Three Keys to Greater Wealth

“There are three keys to greater wealth from investing: philosophy, strategy and discipline. The best returns go to those who have a sound investment philosophy, create a workable plan based in this belief, and diligently follow their plan. These steps sound easy, but they’re very difficult to execute. Most people need help getting it done.

Ask experienced advisers how many portfolios they’ve reviewed that lack philosophy, strategy, and discipline and you’ll make them laugh. That’s because almost all portfolios lack these elements. Investors say they’ve got them, or think they have them, but their portfolios don’t show it. They hold a smorgasbord of randomly collected investments that have no relationship to each other except that they all tend to be popular ideas from days gone by.”

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“If the quarter million State Department cables that WikiLeaks heaved onto the Internet in 2010 and 2011 was a “megaleak,” the secret-spilling group may need a new word to capture the size of its latest release: 2.4 million emails from Syrian politicians, officials, and associated companies, representing one of the group’s largest document dumps yet, a collection of data the group describes as 100 times the raw size of its State Department release.

The gargantuan new release, which WikiLeaks has titled the Syria Files, was announced in an event at the London Press Club Thursday morning by Sarah Harrison, a WikiLeaks staffer and sometimes-assistant to the group’s founder Julian Assange, who remains hidden in London’s Ecuadorean embassy seeking asylum to avoid extradition to Sweden to face questioning for alleged sex crimes.”

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“Applications for U.S. home mortgages tumbled last week as demand for refinancing slumped for a second week in a row, though new purchase activity edged up, an industry group said on Thursday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 6.7 percent in the week ended June 29.

The MBA’s seasonally adjusted index of refinancing applications slumped 8.4 percent, after a more than 8 percent drop the previous week. The gauge of loan requests for home purchases, a leading indicator of home sales, improved modestly, up 0.6 percent.”

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“Retailers reported largely disappointing sales in June, as consumers pulled back on spending amid concerns about jobs and the economy.

Thomson Reuters was expecting its same-store sales index to inch up 0.5 percent in June, far weaker than a year-ago when the index rose 6.7 percent in June.

June tends to be a weaker month on the retail calendar with fewer reasons to drive shoppers to the store.”

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Fun times….

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While a 3 year auction saw yields fall today, the ten year not for Spain rose.

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It comes as no surprise that money influence politics…and not always for the better. Leading up to the 2008 financial crisis we learn that Countrywide helped many a congressman with sweetheart deals that may have led to decisions of being easy on the mortgage industry.

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“If Mitt Romney loses his run for the White House, a turning point will have been his decision Monday to absolve President Obama of raising taxes on the middle class. He is managing to turn the only possible silver lining in Chief Justice John Roberts’s ObamaCare salvage operation—that the mandate to buy insurance or pay a penalty is really a tax—into a second political defeat.

Appearing on MSNBC, close Romney adviser Eric Fehrnstrom was asked by host Chuck Todd if Mr. Romney “agrees with the president” and “believes that you shouldn’t call the tax penalty a tax, you should call it a penalty or a fee or a fine?”

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“LONDON (AP) — Two leading credit rating agencies took steps Thursday toward downgradingBarclays in the wake of a trading scandal that’s seen three senior officials, including chief executiveBob Diamond, hand in their resignations.

Though both Moody’s and Standard & Poor’s maintained their ratings on the bank, they lowered their outlooks to ‘negative’ from ‘stable. That means that a downgrade of the actual rating is now more likely.”

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The Euro was 1.27+ two days ago. This morning the Euro was up above 1.26. Now the Euro is getting smashed in the 1.23 area…

EUE /USD

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From 24/7Wallst.com

“GM (NYSE: GM) has begun negotiations with Facebook over being to advertise on the social network again (Reuters)

Apple (NASDAQ: AAPL) will launch a new 8 inch screen tablet PC in September (WSJ)

Best Buy (NYSE: BBY) may build new stores based on the Apple retail stores (WSJ)”

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Gapping up

NBG +6%, SXCI +4.3%, ELN +3.3%, YNDX +0.9%, AH +4.1% ,

MLNX +4.8%, PCX +14.1%,  OSUR +12.4%,  PHMD +4.2%,  CHTP +6.9%

Gapping down

NOK -3.3%, STO -2.6%, LIVE -2.2%, SDRL -1.8%, BBVA -1.8%, BCS -1.3%,

VE -5.1%, AEG -2.7%, SNY -1.4%, NVS -1.4%, NVO -1.2%,

RBS -2.5%, BBVA -1.8%, SAN -1.5%, DB -1.4%, BCS -1.3%

AMBO -8.2%, BKE -3.5%, TGT -3.3%

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“Costco’s (NASDAQ: COST) results for June showed that one of the most successful retailers in the United States stumbled. Costco tends to cater to high-end shoppers, so its same-store sales could indicate that the well-to-do have cut back their consumer spending. Same-stores sales were up only 3%.

The big-box retailer issued its numbers:”

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Analysts say it will not last….

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In Play ,

On the Wires

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Continuing claims: Prior 3296k, market expects 3283k, actual 3206k

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Most of us are on holiday this week, but today is shaping up to be a very important day for investors.

China gave a surprise rate cut after flooding money markets with cash over the past week, the ECB cuts interest rates below 1%, and England announced another QE program worth 50 billion Sterling.

All of this with hopium for more QE from the clam has failed to get futures off to the races. Furthermore, Europe is not rallying as it should after such an interest rate cut.

Further evidence of problems come from the Euro falling below a crucial mark of 1.25 to the greenback.

While the U.S. markets have not opened it appears that the markets may finally be following suit to what the bond markets have been telling us for some time.

The next few days of trade is crucial for longer term direction.

Pay close attention to 1363 S&P. This is a Fibonacci area that needs to hold for longer term strength. Below that is 1345.

Let’s hope this is not the day the central banks died.

GLT

[youtube://http://www.youtube.comwatch?v=uAsV5-Hv-7U 450 300]

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“China’s central bank on Thursday lowered interest rates for the second time in less than a month, a surprising move that signals alarm by authorities in Beijing at the state of the world’s second-largest economy.

The People’s Bank of China said in a statement it will cut the one-year yuan lending rate by 0.31 percentage point and the one-year deposit rate by 0.25 percentage point.

In addition, lending rates will be allowed to fall to 70% of the benchmark rate, down from 80% currently.”

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