TheVRTrader.com VR Silver Newsletter - Monday 2/23/2009
"Tools for the High Performance Trader"
Copyright ©2009, All rights reserved.
Redistribution in any form is strictly prohibited.
"Tools for the High Performance Trader"
Copyright ©2009, All rights reserved.
Redistribution in any form is strictly prohibited.
LEIBOVIT FILES | by MarkLeibovit
Leibovit Files
Monday, February 23, 2009
Abolish The Federal Reserve!
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This event is worth repeating and repeating and repeating until itsinks into the thick skulls we call politicians:
Back on Septebmer 29, 2007, Alan Greenspan appeared on the JonStewart television program. Stewart brought up the idea that America,supposedly, has a free market economy. "So, why do have a Fed? Stewartasked. "Wouldn't the market take care of interest rates and all that?Why would we have someone adjusting the rates if we are in a freesociety?"
Greenspan's answer: "You didn't need a central bank when you were ona gold standard."
Bingo! Somebody give that man a cookie! This is really the mostimportant admission a central banker in the this country (and probablythe world) has ever made. Through the genius of 'Tricky Dick' Nixonback in 1971, we were taken off the gold standard, both the US Dollarand inflating of our money supply have been manipulated for politicaland other purposes!
It is time to ABOLISH THE FEDERAL RESERVE!
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UPCOMING ECONOMIC RELEASES/MARKET EVENTS
February 23-27, 2009:
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MONDAY, February 23:
4-Week Bill Announcement 11:00 AM ET
Federal Reserve Bank of Atlanta President Dennis Lockhart speaks onthe U.S. economy and outlook before the Association for FinancialProfessionals Corporate Risk Forum 12:40 PM ET
3-Month Bill Auction 1:00 PM ET
6-Month Bill Auction 1:00 PM ET
Federal Reserve Bank of Dallas President Richard Fisher giveslecture, 'Comments on the Current Economic Crisis'
http://www.iop.harvard.edu/Programs/John-F...nnedy-Jr.-Forum 6:00 PM ET
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TUESDAY, February 24:
Turnaround Tuesday?
ICSC-Goldman Store Sales 7:45 AM ET
Redbook 8:55 AM ET
S&P Case-Shiller HPI 9:00 AM ET
Consumer Confidence 10:00 AM ET
Federal Reserve Chairman Ben Bernanke testifies on monetary policybefore the Senate Banking Committee 10:00 AM ET
Federal Reserve Bank of Dallas President Richard Fisher speaks on'The Current Financial Crisis' before the Fourth Annual ArchwayInvestment Fund Financial Services Forum 11:30 AM ET
Federal Reserve Board Governor Elizabeth Duke speaks on 'The Futureof the Community Reinvestment Act' before the Community ReinvestmentAct Policy Forum 12:00 PM ET
4-Week Bill Auction 1:00 PM ET
2-Yr Note Auction 1:00 PM ET
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WEDNESDAY, February 25:
MBA Purchase Applications 7:00 AM ET
Existing Home Sales 10:00 AM ET
Federal Reserve Chairman Ben Bernanke testifies on monetary policybefore the House Financial Services Committee 10:00 AM ET
EIA Petroleum Status Report 10:30 AM ET
5-Yr Note Auction 1:00 PM ET
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THURSDAY, February 26:
Durable Goods Orders 8:30 AM ET
Jobless Claims 8:30 AM ET
New Home Sales 10:00 AM ET
EIA Natural Gas Report 10:30 AM ET
3-Month Bill Announcement 11:00 AM ET
6-Month Bill Announcement 11:00 AM ET
Money Supply 4:30 PM ET
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FRIDAY, February 27:
GDP 8:30 AM ET
NAPM-Chicago 9:45 AM ET
Consumer Sentiment 9:55 AM ET
Federal Reserve Bank of Philadelphia President Charles Plosser andFederal Reserve Bank of Boston President Eric Rosengren participate ina 2009 U.S. Monetary Policy Forum discussion on 'Making Monetary PolicyDuring a Financial Crisis' 1:30 PM ET
Farm Prices 3:00 PM ET
Federal Reserve Bank of St. Louis President James Bullard andFederal Reserve Bank of San Francisco President Janet Yellenparticipate in a 2009 U.S. Monetary Policy Forum discussion on 'OilPrices and Monetary Policy.'http://research.chicagogsb.edu/igm/events/...etaryforum.aspxTime TBA
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STOCKS - ACTION alert -
Stocks opened sharply lower Friday morning, but recovered some oftheir losses in the afternoon. For the session, the Dow was down asmuch as much as 216 points, hitting its lowest mark since October 1997,recovered to break-even, before closing down 100.28 at 7365.67. TheS&P 500 was off 8.89 at 770.05 and the Nasdaq Composite was off1.51 at 1441.23. Volume increased over Thursday and breadth was weak.
Stocks opened sharply lower as sentiment was one of fear anduncertainty regarding the nationalization of banks. In the afternoon,the White House said that it is not in favor of nationalization,sparking a big rally, especially among financials. Rumors also surfacedthat the Treasury will soon release further details of its financialstability plan, even though there were no other details presented tosubstantiate the rumor. The XLF closed down 1.5% but had traded down asmuch as 9.3%. Among the banks, Bank of America and Citigroup to hithard in the morning, with BofA recovering almost all its gains but Citirecovering less than half. BAC was down 35.6% in the early afternoonbut closed down just 3.6% at 3.79. Citigroup had been down 35.9% andended with a 22.3% decline at 1.95. Bank of America is at a record low(dating back to 1986) and Citigroup is at its lowest price since 1990,the last time it almost went bankrupt.
Both the Dow Industrials and Dow Transports hit bear market lowsFriday. Among the sectors, Financials (XLF) and Industrials (XLI) alsohit bear market lows. Only Technology (XLK) and Materials (XLB) gainedon Friday, closing up 1.0% and 0.8%. The Dow Industrials closed at itslowest level since November 1997. Wow! The 11 year return forbuy-and-hold equity owners is 0% (not including dividends andinflation, which just about offset each other).
No matter how you slice it, last week was an ugly week. For theweek, the Dow was off 6.17%, the S&P 500 was off 6.87%, and theNasdaq Composite was off 6.07%.
One bright spot Friday was the outperformance of the Nasdaq 100, therecent leader. NDX was up .41% on the day. Bear in mind that Friday wasoptions expiration which always leads to some inexplicable activity.
Friday's intra day reversal was more news related than anything, sowe will see if there is any follow through buying on Monday. That ishow bad things have gotten, the Dow closed down 'only' 100 points and Iam actually writing about follow through buying. Nonetheless, theindices closed well off of their intra day lows on marked increases involume. We will see how next week unfolds. I still believe that ralliesare short-selling opportunities, though I suppose at some point we'regoing to get a WHOPPER of a rally to scare everyone into the beliefthat everything is okay.
The Dow Industrials posted an eleven year low on Friday at 7249.47.The key Dow Transportation Index did the same at 2631.24. Other majorindexes are approaching new lows with the exception of the NasdaqComposite and the NDX, but they too look lower as well and should catchup soon. Most analysts are watching the SPX at its November 21 lost of741.00. I'm looking at the 675-690 area in the SPX as the next (notultimate) downside objective.
Even now the market does not react to news of government efforts tosave the day. Remember just last fall how the market would rallysharply at the mention of any government money being used to help easethe economic pain? Now it seems as though traders and investors justdon't want to participate. Normally that type of psychology would haveme looking for a bottom, but the looming worldwide currency crisis, thebullish action in gold, and also the inability of this market to putany rallies together has me believing that there is more pain to come.
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GOLD - ACTION alert -
Gold moved through the 1000 level (touching 1007.20) for the secondtime in history on Friday in a huge flight to safety, but fell backbelow that psychologically important mark as stocks recovered some oftheir losses. Gold closed up 20.00 to 993.20 and hit a recover high of1007.20, not far from the 1037 record high from 11 months ago. Silverwas up 0.38 to 14.41 and hit a new high of 14.64. Platinum rallied 14to 1081. Gold's next target is the record of 1037 seen last March.Beyond that, I am looking for 1200 and ultimately 3000. We could evengo much, much higher. How about 10,000? Support is at 953, 925, 900,875, 850 and 800. I don't expect to see it, but next support is at 780followed by 680.
Don't be fooled, my friends. Gold is going dramatically higher.Subscribers to the Annual Forecast Model can see the volatility swingsexpected ahead, but the 'big picture' trend is higher. Frankly, I seeno reason why Gold can't see $1200 an ounce in the next few weeks.
Subscribers should be delighted to learn that I plan to launch aseparate VR Gold letter in the next few weeks focusing strictly on Goldand Gold, Silver, and Platinum shares and ETFs.
Gold in the SPDR Gold Trust, the largest exchange-traded fund backedby bullion, climbed to a record 1,028.98 metric tons Thursday, placingit just behind the 1,040 tons held by Switzerland, the world'ssixth-largest stockpile.
Silver is pushing its way higher touching 14.64 in the spot marketand still has potential up into the 15.00 to 17.00 range. Platinum hasrallied, touching 1121 on its way to 1230-1300 resistance.
I continue to recommend accumulating the physical metal whenever youcan get your hands on it. Reason? There is not a single central bank orfinancial institution in the world that can create more gold. Itssupply is extremely limited. All the gold ever mined in the history ofthe world would fit into two Olympic-size swimming pools. In addition,every central bank on the planet is printing fiat money like crazy.Plus, if you think the financial crisis is bad thus far, tighten yourseatbelts because it's about to get a heck of a lot worse.
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BONDS - ACTION alert -
Treasuries moved higher Friday as the stock market fell in themorning and traders rushed to the safety of the world's largestgovernment. Additionally, the as expected consumer price reportrelieved traders who grew worried about inflation after Thursday'sunexpectedly big jump in producer prices. But bonds finished well offearlier highs after stock rebounded off their lows in the afternoon.The long bond future rallied 1 23/64 to 127 40/64, but had traded ashigh as 129 4/64.
The Treasury said it will sell $94 billion in short-term debt thisweek. The Treasury Department said it will sell $40 billion in two-yearnotes on Tuesday and $32 billion in five-year notes on Wednesday. Theamount of two-year debt is $1 billion less than predicted, though thefive-year note sale is $1 billion more than it forecast. Both amountsare still the most ever for a single auction of those maturities. TheTreasury will also sell seven-year notes for the first time since 1993,with $22 billion on Thursday. That's less than anticipated.
