedge fund manager Leon Cooperman thinks the S&P 500 index could climb to the 1,425 level by year-end, trader Pete Najarian said Thursday. Energy and technology stocks will likely propel the index to that level, Cooperman told Najarian off-camera.

The former CEO and chairman of Goldman Sachs Asset Management, Cooperman spent 25 years at the New York City-based financial institution. In 1991, Cooperman left Goldman and started Omega Advisors. Today, he manages roughly $6 billion.

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Source: CNBC

The long-term expected rate of return on commodities is ‘zero,’ according to Mark Matson of Matson Money.

“Equities are the best long-term creators of wealth and if you own a diversified portfolio, you already own commodities in all of your stocks, so don’t double down—it doesn’t make sense for long-term investors,” Matson told CNBC.

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The rating agencies benefitted from a dismissal of lawsuits to hold them liable as underwriters for MBS. Osama Bin Laden’s son will also see a dismissal of a lawsuit, most likely, but it will be to his chagrin.

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A plastic surgeon has created an app that performs virtual plastic surgery on photos to show women curious about breast implants what it would be like to have a different bra size.

The free iPhone, iPod Touch and iPad app, called iAugment, uses 3D imaging technology to stimulate different implant sizes and allows users to visualize what larger breasts would look like on them in just a few seconds.

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The U.S. dollar is going to be a “total disaster” in the long term because of the country’s position as the world’s largest debtor and the policies being pursued by Federal Reserve Chairman Ben S. Bernanke, according to investor Jim Rogers.

The Chinese yuan is likely to be a “safe” currency, although it is difficult for investors to buy, Rogers, the chairman of Rogers Holdings, told a conference in Edinburgh.

“The situation is getting worse and I expect to see severe problems in the U.S.,” Rogers said today. “Dr Bernanke doesn’t understand economics, he doesn’t understand finance, he only understands printing money and we can’t quadruple the amount of money in the next slowdown.”

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Source: Bloomberg

Hedge-fund manager Steve Cohen has been “net neutral” on US equities for the past month…

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Source: CNBC

In what may be the final deathblow to poker-as-spectator-sport, ESPN has responded to the indictments leveled against online poker sites like PokerStars and Full Tilt Poker by removing all poker-related programming and advertising from its family of networks.

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The recent crackdown in online poker continues to presage an eventual legalization (and taxation by implication) in America. One can only imagine the windfall that the major casinos and governments will receive in this country.

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Up in the Pine Tree State, hundreds of existing home sellers are joining together this week, knocking at least $10,000 off their list prices for a limited-time offer. The deal ends Sunday, so act fast if you’re intrigued. Home builders do sales all the time, but a whole state in the bargain bin?

Source: CNBC

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‘They feed on a wide range of important food crops. Crops such as sweet corn, apples, pears, grapes, berries, peaches, tomatoes and peppers appear to be the most vulnerable.

‘Some growers have lost their entire crop to stink bug infestations.

This adds up to many millions of dollars of losses in crop values.

It’s a serious economic loss to some growers.’

Read more: http://www.dailymail.co.uk/news/article-1371748/Stink-bug-epidemic-spreads-33-U-S-states-report-smelly-pests.html#ixzz1IDplYHET

If you’re already shocked by how much your favorite cut of beef costs at the supermarket, brace yourself because prices will keep going up.

Surging commodity prices already have consumers paying more for groceries such as eggs, milk, cereal and meat. The price of beef in particular has shot through the roof.

SOURCE: CNNMoney

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“Manufacturing has a bum rap,” said Frank Vargo, vice president for international economic affairs with the National Association of Manufacturers. “Manufacturing is not on its last legs. It’s not at its peak, but it’s growing faster than the rest of the economy and it’s leading the economy.”

Read more: http://www.foxbusiness.com/markets/2011/03/30/manufacturing-lone-bright-spot-economy/#ixzz1IDm5nu2v

Travelers today are looking for more than just a free bag of peanuts and soda on flights and during hotel stays.

According to a recent survey, by joining traveler loyalty programs with airlines and hotels around the globe, consumers are earning points and redeeming them for not only free travel, but gift cards and even cash, to offset the slowly recovering economy—even if they are traveling on their company’s dime. Don Berg, vice president of Loyalty Programs and Partnerships for InterContinental Hotels Group (IHG) said due to the economic climate, members of loyalty programs are looking to cash in more and more on everyday items, instead of another vacation.

Read more: http://www.foxbusiness.com/travel/2011/03/31/travel-loyalty-rewards-programs/#ixzz1IDkecJwJ

Traders are saying the scariest moment of the second quarter will be on April 27, when Federal Reserve Chairman Ben Bernanke will hold the first ever press briefing following a monetary policy decision by the central bank.

This change in the Fed’s communication with the markets alone is enough to give investors the jitters, but the nervousness is compounded by the anticipation of a signal by the Fed chief as to whether the quantitative easing that has fueled this bull market will continue past its stated end date in June.

Source: CNBC

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The “smart money” is at it again, seeking low-risk, high-yield returns.

The search for yield has attracted many investors to master limited partnerships, known as MLPs, because they offer a number of very low-risk businesses with healthy growth prospects, Brian Watson, director of research at SteelPath, an investment manager of master limited partnership energy portfolios that specialize in US energy infrastructure assets, told CNBC on Friday.

MLPs are limited partnerships that are publicly-traded, tax-advantaged investment vehicles, commonly used in the energy industry. To qualify as an MLP, a firm must earn 90 percent of its income through activities or interest and dividend payments relating to natural resources, commodities or real estate.

Source: CNBC

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*NOTE: Inverse ETF DXD on the list as well.

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The operator of Japan’s tsunami-crippled nuclear plant says it has almost completed a new power line that could restore electricity to the complex and solve the crisis that has threatened a meltdown.

From CNBC

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No.	Ticker	Fundamental Score	Hybrid Change (Daily)	Hybrid Change (Weekly)	Hybrid Score	Rank (Daily)	Technical Score	Short as % of Float	Average Volume
1	CYS	3.65	25.81	17.37	2.73	1244	1.58	26.40	5,647,230
2	GLUU	2.70	34.29	33.20	3.29	238	3.78	14.50	3,532,690
3	VVUS	2.60	33.53	36.31	2.23	2897	2.98	19.80	3,527,490
4	KOG	2.90	40.83	57.21	3.07	432	3.70	15.50	3,395,670
5	PWAV	4.65	29.34	40.89	4.10	10	3.73	7.40	2,771,950
6	AGNC	3.75	30.63	1.76	3.71	70	3.73	15.90	2,649,140
7	DG	4.30	28.87	54.66	3.75	64	3.38	1.70	2,645,320
8	AMT	2.90	29.32	48.79	2.47	2179	2.68	1.00	2,476,000
9	ARO	4.60	41.67	36.46	3.74	65	3.13	9.10	2,138,530
10	EPD	3.35	62.23	50.49	3.05	457	2.86	0.50	1,875,310

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