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Monthly Archives: September 2011

Fundamental Laws Do Not Always Apply

The lastest fundamental law to investing is now diversification. But when so many issues trade up and down together is this a correct assumption or law ?

Full article

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Biggest ETF Winners and Losers Over the Past Week

No. Ticker 1-week Return
1 ZSL 56.40
2 TVIX 45.56
3 ERY 42.37
4 EDZ 38.56
5 LHB 35.04
6 SMN 33.80
7 YANG 33.30
8 DRV 29.49
9 FAZ 29.42
10 TZA 28.52
11 SRTY 27.80
12 DUG 27.11
13 FXP 26.75
14 BZQ 25.72
15 MWN 25.64
16 DUST 24.53
17 EEV 24.43
18 TMF 24.07
19 DPK 23.25
20 SPXU 21.78
21 VXX 21.44
22 VIXY 21.43
23 VIIX 21.36
24 BXDC 20.50
25 SKK 20.39
No. Ticker 1-week Return
1 RUSL -44.16
2 AGQ -42.50
3 MATL -34.21
4 COWL -33.48
5 ERX -32.85
6 EDC -32.38
7 LBJ -30.10
8 YINN -28.59
9 UYM -27.56
10 FAS -25.41
11 DRN -25.20
12 TNA -24.39
13 DBS -24.12
14 XPP -23.23
15 DIG -23.11
16 NUGT -23.07
17 SLV -23.00
18 BRIL -22.78
19 PSLV -22.76
20 EET -22.49
21 CU -22.40
22 MWJ -22.33
23 TMV -21.76
24 DZK -21.18
25 BDD -20.62

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SHOCKER: Herman Co-Cain Wins Florida Straw Poll

ORLANDO — Former Godfather Pizza CEO Herman Cain won the Presidency 5 straw poll here Saturday, delivering a blow to Texas Gov. Rick Perry’s frontrunner status and a victory for a candidate who has struggled to transform his grassroots popularity into strong showings in national polls.

“Tonight’s winner is Herman Cain,” Florida Gov. Rick Scott announced. “It shows you something, the road to the White House come through Florida, and it pays to spend time here.”

He received 37 percent of the more than 2,600 votes cast.

“Thank you to the Republican voters for this incredible honor of being named the winner of the Presidency 5 straw poll in Florida today,” Mr. Cain said. “This is a sign of our growing momentum and my candidacy that cannot be ignored. I will continue to share my message of ‘common-sense solutions’ across this country and look forward to spending more time in Florida, a critical state for both the nomination and the general election.”

Read the rest here.

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EU MAY Accelerate the ESM Fund

Bloomberg has obtained documents that describe the EU speeding up a fund called European Stability Mechanism.

Was not supposed to kick off until mid 2013, but sources are saying this will be discussed and possibly sped up to stem sovereign debt woes.

Full article

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Small Businesses Push Back on “Buffett Tax”

Warren Buffett had everyone crunching the numbers this past week with his claim that he pays more in taxes than his secretary, and that millionaires need to their fair share in taxes. This assertion prompted President Obama to propose the Buffett Tax on Monday to make sure millionaires are taxed at higher rates than their secretaries.

And so the Buffett Tax debate began.

Read more: http://smallbusiness.foxbusiness.com/entrepreneurs/2011/09/23/small-businesses-weigh-in-on-buffett-tax/#ixzz1YqBjfPwK

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Banks of American May Sell Mortgage Unit to Fortress

Bank of America Corp <BAC.N> is in talks to sell its correspondent mortgage lending unit to a division of Fortress Investment Group LLC, the Wall Street Journal reported on Friday.

The largest U.S. bank by assets, which has been saddled by losses and litigation related to its residential mortgage business, last month said it would either wind down or sell the correspondent business, which buys loans from other banks and mortgage brokers.

Nationstar Mortgage Holdings Inc, which is owned by Fortress, is conducting due diligence on the deal, according to the paper. It cited unnamed sources who said no final agreements have been reached.

“We continue to work with interested parties, and feel we are making positive progress toward a potential sale,” said Dan Frahm, a Bank of America spokesman. He declined to elaborate.

A sale of the mortgage unit would join a steady flow of sales of “noncore” assets that the bank has been disposing of this year to raise capital to offset losses and meet tougher capital rules being phased in by regulators worldwide.

The bank’s shares have lost roughly half their value this year on concerns that continuing problems related to the loans of the former Countrywide Financial could force the company to raise as much as $50 billion of new equity and dilute current shareholdings.

Chief Executive Brian Moynihan, who in August arranged for a $5 billion investment from Warren Buffett’s Berkshire Hathaway, has said the bank can absorb its losses through asset sales and earnings.

Read more: http://www.foxbusiness.com/industries/2011/09/23/bofa-may-sell-mortgage-unit-to-fortress-wsj/#ixzz1YqBLEk4t

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YHOO: Leaked Memo

After Yahoo fired CEO Carol Bartz, cofounder Jerry Yang told employees that the company had not begun a sales process.

Since then, reports here and elsewhere have suggested that is a bunch of malarkey and that Yahoo’s board is very much putting the company up for sale.

Full story here

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U.S. Markets Flip Flop in the Calm Before the Storm

DOW currently up 50, Nasdaq up 27, & the S&P is up 10 bones. We have been red and green today.

Markets have shown a day of calm after a global sell off.

Art Cashin has been on point and today he described  a snenario where we would see choppy trade followed by a final capitulation sell day and then the big rally the market seems to be hinting at.

Check out Art’s commentary

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