Treasuries are beginning to get stiff competition from a slew ofcorporate bond deals that offer investors higher yields than governmentdebt. On Wednesday, companies sold $29.55 billion in new debt, thebusiest issuance day on record.
In the end, the Treasury is primarily trading on the flight tosafety. When equity markets fall, traders are rushing into the safetyof Treasuries. And when traders get the urge to risk their money instocks, Treasuries fall again. In the long run, Treasuries will bepressured by the huge amount of supply coming on the market as theTreasury funds the US government's huge budget deficit. In fact, we arealready seeing this as stocks hit new lows but Treasuries are well oftheir December high.
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CRUDE OIL - ACTION alert -
Oil fell slightly Friday after nearly reaching a new contract low inthe morning. April crude oil hit a low of 37.54 Friday morning, barelyabove the contract low of 37.12 set Thursday morning. But oil thenrallied as the dollar weakened and as the stock market rebounded,closing down just 0.15 to 40.03
We're some positive volume come into this market (and the shares),so we may see more of a technical bounce this week. We are long forPlatinum subscribers with a tight stop.
Over the last few days, Crude Oil neared its big support at the32.70 low set as the February contract expired in late January. Supplyis no longer an issue as storage facilities are at capacity. The marketis now watching demand and inflation. Demand has fallen off a cliff andcaused the big drop in oil from a high of 147 to a low of 32. Perhapsthere is something we don't know going on out there. Perhaps there is anew technology that would replace Crude Oil. There is clearly something'rotten in Denmark'. When you think about a decline from $147 to$32.70, it is clear we're being kept in the dark.
Upside potential still exists back to 50.00, 55..00, 65.00 on atechnical rally, but from what level? It is becoming more apparent that32 will not hold and such a rally could come from much lower levels.How low? We will know in the fullness of time.
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US DOLLAR - ACTION alert -
The US Dollar Index fell sharply Friday afternoon, apparently unableto break through the key 88 resistance level. Back in November, the USdollar index spent six weeks trying to break through the 88 pricelevel, hitting a high of 88.463, but never being able to stay abovethat mark. The dollar against spent the last four days assaulting 88,but failing to do so, it has now fallen well below that level. The USdollar index dropped 0.802 to 86.592 after trading as high as 88.129Friday morning.
We spent 6 weeks fighting it last time, so we shouldn't assume thecurrent inability to rally means we are heading lower. But if we dofall, look for the big support in the 78 area from the December low.
Remember, the US Dollar Index has been acting as a pure flight tosafety trade. If markets around the world continue to fall, expect tosee the dollar rally. If stocks rally or even if they simply stay put,the dollar will likely drop as traders unwind their flight to safetytrades.
We are long the ETF for an up US Dollar! Volume is trading to theupside. However, if we break under 77.688, December 18's low, nextsupport (target) would be 75.89 and then potentially through the 70.00bear market low. My upside target for the US Dollar index is as high asthe 95-98 range.
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URANIUM - ACTION alert
Ux U3O8 Prices* (Uranium)
February 16, 2009 Posting
Spot: $47.00 UNCHANGED. Bull market high in the cash market was$136.00.
The March Uranium Futures closed at $48.00. The current bear marketlow is $45.00. June 13, 2007 hosted the bull market high of 154.95.Major support lies well under the market at $36.00. Confirmation of abottom should be evident when the uranium shares begin as uraniumshares regain their footing. We're getting some early signs here, sostay tuned.
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In the news:
The Labor Department said that consumer prices rose by 0.3 percentlast month, the biggest monthly increase since a 0.7 percent rise inJuly. But even with the January increase, which was in line witheconomists' expectations, inflation for the 12 months ending in Januarywas zero. That's the lowest reading since prices actually fell by 0.4percent for a 12-month period ending in August 1955. Core inflation,which excludes energy and food, showed a modest increase of 0.2percent, slightly higher than the 0.1 percent gain economists expected.Over the past 12 months, core inflation rose 1.7 percent, the lowestreading since a similar increase for the 12 months ending in August2004. Energy prices rose 1.7 percent in January, the first increasefollowing five months of big declines. The advance was led by a 6percent jump in gasoline prices. Even with that gain, prices at thepump are still more than 40 percent below year-ago levels.
Lowe's, the nation's second biggest home improvement retailer, saidits fourth-quarter profit dropped 60 percent and forecast 2009 earningsthat are short of Wall Street's expectations. Earnings declined to $162million, or 11 cents per share, in the three months ending Jan. 30,from $408 million, or 28 cents per share, during the same period lastyear. The retailer said revenue fell 4 percent to $9.98 billion from$10.4 billion a year ago. Analysts expected a profit of 12 cents pershare on revenue of almost $10.1 billion. Lowe's forecast 2009 earningsof $1.04 to $1.20 per share. Analysts predict a full-year profit of$1.27 per share. LOW fell 6.6%.
J.C. Penney reported a 51 percent drop in fourth-quarter profit ascustomers sharply cut spending on clothing and other more discretionaryitems. The department store chain also projected a wider first-quarterloss than analysts had predicted. The retailer earned $211 million, or95 cents per share, for the three months ended Jan. 31. That compareswith $430 million, or $1.93 per share, a year earlier. Sales droppedalmost 10 percent to $5.76 billion from $6.39 billion. Analysts hadexpected the company to earn 92 cents per share on revenue of $5.76billion. The company said it expects a per-share loss of between 20cents and 30 cents in the first quarter. Analysts had expected a lossof 19 cents. Penney also said total sales would drop from 10 percent to13 percent and that same-store sales would drop between 12 percent and15 percent in the first quarter. JCP inched up 1.2%.
In a possible sign of larger things to come, General Motors Corp.'sSwedish-based subsidiary Saab went into court protection from creditorsFriday so the unit can be spun off or sold by its struggling U.S.parent. The move is a last-ditch effort to get Saab in order for sale,but the danger of a collapse still hovers over the ailing brand becauseneither GM nor the Swedish government appears ready to provide enoughmoney to keep it going as a freestanding entity. GM dropped 11.5% to1.77.
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TIMER DIGEST signals for Stocks, Gold and Bonds are available toPlatinum subscribers on the Home Page.
TIMER DIGEST has named Mark Leibovit of VRTrader.com 'TIMER OF THEYEAR' for 2006 and was named the #2 Timer for 2007.
More kudos - Mark Leibovit was named the #1 Intermediate MarketTimer for the 10 year period ending in 2007; the #1 Intermediate MarketTimer for the 3 year period ending in 2007; the #1 Intermediate MarketTimer for the 8 year period ending in 2007; and the #8 IntermediateMarket Timer for the 5 year period ending in 2007. NO OTHER ANALYSTSURVEYED APPEARED IN ALL FOUR CATEGORIES FOR INTERMEDIATE MARKET TIMINGAS PUBLISHED IN TIMER DIGEST JANUARY 28, 2008!
Mark Leibovit was also named the #1 Gold Timer for the period endingMarch 25, 2008.
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The Annual Forecast Model for 2009 is now posted on the VRtrader.comwebsite. It can viewed (after subscribing) by clicking on the VRForecaster link on the left side of the Home Page and then click on'Click to View 2009 Report'. You will then be prompted to enter yourusername and password.
OUR claim it that it represents a 'blueprint to the future'. If youhad been a subscriber, you would have known ahead of time that themarket in 2007 would likely nosedive in February/March, rally to June,the nosedive into mid-August, then rally into early October and thesell-off into the third week of October - followed by a choppyNovember. You have also known that the market could be weak into April14, 2008 and top out on or about April 30, 2008 with a secondary rallytry into May 16 and a forecasted decline into mid-September.
What's next? Subscribe today and see for yourself! Remember, folks,there is no price too high for good information! http://www..vrtrader.com/vr_forecaster/index.asp
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DAILY VR LIST:
Editors note: The Daily VR List here is abbreviated with the fulllist only available to Platinum subscribers by clicking on 'Current VRList' on the Home Page of VRtrader.com.
Silver subscribers who find this useful should upgrade to Platinumwhere you can pull down VR charts for many securities and watch thepatterns unfold for yourself. There is no technical service on theplanet that posts Positive and Negative VR! Why? Because they areproprietary to VRtrader.com!
How do you use this list? VRs are buy and sell triggers and areparticularly useful in defining lows or highs in stocks and stockindexes. Traders find them particularly useful, especially coming offmarket extremes as an indication of a change of direction. Use the VRsin conjunction with your other technical indicators and you've added aunique technical tool to your arsenal.
What is a Volume Reversal? There are several proprietary subtletiesto the Volume Reversal ™ algorithm, but essentially a VolumeReversal ™ is a change from a Rally day to a Reaction dayaccompanied by a increase of volume or a change from a Reaction day toRally day accompanied by an increase in volume. Volume Reversals ™coming off intermediate lows or highs have greater significance inhelping to define those lows or highs and important pivot points in themarketplace. The Volume Reversals ™ presented here provide you witha unique research tool that may have trading (short-term) significance,but it also may have 'trend changing'(intermediate) significance aswell. The sector Volume Reversals ™ show where big money is possiblyaffecting an entire group of stocks. The stocks listed under the grouphave posted Volume Reversals ™ along with the group as a whole. Theindividual stocks listed have posted Volume Reversals ™ on their ownand are valid plays as well.
To see a visual representation of Volume Reversals ™, please goour Current Portfolio section and click on any recommended stock. Or,if you would like to get a VR Chart for a specific symbol, please clickhere. Please note that not all symbols may be currently available.
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List of Volume Reversals 2/20/09 - Sectors
POSITIVE VRs
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AEROSPACE/DEFENSE Aerospace/Defense Products & S
AAII Alabama Aircraft Indus Inc
BZC Breeze Eastern Corp
AUTOMOTIVE Trucks & Other Vehicles
STS Supreme Industries Inc
BANKING Regional - Mid-Atlantic Banks
AMNB American Natl Bnkshrs Va
CRRB Carrollton Bancorp
BANKING Regional - Midwest Banks
BUSE First Busey Corp Cl A
MBHI Midwest Banc Holdngs Inc
BANKING Regional - Northeast Banks
CBNJ Cape Bancorp
CJBK Central Jersey Bancorp
BANKING Regional - Southeast Banks
FPBI FPB Bancorp Inc
BANKING Regional - Southwest Banks
CASS Cass Commercial Corp
BANKING Savings & Loans
PROV Provident Fin Holdings
COMPUTER SOFTWARE & SERVICES Application Software
INTU Intuit Inc
TIGR TigerLogic Corporation
COMPUTER SOFTWARE & SERVICES Business Software & Services
ARST Arc Sight` Inc.
CATT Catapult Communications
COMPUTER SOFTWARE & SERVICES Healthcare Information Service
HMSY Hms Holdings Corp
MDAS Medassets` Inc. Common Stock
COMPUTER SOFTWARE & SERVICES Information & Delivery Service
JUPM Jupitermedia Corp
COMPUTER SOFTWARE & SERVICES Information Technology Service
HDY HyperDynamics Corp
COMPUTER SOFTWARE & SERVICES Technical & System Software
MENT Mentor Graphics Corp
CONSUMER DURABLES Appliances
NPK National Presto Indust
CONSUMER NON-DURABLES Textile - Apparel Clothing
COLM Columbia Sportswear Co
CONSUMER NON-DURABLES Textile - Apparel Footwear & A
DFZ R.G. Barry Corp
KCP Kenneth Cole Productions
DIVERSIFIED SERVICES Business/Management Services
CPSI Computer Programs & Systems
DIVERSIFIED SERVICES Education & Training Services
ATAI Ata Inc.
LOPE Grand Canyon Education
DIVERSIFIED SERVICES Personal Services
LONG Elong Inc
NLCI Nobel Learning Community
DIVERSIFIED SERVICES Research Services
NRCI National Research Corp
DRUGS Biotechnology
GENZ Genzyme Corporation
DRUGS Drug Delivery
EMIS Emisphere Technologies
PPCO Penwest Pharmacutical
DRUGS Drug Manufacturers - Major
JAV Javelin Pharmaceuticals Inc
ELECTRONICS Printed Circuit Boards
PTIX Performance Tech Inc
ELECTRONICS Scientific & Technical Instrum
CAMT Camtek Ltd
CYBE Cyberoptics Corp
ENERGY Independent Oil & Gas
PNRG Primeenergy Corporation
ENERGY Oil & Gas Drilling & Explorati
TEC Teton Energy Corp
FINANCIAL SERVICES Asset Management
GROW U.S. Global Invest Inc A
FINANCIAL SERVICES Closed End Fund - Debt
EDV Vangrd Extended Duration Etf
GBF iShares Lehman Government Cred
FINANCIAL SERVICES Closed End Fund - Equity
BND Vanguard Total Bond Market ETF
BOM PowerShares DB Base Metals Dou
FINANCIAL SERVICES Closed End Fund - Foreign
ASA Asa Ltd
CEF Central Fund Of Canada
FINANCIAL SERVICES Investment Brokerage - Regiona
SIEB Siebert Financial Corp
FOOD & BEVERAGE Processed & Packaged Goods
FARM Farmer Brothers Co
HAIN Hain Celestial Group Inc
HEALTH SERVICES Medical Appliances & Equipment
ATSI Ats Medical Inc
EDAP Edap Tms Sa Adr
HEALTH SERVICES Medical Instruments & Supplies
ATRI Atrion Corporation
BMTI BioMimetic Therapeutics Inc
INSURANCE Life Insurance
PUK Prudential Plc Ads Uk
INSURANCE Property & Casualty Insurance
HGIC Harleysville Group Inc
INTERNET Internet Information Providers
LEDR Market Keader Inc
TZOO Travelzoo Inc
INTERNET Internet Software & Services
JCOM J2 Global Communications
RAX Rackspace Hosting
LEISURE Gaming Activities
CPHC Canterbury Park Hldg Cp
GMTC Gametech Internat Inc
LEISURE Restaurants
LUB Luby's Inc
RRGB Red Robin Gourmet
LEISURE Specialty Eateries
PNRA Panera Bread Co Cl A
THI Tim Hortons Inc
MANUFACTURING Industrial Electrical Equipmen
TIII Tii Network Technologies Inc
WIRE Encore Wire Corp
MANUFACTURING Small Tools & Accessories
AERO Aero Grow Intl Inc
MEDIA Broadcasting - Radio
ROIA Radio One Inc
METALS & MINING Gold
AEM Agnico-Eagle Mines Ltd
ANV Allied Nevada Gold Corp
METALS & MINING Industrial Metals & Minerals
AXU Alexco Resource Corp
ETQ Corriente Resources Inc
METALS & MINING None
HUI--X Gold Bugs Index
XAU Phila Gold & Silver
REAL ESTATE Closed End Fund - Equity
TLT Ishares Tr Lehman 20+ Yr Trsy
REAL ESTATE Property Management/Developmen
DFT DuPont Fabros Technology
SCC Security Capital Corp A
RETAIL Home Furnishing Stores
HVT Haverty Furniture Cos
SPECIALTY RETAIL Specialty Retail
SPLS Staples Inc
SPECIALTY RETAIL Sporting Goods Stores
CAB Cabela's Inc
TELECOMMUNICATIONS Communication Equipment
SCON Superconductor Tech
TELECOMMUNICATIONS Diversified Communication Serv
EQ Embarq Corp When Issued
IDT Idt Corp Cl B
TELECOMMUNICATIONS Telecom Services - Foreign
PT Portugal Telecom Sa
TELECOMMUNICATIONS Wireless Communications
TLL Teletouch Commun
TRANSPORTATION Trucking
CVTI Covenant Transport Cl A
WHOLESALE Building Materials Wholesale
IBI Interline Brands
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NEGATIVE VRs
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AEROSPACE/DEFENSE Aerospace/Defense Major Dive
GR Goodrich Corp
NOC Northrop Grumman Corp
AEROSPACE/DEFENSE Aerospace/Defense Products & S
ADG Allied Defense Group (the)
CGT Cae Inc
AUTOMOTIVE Auto Manufacturers - Major
DAI Daimler Ag
NSANY Nissan Motor Co Ltd Adr
AUTOMOTIVE Auto Parts
ARGN Amerigon Inc
ATAC Aftermarket Tech Corp
AUTOMOTIVE Trucks & Other Vehicles
FSS Federal Signal Corp
BANKING Foreign Regional Banks
BAP Credicorp Ltd
BBV Banco Privanza Intl Gbrltr Ltd
BANKING Money Center Banks
BCS Barclays Plc Adr
RBS The Royal Bank of Scotland Gro
BANKING Regional - Mid-Atlantic Banks
ABCB Abc Bancorp
BNCN BNC Bancorp NC
BANKING Regional - Midwest Banks
FBMI Firstbank Corp
FFBC First Financl BAncorp Oh
BANKING Regional - Northeast Banks
BCBP BCB Bancorp Inc. (NJ)
CTBC Connecticut Bank & Trust Compa
BANKING Regional - Pacific Banks
BMRC Bank of Marin
CBON Community Bancorp
BANKING Regional - Southeast Banks
ASO Amsouth Bancorporation
BTFG Banctrust Financial Group Inc
BANKING Regional - Southwest Banks
SBIB Sterling Bancshrs Tx
BANKING Savings & Loans
BFED Beacon Federal Bancorp
BYFC Broadway Financial Corp
CHEMICALS Agricultural Chemicals
AVD American Vanguard Corp
BG Bunge Ltd
CHEMICALS Chemicals - Major Diversified
APD Air Products & Chemicals
FMC Fmc Corp
CHEMICALS Specialty Chemicals
CSB Ciba Specialty Chem Hldg
IOSP Innospec Inc
CHEMICALS Synthetics
LNDC Landec Corporation
SQM Sociedad Quimica Chile
COMPUTER HARDWARE Computer Peripherals
ICAD Icad Inc
INS Intelligent Systems Corp
COMPUTER HARDWARE Data Storage Devices
EMC Emc Corp
STX Seagate Tech Hldgs
COMPUTER HARDWARE Networking & Communication Dev
INPH Interphase Corp
COMPUTER SOFTWARE & SERVICES Application Software
ACTU Actuate Corporation
GUID Guidance Software Inc
COMPUTER SOFTWARE & SERVICES Business Software & Services
BLKB Blackbaud Inc
COGT Cogent Systems
COMPUTER SOFTWARE & SERVICES Information Technology Service
CBR Ciber Inc
HX Halifax Corporation
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
ERTS Electronic Arts Inc
OPTV Opentv Corporation Cl A
COMPUTER SOFTWARE & SERVICES Security Software & Services
ALDN Aladdin Knowledge System
DBTK Double-Take Software Inc
COMPUTER SOFTWARE & SERVICES Technical & System Software
MCRS Micros System Inc
CONGLOMERATES Conglomerates
MITSY Mitsui & Co Ltd
TXT Textron Inc
CONSUMER DURABLES Business Equipment
EFOI Energy Focus Inc
KNL Knoll Inc
CONSUMER DURABLES Electronic Equipment
PC Panasonic Corporation
PHG Koninklijke Philips Elec
CONSUMER DURABLES Home Furnishings & Fixtures
HUB.A Hubbell Inc Class A
LEG Leggett & Platt Inc
CONSUMER DURABLES Housewares & Accessories
LANC Lancaster Colony Corp
CONSUMER DURABLES Photographic Equipment & Suppl
BTN Ballantyne Of Omaha Inc
CONSUMER DURABLES Sporting Goods
COGO Comtech Group Inc
ELY Callaway Golf Co
CONSUMER DURABLES Toys & Games
HAS Hasbro Inc
CONSUMER NON-DURABLES Cleaning Products
PG Procter & Gamble Co
CONSUMER NON-DURABLES Paper & Paper Products
AVY Avery Dennison Corp
GLT Glatfelter
CONSUMER NON-DURABLES Personal Products
BTH Blyth Inc
RDEN Elizabeth Arden Inc
CONSUMER NON-DURABLES Rubber & Plastics
FORD Forward Industries Inc
GRN Greenman Technologies Inc
CONSUMER NON-DURABLES Textile - Apparel Clothing
GIL Gildan Activewear Inc A
GYMB Gymboree Corp
CONSUMER NON-DURABLES Textile - Apparel Footwear & A
BWS Brown Shoe Co Inc
COH Coach Inc
DIVERSIFIED SERVICES Business/Management Services
ABCO Advisory Board
ABM Abm Industries Inc
DIVERSIFIED SERVICES Consumer Services
EMS Emergency Medical Services L.P
SFLY Shutterfly Inc
DIVERSIFIED SERVICES Education & Training Services
DV Devry Inc
DIVERSIFIED SERVICES Personal Services
ULTA Ulta Salon` Cosmetics & Fragra
DIVERSIFIED SERVICES Rental & Leasing Services
RCII Rent A Center Inc
RNT Aaron Rents Inc
DIVERSIFIED SERVICES Research Services
AMRI Albany Molecular Rsrch
ARWR Arrowhead Research Corp
DIVERSIFIED SERVICES Security & Protection Services
CRN Cornell Corrections Inc
GEO Geo Group (The)
DIVERSIFIED SERVICES Staffing & Outsourcing Service
AHS Amn Healthcare
ASF Administaff Inc
DIVERSIFIED SERVICES Technical Services
KBR KBR Inc.
DRUGS Biotechnology
BIIB Biogen Idec Inc
CAPS Orthologic Corp
DRUGS Diagnostic Substances
ABAX Abaxis Inc
DDD SCOLR Pahrma Inc
DRUGS Drug Delivery
NKTR Nektar Therapeutics
DRUGS Drug Manufacturers - Major
ABT Abbott Laboratories
AZN Astrazeneca Plc
DRUGS Drug Manufacturers - Other
ADLR Adolor Corporation
ALXA Alexza Pharmaceuticals Inc
DRUGS Drug Related Products
CSKI China Sky One Medical Inc
DDSS Labopharm Inc
DRUGS Drugs - Generic
CPD Caraco Pharm Labs
ILE Isolagen Inc
ELECTRONICS Diversified Electronics
DPW Digital Power Corp
ENA Enova Systems Inc
ELECTRONICS Printed Circuit Boards
DDIC Ddi Corp
MFLX Multi-fineline Electronix Inc
ELECTRONICS Scientific & Technical Instrum
ANEN Anaren Inc
ESLT Elbit Systems
ELECTRONICS Semiconductor - Broad Line
NSM National Semiconductor
ELECTRONICS Semiconductor - Memory Chips
NLST Netlist Inc
ELECTRONICS Semiconductor Equipment & Mate
ACLS Axcelis Technologies Inc
ASMI Asm Internat N.V.
ENERGY Independent Oil & Gas
APC Anadarko Petroleum Corp
CNQ Canadian Natural Res Ltd
ENERGY Major Integrated Oil & Gas
CVX Chevron Corp
E Eni Spa Ads
ENERGY Oil & Gas Drilling & Explorati
ESV Ensco International Inc
GGR Geoglobal Resources Inc
ENERGY Oil & Gas Equipment & Services
BHI Baker Hughes Inc
BJS Bj Services Co
ENERGY Oil & Gas Pipelines
TCLP Tc Pipelines Lp
ENERGY Oil & Gas Refining & Marketing
ETP Energy Transfer Pntr Lp
IMO Imperial Oil Ltd
FINANCIAL SERVICES Asset Management
BAM Brookfield Asset Management In
BEN Franklin Resources Inc
FINANCIAL SERVICES Closed End Fund - Debt
ADRA BLDRS Asia 50 ADR Index Fund E
AINV Apollo Investment Corp
FINANCIAL SERVICES Closed End Fund - Equity
ADRD BLDRS Developed Markets 100 AD
ADRE BLDRS Emerging Markets 50 ADR
FINANCIAL SERVICES Closed End Fund - Foreign
CAF Morgan Stanley China A Share
CH Chile Fund Inc
FINANCIAL SERVICES Credit Services
AEA Advance America
CCRT Compucredit Corporation
FINANCIAL SERVICES Diversified Investments
HTE Harvest Energy Trust
NYX Nyse Euronext
FINANCIAL SERVICES Investment Brokerage - Nationa
BGCP Bgc Partners Inc
GS Goldman Sachs Group Inc
FOOD & BEVERAGE Beverages - Brewers
ABV Ambev (comp De Bebidas Adr)
FOOD & BEVERAGE Beverages - Soft Drinks
CCE Coca-Cola Enterprises
DPS Dr Pepper Snapple Group` Inc.
FOOD & BEVERAGE Beverages - Wineries & Distill
BF.B Brown-forman Corp Cl B
FOOD & BEVERAGE Confectioners
IPSU Imperial Sugar Company
MFW M&F Worldwide Corp
FOOD & BEVERAGE Dairy Products
DF Dean Foods Company
FOOD & BEVERAGE Farm Products
SEED Origin Agritech Ltd
FOOD & BEVERAGE Food - Major Diversified
ADM Archer Daniels Midland
CMG.B Chipotle Mexican Grill Inc Cla
FOOD & BEVERAGE Meat Products
PDA Perdigao Sa Ads
TSN Tyson Foods Inc
FOOD & BEVERAGE Processed & Packaged Goods
DMND Diamond Foods Inc
MKC Mccormick & Company Inc
HEALTH SERVICES Health Care Plans
CNC Centene Corp
CVH Coventry Health Care Inc
HEALTH SERVICES Hospitals
LPNT Lifepoint Hospitals
MGLN Magellan Health Services Inc
HEALTH SERVICES Medical Appliances & Equipment
CDIC Cardiodynamics Intl Corp
CNMD Conmed Corp
HEALTH SERVICES Medical Instruments & Supplies
BSX Boston Scientific Corp
CMED China Medical Technologies Inc
HEALTH SERVICES Medical Laboratories & Researc
DGX Quest Diagnostics Inc
HEALTH SERVICES Medical Practitioners
TRCR Transcend Services Inc
HEALTH SERVICES Specialized Health Services
ESRX Express Scripts Inc
Index None
TNX--X CBOE 10 Yr Treasury Yield
INSURANCE Accident & Health Insurance
AMSF Amerisafe Inc
AOC Aon Corp
INSURANCE Life Insurance
AEG Aegon Nv
EPAX Ambassadors Group Inc
INSURANCE Property & Casualty Insurance
AFFM Affirmative Insurance Hldgs In
AGII Argonaut Group Inc
INSURANCE Surety & Title Insurance
FNF Fidelity National Finl
INTERNET Internet Information Providers
CHINA CDC Corp Class A
GOOG Google
INTERNET Internet Software & Services
AKAM Akamai Technologies Inc
AMZN Amazon.Com Inc
LEISURE Gaming Activities
DVD Dover Motorsports Inc
LEISURE Lodging
HMIN Home Inns and Hotels Managemen
LEISURE Resorts & Casinos
ISLE Isle Of Capris Casinos
RIV Riviera Holdings Corp
LEISURE Restaurants
BAGL Einstein Noah Restaurant Group
BNHN Benihana Inc
LEISURE Specialty Eateries
SBUX Starbucks Corporation
MANUFACTURING Diversified Machinery
ATU Actuant Corporation
DRC Dresser-Rand Group Inc
MANUFACTURING Farm & Construction Machinery
CNH Cnh Global Nv
LNN Lindsay Manufacturing Co
MANUFACTURING Industrial Electrical Equipmen
AETI American Electric Technology I
AIMC Altra Industrial Motion Inc.
MANUFACTURING Industrial Equipment & Compone
[bleeep] [bleeep] Inc
CIR Circor International Inc
MANUFACTURING Metal Fabrication
MLI Mueller Industries Inc
MANUFACTURING Textile Manufacturing
TPX Tempur-pedic Intl
MATERIALS & CONSTRUCTION Cement
RMIX U.S. Concrete Inc
MATERIALS & CONSTRUCTION General Building Materials
AMN Ameron Internat Corp
DHR Danaher Corp
MATERIALS & CONSTRUCTION General Contractors
APOG Apogee Enterprises Inc
IESC Integrated Electrical Services
MATERIALS & CONSTRUCTION Heavy Construction
FWLT Foster Wheeler Ltd
INSU Insituform Technols Cl A
MATERIALS & CONSTRUCTION Residential Construction
WLT Walter Industries Inc
MATERIALS & CONSTRUCTION Waste Management
RSG Republic Services Inc
TRR Trc Companies Inc
MEDIA Advertising Services
WPPGY Wpp Group Plc Adr
MEDIA Broadcasting - Radio
CMLS Cumulus Media Inc
RC Grupo Radio Centro
MEDIA Broadcasting - TV
CBS.A CBS Corp Class A
GTN Grey Television Inc B
MEDIA CATV Systems
DISCB Discovery Holding Co Class B
LMDIB Liberty Media Entr B
MEDIA Entertainment - Diversified
V Vivendi Universal
MEDIA Marketing Services
AMCN AirMedia Group
CMKG Coactive Marketing Group
MEDIA Movie Production
IMAX Imax Corp
NOOF New Frontier Media Inc
MEDIA Publishing - Books
NED Noah Education Holdings` Ltd.
MEDIA Publishing - Periodicals/News
ENL Reed Elsevier Nv
PSO Pearson Plc Ads
METALS & MINING Aluminum
ACH Aluminum Corp China
METALS & MINING Gold
AAUK Anglo Amer Plc Adr
PCU Southern Peru Copper
METALS & MINING Industrial Metals & Minerals
ANR Alpha Natural Resources
BBL Bhp Billiton Plc Ads
METALS & MINING Nonmetallic Mineral Mining
POT Potash Cp Saskatchewan
ROY International Royalty Corporat
METALS & MINING Steel & Iron
ATI Allegheny Technologies
IIIN Insteel Industries Inc
None None
CMM Criimi Mae(new)
REAL ESTATE Mortgage Investment
ATAX America First Tax-Ex Inv
UPFC United Panam Financial
REAL ESTATE Property Management/Developmen
BPO Brookfield Properties
GBH Wilson Holdings Inc
REAL ESTATE REIT - Diversified/Industrial
ALX Alexander's Inc
DCT Dct Industrial Trust Inc
REAL ESTATE REIT - Healthcare Facilities
CSA Cogdell Spencer Inc
UHT Universal Health Realty Inc Tr
REAL ESTATE REIT - Office
BXP Boston Properties Inc
PKY Parkway Properties Inc
REAL ESTATE REIT - Residential
AEC Associated Estates Realty
UBA Urstadt Biddle Properties
REAL ESTATE REIT - Retail
IRC Inland Real Estate Corp
RETAIL Auto Parts Stores
PBY Pep Boys Manny Moe&Jack
RETAIL Department Stores
SKS Saks Holdings Inc
RETAIL Discount
BIG Big Lots Inc
COST Costco Wholesale Corp
RETAIL Drug Stores
MHS Medco Health Solutions
PMC Pharmerica Corp
RETAIL Electronics Stores
BBY Best Buy Co Inc
CONN Conn's Inc
RETAIL Grocery Stores
CBD Companhia Brasiliera De
IMKTA Ingles Markets Inc Cl A
RETAIL Home Furnishing Stores
BBBY Bed Bath & Beyond Inc
JEN Jennifer Convertibles Inc
RETAIL Home Improvement Stores
FAST Fastenal Company
HD Home Depot Inc
SPECIALTY RETAIL Apparel Stores
AEO American Eagle Outfitter
ANN Ann Taylor Stores Corp
SPECIALTY RETAIL Auto Dealerships
KMX Carmax Inc
SPECIALTY RETAIL Jewelry Stores
SIG Signet Gr Plc Adr
TIF Tiffany & Co
SPECIALTY RETAIL Specialty Retail
BKS Barnes & Noble Inc
FCFS First Cash Financial Svc
SPECIALTY RETAIL Toy & Hobby Stores
BBW Build-a-bear Workshop
TELECOMMUNICATIONS Communication Equipment
ADTN Adtran Inc
CAMP Calamp Corp
TELECOMMUNICATIONS Diversified Communication Serv
BTM Brasil Telecom S.a.
LINTB Liberty Media Interactive Clas
TELECOMMUNICATIONS Telecom Services - Domestic
DECC D&E Communications Inc
TELECOMMUNICATIONS Telecom Services - Foreign
ATNI Atlantic Tele-Network
BRP Brasil Telecom Partic Sa
TELECOMMUNICATIONS Wireless Communications
AMX America Movil
CHT Chunghwa Telecom
TOBACCO Cigarettes
BTI British Amer Tob Plc
LO The Lorillard Group
TRANSPORTATION Air Delivery & Freight Service
CHRW C.H. Robinson Worldwide
EXPD Expeditors Int Wash Inc
TRANSPORTATION Air Services
BRS Bristow Group Inc
OMAB Grupo Aeroportuario Del Centro
TRANSPORTATION Major Airlines
CEA China Eastern Airlines
TRANSPORTATION Railroads
GSH Guangshen Railway Co
KSU Kansas City Southern
TRANSPORTATION Regional Airlines
ALGT Allegiant Travel Co
CPA Copa Holdings S.A.
TRANSPORTATION Shipping
CKH Seacor Holdings Inc
DSX Diana Shipping Inc
TRANSPORTATION Trucking
CNW Con-Way Inc
FWRD Forward Air Corporation
UTILITIES Diversified Utilities
FPU Florida Public Utilities
WEC Wisconsin Energy Corp
UTILITIES Electric Utilities
AEP American Electric Power
AES Aes Corporation
UTILITIES Foreign Utilities
HNP Huaneng Power Intl Inc
UTILITIES Gas Utilities
DGAS Delta Natural Gas Co Inc
NFG National Fuel Gas Co
UTILITIES Water Utilities
SWWC Southwest Water Co
WHOLESALE Electronics Wholesale
AEY Addvantage Tech Group
HWCC Houston Wire & Cable Company
WHOLESALE Food Wholesale
SVU Supervalu Inc
SYY Sysco Corp
WHOLESALE Industrial Equipment Wholesale
DXPE Dxp Enterprises Inc
TTES T-3 Energy Services Inc
WHOLESALE Wholesale
CAS A.M. Castle & Company
CENTA Central Garden & Pet Co.
---------------------------------------------
VR TRADER.COM WATCHLISTS:
Please note:
The VR Watchlist is currently available via the VRTrader.com websiteaccessed via your assigned username and password. Please emailmark@vrsurvey.com if you misplaced that information.
---------------------------------------------
Report: NKorea may be ready to test-fire missile
Feb 21, 6:28 AM (ET)
SEOUL, South Korea (AP) - North Korea could be ready to test-fire amissile within days as satellite imagery has shown increased activityat a missile site over the past 48 hours, a respected defensepublication reported.
A significant increase in launch preparations has occurred at theMusudan-ni missile site on the communist country's northeastern coast,said Joseph S. Bermudez Jr., a senior analyst at Jane's InformationGroup who specializes in North Korean defense and intelligence matters.
"The latest satellite images ... indicate that North Korea ispreparing to launch either a prototype Taepodong 2 intermediate-rangeballistic missile or a Paektusan 2 space launch vehicle within a matterof days," Jane's Defence Weekly said in a report issued Friday inLondon.
Washington, Seoul and Tokyo have repeatedly warned North Koreaagainst firing a missile, saying it would trigger internationalsanctions. The Taepodong 2 missile is believed capable of reaching U.S.territory.
Bermudez said satellite images show the activation of launchequipment and radars, and the arrival of numerous trucks and supportvehicles. Support facilities for the engine test stand were undergoingexpansion, the report said.
North Korea unsuccessfully launched a Taepodong 2 missile in 2006.That test alarmed the world and gave new energy to the stop-and-startdiplomacy over North Korea's nuclear program. The North is believed topossess up to a dozen nuclear warheads.
Ahead of the possible launch, the U.S., Japan and South Korea haveincreased intelligence collection efforts, including sorties ofreconnaissance aircraft and the deployment of Aegis-equipped navalvessels and specialized reconnaissance ships, the Jane's report said.
North Korea has said it has the right to "space development" - aterm it has used in the past to disguise a missile test as a satellitelaunch. When it test-fired a shorter-range Taepodong 1 missile overJapan in 1998, it claimed to have put a satellite into orbit.
On a regional tour, U.S. Secretary of State Hillary Rodham Clintonurged North Korea to halt "provocative actions," noting Friday thatsuch a missile test would violate a 2006 U.N. Security Councilresolution banning the North from pursuing missile or nuclear programs.
She also warned North Korea that its relations with Washington wouldnot improve unless it stops threatening South Korea.
However, North Korea continued its harsh rhetoric toward the Southon Saturday, accusing President Lee Myung-bak of "blatantly" attackingand insulting its socialist system by suggesting it was responsible forthe country's food shortages.
The Committee for the Peaceful Reunification of Korea, which handlesrelations with South Korea, warned that the North would "settleaccounts" with Lee's administration "through the most merciless andresolute measure." The statement, carried by the official KoreanCentral News Agency, did not elaborate.
Tensions have been high since Lee, a conservative, took office ayear ago and introduced tougher policies toward North Korea than hisliberal predecessors, who had sought closer ties. The North hasresponded by cutting off all reconciliation talks and suspending keyjoint projects.
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MADOFF DIDN'T INVEST ONE DOLLAR FOR 13 YEARS
February 21, 2009
The shocks just keep coming for Bernard Madoff's victims.
The $50 billion fraudster hadn't bought any stocks or bonds for anyof his thousands of clients in more than a decade, it was revealedyesterday.
"We have no evidence to indicate securities were purchased forcustomer accounts in the last 13 years. We look at this as a cash-in,cash-out case," Irving Picard, the court-appointed trustee overseeingthe liquidation of Madoff's assets, told investors yesterday.
It was "a Ponzi scheme where no stock was purchased," said DavidSheehan, a lawyer working for Picard.
He said that the assets of Madoff "insiders" - including familymembers - could be seized and liquidated but warned that some innocentinvestors who thought they'd just made out well with Madoff could alsotake a hit.
Sheehan said administrators from a recovery fund would try torecover "false profits" that had been "earned" by some investors.
"There wasn't any stock bought or sold," Sheehan told the hundredsof investors who attended the two-hour meeting in lower Manhattan.
"I understand you may think those were your profits and that is yourmoney, but that was all just made up. You have somebody else's money."
Investors weren't happy to hear about the "claw back" plan.
"You're turning honest people into criminals," complained one whowouldn't give her name.
Picard said he'd made headway on recovering Madoff's assets and hadcollected $950 million to date. He also hopes to raise money, he said,by selling a legitimate trading arm of the business.
He added that his office had received 2,350 claims from victims andthat he expects that number to double by July 2, the deadline forsubmitting claims.
He told victims that they could qualify for up to $500,000 in fundsfrom the Securities Investor Protection Corp. but that his liquidationwould take time.
The investors - many of whom were wiped out by the flimflamfinancier - told Picard they were reeling now.
"I had invested a lifetime of work, my inheritance, plus my savings.I've lived modestly. I had a 20-year-old car, no jewelry," said MiriamSiegman, 65, of lower Manhattan, who'd invested with Madoff since 1992.
"This has affected my life completely. I'm on food stamps. I may beliving in my car soon. I can't go to the dentist . . . I don't wantMadoff to take the joy out of my life."
Retired high-school teacher Theodore Fettman, 79, said: "We lost asizable amount of our savings, and that's going down the drain. Itdestroys people's faith in the society we live in."
Madoff, 70, arrested in December, is under house arrest.
Meanwhile, a Forest Hills, Queens, charity is suing Madoff for fraudand conspiracy after it lost $2.5 million - almost all of its assets -to his scheme.
The FLB Foundation, which funds drug-rehab and mental- healthprograms, just upped its Madoff-controlled holdings by $500,000 a fewmonths ago, the Associated Press wrote.
-
Leibovit Files
Monday, February 23, 2009
Abolish The Federal Reserve!
---------------------------------------------
This event is worth repeating and repeating and repeating until itsinks into the thick skulls we call politicians:
Back on Septebmer 29, 2007, Alan Greenspan appeared on the JonStewart television program. Stewart brought up the idea that America,supposedly, has a free market economy. "So, why do have a Fed? Stewartasked. "Wouldn't the market take care of interest rates and all that?Why would we have someone adjusting the rates if we are in a freesociety?"
Greenspan's answer: "You didn't need a central bank when you were ona gold standard."
Bingo! Somebody give that man a cookie! This is really the mostimportant admission a central banker in the this country (and probablythe world) has ever made. Through the genius of 'Tricky Dick' Nixonback in 1971, we were taken off the gold standard, both the US Dollarand inflating of our money supply have been manipulated for politicaland other purposes!
It is time to ABOLISH THE FEDERAL RESERVE!
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UPCOMING ECONOMIC RELEASES/MARKET EVENTS
February 23-27, 2009:
---------------------------------------------
MONDAY, February 23:
4-Week Bill Announcement 11:00 AM ET
Federal Reserve Bank of Atlanta President Dennis Lockhart speaks onthe U.S. economy and outlook before the Association for FinancialProfessionals Corporate Risk Forum 12:40 PM ET
3-Month Bill Auction 1:00 PM ET
6-Month Bill Auction 1:00 PM ET
Federal Reserve Bank of Dallas President Richard Fisher giveslecture, 'Comments on the Current Economic Crisis'
http://www.iop.harvard.edu/Programs/John-F...nnedy-Jr.-Forum 6:00 PM ET
---------------------------------------------
TUESDAY, February 24:
Turnaround Tuesday?
ICSC-Goldman Store Sales 7:45 AM ET
Redbook 8:55 AM ET
S&P Case-Shiller HPI 9:00 AM ET
Consumer Confidence 10:00 AM ET
Federal Reserve Chairman Ben Bernanke testifies on monetary policybefore the Senate Banking Committee 10:00 AM ET
Federal Reserve Bank of Dallas President Richard Fisher speaks on'The Current Financial Crisis' before the Fourth Annual ArchwayInvestment Fund Financial Services Forum 11:30 AM ET
Federal Reserve Board Governor Elizabeth Duke speaks on 'The Futureof the Community Reinvestment Act' before the Community ReinvestmentAct Policy Forum 12:00 PM ET
4-Week Bill Auction 1:00 PM ET
2-Yr Note Auction 1:00 PM ET
---------------------------------------------
WEDNESDAY, February 25:
MBA Purchase Applications 7:00 AM ET
Existing Home Sales 10:00 AM ET
Federal Reserve Chairman Ben Bernanke testifies on monetary policybefore the House Financial Services Committee 10:00 AM ET
EIA Petroleum Status Report 10:30 AM ET
5-Yr Note Auction 1:00 PM ET
---------------------------------------------
THURSDAY, February 26:
Durable Goods Orders 8:30 AM ET
Jobless Claims 8:30 AM ET
New Home Sales 10:00 AM ET
EIA Natural Gas Report 10:30 AM ET
3-Month Bill Announcement 11:00 AM ET
6-Month Bill Announcement 11:00 AM ET
Money Supply 4:30 PM ET
---------------------------------------------
FRIDAY, February 27:
GDP 8:30 AM ET
NAPM-Chicago 9:45 AM ET
Consumer Sentiment 9:55 AM ET
Federal Reserve Bank of Philadelphia President Charles Plosser andFederal Reserve Bank of Boston President Eric Rosengren participate ina 2009 U.S. Monetary Policy Forum discussion on 'Making Monetary PolicyDuring a Financial Crisis' 1:30 PM ET
Farm Prices 3:00 PM ET
Federal Reserve Bank of St. Louis President James Bullard andFederal Reserve Bank of San Francisco President Janet Yellenparticipate in a 2009 U.S. Monetary Policy Forum discussion on 'OilPrices and Monetary Policy.'http://research.chicagogsb.edu/igm/events/...etaryforum.aspxTime TBA
---------------------------------------------
STOCKS - ACTION alert -
Stocks opened sharply lower Friday morning, but recovered some oftheir losses in the afternoon. For the session, the Dow was down asmuch as much as 216 points, hitting its lowest mark since October 1997,recovered to break-even, before closing down 100.28 at 7365.67. TheS&P 500 was off 8.89 at 770.05 and the Nasdaq Composite was off1.51 at 1441.23. Volume increased over Thursday and breadth was weak.
Stocks opened sharply lower as sentiment was one of fear anduncertainty regarding the nationalization of banks. In the afternoon,the White House said that it is not in favor of nationalization,sparking a big rally, especially among financials. Rumors also surfacedthat the Treasury will soon release further details of its financialstability plan, even though there were no other details presented tosubstantiate the rumor. The XLF closed down 1.5% but had traded down asmuch as 9.3%. Among the banks, Bank of America and Citigroup to hithard in the morning, with BofA recovering almost all its gains but Citirecovering less than half. BAC was down 35.6% in the early afternoonbut closed down just 3.6% at 3.79. Citigroup had been down 35.9% andended with a 22.3% decline at 1.95. Bank of America is at a record low(dating back to 1986) and Citigroup is at its lowest price since 1990,the last time it almost went bankrupt.
Both the Dow Industrials and Dow Transports hit bear market lowsFriday. Among the sectors, Financials (XLF) and Industrials (XLI) alsohit bear market lows. Only Technology (XLK) and Materials (XLB) gainedon Friday, closing up 1.0% and 0.8%. The Dow Industrials closed at itslowest level since November 1997. Wow! The 11 year return forbuy-and-hold equity owners is 0% (not including dividends andinflation, which just about offset each other).
No matter how you slice it, last week was an ugly week. For theweek, the Dow was off 6.17%, the S&P 500 was off 6.87%, and theNasdaq Composite was off 6.07%.
One bright spot Friday was the outperformance of the Nasdaq 100, therecent leader. NDX was up .41% on the day. Bear in mind that Friday wasoptions expiration which always leads to some inexplicable activity.
Friday's intra day reversal was more news related than anything, sowe will see if there is any follow through buying on Monday. That ishow bad things have gotten, the Dow closed down 'only' 100 points and Iam actually writing about follow through buying. Nonetheless, theindices closed well off of their intra day lows on marked increases involume. We will see how next week unfolds. I still believe that ralliesare short-selling opportunities, though I suppose at some point we'regoing to get a WHOPPER of a rally to scare everyone into the beliefthat everything is okay.
The Dow Industrials posted an eleven year low on Friday at 7249.47.The key Dow Transportation Index did the same at 2631.24. Other majorindexes are approaching new lows with the exception of the NasdaqComposite and the NDX, but they too look lower as well and should catchup soon. Most analysts are watching the SPX at its November 21 lost of741.00. I'm looking at the 675-690 area in the SPX as the next (notultimate) downside objective.
Even now the market does not react to news of government efforts tosave the day. Remember just last fall how the market would rallysharply at the mention of any government money being used to help easethe economic pain? Now it seems as though traders and investors justdon't want to participate. Normally that type of psychology would haveme looking for a bottom, but the looming worldwide currency crisis, thebullish action in gold, and also the inability of this market to putany rallies together has me believing that there is more pain to come.
---------------------------------------------
GOLD - ACTION alert -
Gold moved through the 1000 level (touching 1007.20) for the secondtime in history on Friday in a huge flight to safety, but fell backbelow that psychologically important mark as stocks recovered some oftheir losses. Gold closed up 20.00 to 993.20 and hit a recover high of1007.20, not far from the 1037 record high from 11 months ago. Silverwas up 0.38 to 14.41 and hit a new high of 14.64. Platinum rallied 14to 1081. Gold's next target is the record of 1037 seen last March.Beyond that, I am looking for 1200 and ultimately 3000. We could evengo much, much higher. How about 10,000? Support is at 953, 925, 900,875, 850 and 800. I don't expect to see it, but next support is at 780followed by 680.
Don't be fooled, my friends. Gold is going dramatically higher.Subscribers to the Annual Forecast Model can see the volatility swingsexpected ahead, but the 'big picture' trend is higher. Frankly, I seeno reason why Gold can't see $1200 an ounce in the next few weeks.
Subscribers should be delighted to learn that I plan to launch aseparate VR Gold letter in the next few weeks focusing strictly on Goldand Gold, Silver, and Platinum shares and ETFs.
Gold in the SPDR Gold Trust, the largest exchange-traded fund backedby bullion, climbed to a record 1,028.98 metric tons Thursday, placingit just behind the 1,040 tons held by Switzerland, the world'ssixth-largest stockpile.
Silver is pushing its way higher touching 14.64 in the spot marketand still has potential up into the 15.00 to 17.00 range. Platinum hasrallied, touching 1121 on its way to 1230-1300 resistance.
I continue to recommend accumulating the physical metal whenever youcan get your hands on it. Reason? There is not a single central bank orfinancial institution in the world that can create more gold. Itssupply is extremely limited. All the gold ever mined in the history ofthe world would fit into two Olympic-size swimming pools. In addition,every central bank on the planet is printing fiat money like crazy.Plus, if you think the financial crisis is bad thus far, tighten yourseatbelts because it's about to get a heck of a lot worse.
---------------------------------------------
BONDS - ACTION alert -
Treasuries moved higher Friday as the stock market fell in themorning and traders rushed to the safety of the world's largestgovernment. Additionally, the as expected consumer price reportrelieved traders who grew worried about inflation after Thursday'sunexpectedly big jump in producer prices. But bonds finished well offearlier highs after stock rebounded off their lows in the afternoon.The long bond future rallied 1 23/64 to 127 40/64, but had traded ashigh as 129 4/64.
The Treasury said it will sell $94 billion in short-term debt thisweek. The Treasury Department said it will sell $40 billion in two-yearnotes on Tuesday and $32 billion in five-year notes on Wednesday. Theamount of two-year debt is $1 billion less than predicted, though thefive-year note sale is $1 billion more than it forecast. Both amountsare still the most ever for a single auction of those maturities. TheTreasury will also sell seven-year notes for the first time since 1993,with $22 billion on Thursday. That's less than anticipated.
Treasuries are beginning to get stiff competition from a slew ofcorporate bond deals that offer investors higher yields than governmentdebt. On Wednesday, companies sold $29.55 billion in new debt, thebusiest issuance day on record.
In the end, the Treasury is primarily trading on the flight tosafety. When equity markets fall, traders are rushing into the safetyof Treasuries. And when traders get the urge to risk their money instocks, Treasuries fall again. In the long run, Treasuries will bepressured by the huge amount of supply coming on the market as theTreasury funds the US government's huge budget deficit. In fact, we arealready seeing this as stocks hit new lows but Treasuries are well oftheir December high.
---------------------------------------------
CRUDE OIL - ACTION alert -
Oil fell slightly Friday after nearly reaching a new contract low inthe morning. April crude oil hit a low of 37.54 Friday morning, barelyabove the contract low of 37.12 set Thursday morning. But oil thenrallied as the dollar weakened and as the stock market rebounded,closing down just 0.15 to 40.03
We're some positive volume come into this market (and the shares),so we may see more of a technical bounce this week. We are long forPlatinum subscribers with a tight stop.
Over the last few days, Crude Oil neared its big support at the32.70 low set as the February contract expired in late January. Supplyis no longer an issue as storage facilities are at capacity. The marketis now watching demand and inflation. Demand has fallen off a cliff andcaused the big drop in oil from a high of 147 to a low of 32. Perhapsthere is something we don't know going on out there. Perhaps there is anew technology that would replace Crude Oil. There is clearly something'rotten in Denmark'. When you think about a decline from $147 to$32.70, it is clear we're being kept in the dark.
Upside potential still exists back to 50.00, 55..00, 65.00 on atechnical rally, but from what level? It is becoming more apparent that32 will not hold and such a rally could come from much lower levels.How low? We will know in the fullness of time.
---------------------------------------------
US DOLLAR - ACTION alert -
The US Dollar Index fell sharply Friday afternoon, apparently unableto break through the key 88 resistance level. Back in November, the USdollar index spent six weeks trying to break through the 88 pricelevel, hitting a high of 88.463, but never being able to stay abovethat mark. The dollar against spent the last four days assaulting 88,but failing to do so, it has now fallen well below that level. The USdollar index dropped 0.802 to 86.592 after trading as high as 88.129Friday morning.
We spent 6 weeks fighting it last time, so we shouldn't assume thecurrent inability to rally means we are heading lower. But if we dofall, look for the big support in the 78 area from the December low.
Remember, the US Dollar Index has been acting as a pure flight tosafety trade. If markets around the world continue to fall, expect tosee the dollar rally. If stocks rally or even if they simply stay put,the dollar will likely drop as traders unwind their flight to safetytrades.
We are long the ETF for an up US Dollar! Volume is trading to theupside. However, if we break under 77.688, December 18's low, nextsupport (target) would be 75.89 and then potentially through the 70.00bear market low. My upside target for the US Dollar index is as high asthe 95-98 range.
---------------------------------------------
URANIUM - ACTION alert
Ux U3O8 Prices* (Uranium)
February 16, 2009 Posting
Spot: $47.00 UNCHANGED. Bull market high in the cash market was$136.00.
The March Uranium Futures closed at $48.00. The current bear marketlow is $45.00. June 13, 2007 hosted the bull market high of 154.95.Major support lies well under the market at $36.00. Confirmation of abottom should be evident when the uranium shares begin as uraniumshares regain their footing. We're getting some early signs here, sostay tuned.
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In the news:
The Labor Department said that consumer prices rose by 0.3 percentlast month, the biggest monthly increase since a 0.7 percent rise inJuly. But even with the January increase, which was in line witheconomists' expectations, inflation for the 12 months ending in Januarywas zero. That's the lowest reading since prices actually fell by 0.4percent for a 12-month period ending in August 1955. Core inflation,which excludes energy and food, showed a modest increase of 0.2percent, slightly higher than the 0.1 percent gain economists expected.Over the past 12 months, core inflation rose 1.7 percent, the lowestreading since a similar increase for the 12 months ending in August2004. Energy prices rose 1.7 percent in January, the first increasefollowing five months of big declines. The advance was led by a 6percent jump in gasoline prices. Even with that gain, prices at thepump are still more than 40 percent below year-ago levels.
Lowe's, the nation's second biggest home improvement retailer, saidits fourth-quarter profit dropped 60 percent and forecast 2009 earningsthat are short of Wall Street's expectations. Earnings declined to $162million, or 11 cents per share, in the three months ending Jan. 30,from $408 million, or 28 cents per share, during the same period lastyear. The retailer said revenue fell 4 percent to $9.98 billion from$10.4 billion a year ago. Analysts expected a profit of 12 cents pershare on revenue of almost $10.1 billion. Lowe's forecast 2009 earningsof $1.04 to $1.20 per share. Analysts predict a full-year profit of$1.27 per share. LOW fell 6.6%.
J.C. Penney reported a 51 percent drop in fourth-quarter profit ascustomers sharply cut spending on clothing and other more discretionaryitems. The department store chain also projected a wider first-quarterloss than analysts had predicted. The retailer earned $211 million, or95 cents per share, for the three months ended Jan. 31. That compareswith $430 million, or $1.93 per share, a year earlier. Sales droppedalmost 10 percent to $5.76 billion from $6.39 billion. Analysts hadexpected the company to earn 92 cents per share on revenue of $5.76billion. The company said it expects a per-share loss of between 20cents and 30 cents in the first quarter. Analysts had expected a lossof 19 cents. Penney also said total sales would drop from 10 percent to13 percent and that same-store sales would drop between 12 percent and15 percent in the first quarter. JCP inched up 1.2%.
In a possible sign of larger things to come, General Motors Corp.'sSwedish-based subsidiary Saab went into court protection from creditorsFriday so the unit can be spun off or sold by its struggling U.S.parent. The move is a last-ditch effort to get Saab in order for sale,but the danger of a collapse still hovers over the ailing brand becauseneither GM nor the Swedish government appears ready to provide enoughmoney to keep it going as a freestanding entity. GM dropped 11.5% to1.77.
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TIMER DIGEST signals for Stocks, Gold and Bonds are available toPlatinum subscribers on the Home Page.
TIMER DIGEST has named Mark Leibovit of VRTrader.com 'TIMER OF THEYEAR' for 2006 and was named the #2 Timer for 2007.
More kudos - Mark Leibovit was named the #1 Intermediate MarketTimer for the 10 year period ending in 2007; the #1 Intermediate MarketTimer for the 3 year period ending in 2007; the #1 Intermediate MarketTimer for the 8 year period ending in 2007; and the #8 IntermediateMarket Timer for the 5 year period ending in 2007. NO OTHER ANALYSTSURVEYED APPEARED IN ALL FOUR CATEGORIES FOR INTERMEDIATE MARKET TIMINGAS PUBLISHED IN TIMER DIGEST JANUARY 28, 2008!
Mark Leibovit was also named the #1 Gold Timer for the period endingMarch 25, 2008.
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The Annual Forecast Model for 2009 is now posted on the VRtrader.comwebsite. It can viewed (after subscribing) by clicking on the VRForecaster link on the left side of the Home Page and then click on'Click to View 2009 Report'. You will then be prompted to enter yourusername and password.
OUR claim it that it represents a 'blueprint to the future'. If youhad been a subscriber, you would have known ahead of time that themarket in 2007 would likely nosedive in February/March, rally to June,the nosedive into mid-August, then rally into early October and thesell-off into the third week of October - followed by a choppyNovember. You have also known that the market could be weak into April14, 2008 and top out on or about April 30, 2008 with a secondary rallytry into May 16 and a forecasted decline into mid-September.
What's next? Subscribe today and see for yourself! Remember, folks,there is no price too high for good information! http://www..vrtrader.com/vr_forecaster/index.asp
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DAILY VR LIST:
Editors note: The Daily VR List here is abbreviated with the fulllist only available to Platinum subscribers by clicking on 'Current VRList' on the Home Page of VRtrader.com.
Silver subscribers who find this useful should upgrade to Platinumwhere you can pull down VR charts for many securities and watch thepatterns unfold for yourself. There is no technical service on theplanet that posts Positive and Negative VR! Why? Because they areproprietary to VRtrader.com!
How do you use this list? VRs are buy and sell triggers and areparticularly useful in defining lows or highs in stocks and stockindexes. Traders find them particularly useful, especially coming offmarket extremes as an indication of a change of direction. Use the VRsin conjunction with your other technical indicators and you've added aunique technical tool to your arsenal.
What is a Volume Reversal? There are several proprietary subtletiesto the Volume Reversal ™ algorithm, but essentially a VolumeReversal ™ is a change from a Rally day to a Reaction dayaccompanied by a increase of volume or a change from a Reaction day toRally day accompanied by an increase in volume. Volume Reversals ™coming off intermediate lows or highs have greater significance inhelping to define those lows or highs and important pivot points in themarketplace. The Volume Reversals ™ presented here provide you witha unique research tool that may have trading (short-term) significance,but it also may have 'trend changing'(intermediate) significance aswell. The sector Volume Reversals ™ show where big money is possiblyaffecting an entire group of stocks. The stocks listed under the grouphave posted Volume Reversals ™ along with the group as a whole. Theindividual stocks listed have posted Volume Reversals ™ on their ownand are valid plays as well.
To see a visual representation of Volume Reversals ™, please goour Current Portfolio section and click on any recommended stock. Or,if you would like to get a VR Chart for a specific symbol, please clickhere. Please note that not all symbols may be currently available.
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List of Volume Reversals 2/20/09 - Sectors
POSITIVE VRs
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AEROSPACE/DEFENSE Aerospace/Defense Products & S
AAII Alabama Aircraft Indus Inc
BZC Breeze Eastern Corp
AUTOMOTIVE Trucks & Other Vehicles
STS Supreme Industries Inc
BANKING Regional - Mid-Atlantic Banks
AMNB American Natl Bnkshrs Va
CRRB Carrollton Bancorp
BANKING Regional - Midwest Banks
BUSE First Busey Corp Cl A
MBHI Midwest Banc Holdngs Inc
BANKING Regional - Northeast Banks
CBNJ Cape Bancorp
CJBK Central Jersey Bancorp
BANKING Regional - Southeast Banks
FPBI FPB Bancorp Inc
BANKING Regional - Southwest Banks
CASS Cass Commercial Corp
BANKING Savings & Loans
PROV Provident Fin Holdings
COMPUTER SOFTWARE & SERVICES Application Software
INTU Intuit Inc
TIGR TigerLogic Corporation
COMPUTER SOFTWARE & SERVICES Business Software & Services
ARST Arc Sight` Inc.
CATT Catapult Communications
COMPUTER SOFTWARE & SERVICES Healthcare Information Service
HMSY Hms Holdings Corp
MDAS Medassets` Inc. Common Stock
COMPUTER SOFTWARE & SERVICES Information & Delivery Service
JUPM Jupitermedia Corp
COMPUTER SOFTWARE & SERVICES Information Technology Service
HDY HyperDynamics Corp
COMPUTER SOFTWARE & SERVICES Technical & System Software
MENT Mentor Graphics Corp
CONSUMER DURABLES Appliances
NPK National Presto Indust
CONSUMER NON-DURABLES Textile - Apparel Clothing
COLM Columbia Sportswear Co
CONSUMER NON-DURABLES Textile - Apparel Footwear & A
DFZ R.G. Barry Corp
KCP Kenneth Cole Productions
DIVERSIFIED SERVICES Business/Management Services
CPSI Computer Programs & Systems
DIVERSIFIED SERVICES Education & Training Services
ATAI Ata Inc.
LOPE Grand Canyon Education
DIVERSIFIED SERVICES Personal Services
LONG Elong Inc
NLCI Nobel Learning Community
DIVERSIFIED SERVICES Research Services
NRCI National Research Corp
DRUGS Biotechnology
GENZ Genzyme Corporation
DRUGS Drug Delivery
EMIS Emisphere Technologies
PPCO Penwest Pharmacutical
DRUGS Drug Manufacturers - Major
JAV Javelin Pharmaceuticals Inc
ELECTRONICS Printed Circuit Boards
PTIX Performance Tech Inc
ELECTRONICS Scientific & Technical Instrum
CAMT Camtek Ltd
CYBE Cyberoptics Corp
ENERGY Independent Oil & Gas
PNRG Primeenergy Corporation
ENERGY Oil & Gas Drilling & Explorati
TEC Teton Energy Corp
FINANCIAL SERVICES Asset Management
GROW U.S. Global Invest Inc A
FINANCIAL SERVICES Closed End Fund - Debt
EDV Vangrd Extended Duration Etf
GBF iShares Lehman Government Cred
FINANCIAL SERVICES Closed End Fund - Equity
BND Vanguard Total Bond Market ETF
BOM PowerShares DB Base Metals Dou
FINANCIAL SERVICES Closed End Fund - Foreign
ASA Asa Ltd
CEF Central Fund Of Canada
FINANCIAL SERVICES Investment Brokerage - Regiona
SIEB Siebert Financial Corp
FOOD & BEVERAGE Processed & Packaged Goods
FARM Farmer Brothers Co
HAIN Hain Celestial Group Inc
HEALTH SERVICES Medical Appliances & Equipment
ATSI Ats Medical Inc
EDAP Edap Tms Sa Adr
HEALTH SERVICES Medical Instruments & Supplies
ATRI Atrion Corporation
BMTI BioMimetic Therapeutics Inc
INSURANCE Life Insurance
PUK Prudential Plc Ads Uk
INSURANCE Property & Casualty Insurance
HGIC Harleysville Group Inc
INTERNET Internet Information Providers
LEDR Market Keader Inc
TZOO Travelzoo Inc
INTERNET Internet Software & Services
JCOM J2 Global Communications
RAX Rackspace Hosting
LEISURE Gaming Activities
CPHC Canterbury Park Hldg Cp
GMTC Gametech Internat Inc
LEISURE Restaurants
LUB Luby's Inc
RRGB Red Robin Gourmet
LEISURE Specialty Eateries
PNRA Panera Bread Co Cl A
THI Tim Hortons Inc
MANUFACTURING Industrial Electrical Equipmen
TIII Tii Network Technologies Inc
WIRE Encore Wire Corp
MANUFACTURING Small Tools & Accessories
AERO Aero Grow Intl Inc
MEDIA Broadcasting - Radio
ROIA Radio One Inc
METALS & MINING Gold
AEM Agnico-Eagle Mines Ltd
ANV Allied Nevada Gold Corp
METALS & MINING Industrial Metals & Minerals
AXU Alexco Resource Corp
ETQ Corriente Resources Inc
METALS & MINING None
HUI--X Gold Bugs Index
XAU Phila Gold & Silver
REAL ESTATE Closed End Fund - Equity
TLT Ishares Tr Lehman 20+ Yr Trsy
REAL ESTATE Property Management/Developmen
DFT DuPont Fabros Technology
SCC Security Capital Corp A
RETAIL Home Furnishing Stores
HVT Haverty Furniture Cos
SPECIALTY RETAIL Specialty Retail
SPLS Staples Inc
SPECIALTY RETAIL Sporting Goods Stores
CAB Cabela's Inc
TELECOMMUNICATIONS Communication Equipment
SCON Superconductor Tech
TELECOMMUNICATIONS Diversified Communication Serv
EQ Embarq Corp When Issued
IDT Idt Corp Cl B
TELECOMMUNICATIONS Telecom Services - Foreign
PT Portugal Telecom Sa
TELECOMMUNICATIONS Wireless Communications
TLL Teletouch Commun
TRANSPORTATION Trucking
CVTI Covenant Transport Cl A
WHOLESALE Building Materials Wholesale
IBI Interline Brands
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NEGATIVE VRs
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AEROSPACE/DEFENSE Aerospace/Defense Major Dive
GR Goodrich Corp
NOC Northrop Grumman Corp
AEROSPACE/DEFENSE Aerospace/Defense Products & S
ADG Allied Defense Group (the)
CGT Cae Inc
AUTOMOTIVE Auto Manufacturers - Major
DAI Daimler Ag
NSANY Nissan Motor Co Ltd Adr
AUTOMOTIVE Auto Parts
ARGN Amerigon Inc
ATAC Aftermarket Tech Corp
AUTOMOTIVE Trucks & Other Vehicles
FSS Federal Signal Corp
BANKING Foreign Regional Banks
BAP Credicorp Ltd
BBV Banco Privanza Intl Gbrltr Ltd
BANKING Money Center Banks
BCS Barclays Plc Adr
RBS The Royal Bank of Scotland Gro
BANKING Regional - Mid-Atlantic Banks
ABCB Abc Bancorp
BNCN BNC Bancorp NC
BANKING Regional - Midwest Banks
FBMI Firstbank Corp
FFBC First Financl BAncorp Oh
BANKING Regional - Northeast Banks
BCBP BCB Bancorp Inc. (NJ)
CTBC Connecticut Bank & Trust Compa
BANKING Regional - Pacific Banks
BMRC Bank of Marin
CBON Community Bancorp
BANKING Regional - Southeast Banks
ASO Amsouth Bancorporation
BTFG Banctrust Financial Group Inc
BANKING Regional - Southwest Banks
SBIB Sterling Bancshrs Tx
BANKING Savings & Loans
BFED Beacon Federal Bancorp
BYFC Broadway Financial Corp
CHEMICALS Agricultural Chemicals
AVD American Vanguard Corp
BG Bunge Ltd
CHEMICALS Chemicals - Major Diversified
APD Air Products & Chemicals
FMC Fmc Corp
CHEMICALS Specialty Chemicals
CSB Ciba Specialty Chem Hldg
IOSP Innospec Inc
CHEMICALS Synthetics
LNDC Landec Corporation
SQM Sociedad Quimica Chile
COMPUTER HARDWARE Computer Peripherals
ICAD Icad Inc
INS Intelligent Systems Corp
COMPUTER HARDWARE Data Storage Devices
EMC Emc Corp
STX Seagate Tech Hldgs
COMPUTER HARDWARE Networking & Communication Dev
INPH Interphase Corp
COMPUTER SOFTWARE & SERVICES Application Software
ACTU Actuate Corporation
GUID Guidance Software Inc
COMPUTER SOFTWARE & SERVICES Business Software & Services
BLKB Blackbaud Inc
COGT Cogent Systems
COMPUTER SOFTWARE & SERVICES Information Technology Service
CBR Ciber Inc
HX Halifax Corporation
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
ERTS Electronic Arts Inc
OPTV Opentv Corporation Cl A
COMPUTER SOFTWARE & SERVICES Security Software & Services
ALDN Aladdin Knowledge System
DBTK Double-Take Software Inc
COMPUTER SOFTWARE & SERVICES Technical & System Software
MCRS Micros System Inc
CONGLOMERATES Conglomerates
MITSY Mitsui & Co Ltd
TXT Textron Inc
CONSUMER DURABLES Business Equipment
EFOI Energy Focus Inc
KNL Knoll Inc
CONSUMER DURABLES Electronic Equipment
PC Panasonic Corporation
PHG Koninklijke Philips Elec
CONSUMER DURABLES Home Furnishings & Fixtures
HUB.A Hubbell Inc Class A
LEG Leggett & Platt Inc
CONSUMER DURABLES Housewares & Accessories
LANC Lancaster Colony Corp
CONSUMER DURABLES Photographic Equipment & Suppl
BTN Ballantyne Of Omaha Inc
CONSUMER DURABLES Sporting Goods
COGO Comtech Group Inc
ELY Callaway Golf Co
CONSUMER DURABLES Toys & Games
HAS Hasbro Inc
CONSUMER NON-DURABLES Cleaning Products
PG Procter & Gamble Co
CONSUMER NON-DURABLES Paper & Paper Products
AVY Avery Dennison Corp
GLT Glatfelter
CONSUMER NON-DURABLES Personal Products
BTH Blyth Inc
RDEN Elizabeth Arden Inc
CONSUMER NON-DURABLES Rubber & Plastics
FORD Forward Industries Inc
GRN Greenman Technologies Inc
CONSUMER NON-DURABLES Textile - Apparel Clothing
GIL Gildan Activewear Inc A
GYMB Gymboree Corp
CONSUMER NON-DURABLES Textile - Apparel Footwear & A
BWS Brown Shoe Co Inc
COH Coach Inc
DIVERSIFIED SERVICES Business/Management Services
ABCO Advisory Board
ABM Abm Industries Inc
DIVERSIFIED SERVICES Consumer Services
EMS Emergency Medical Services L.P
SFLY Shutterfly Inc
DIVERSIFIED SERVICES Education & Training Services
DV Devry Inc
DIVERSIFIED SERVICES Personal Services
ULTA Ulta Salon` Cosmetics & Fragra
DIVERSIFIED SERVICES Rental & Leasing Services
RCII Rent A Center Inc
RNT Aaron Rents Inc
DIVERSIFIED SERVICES Research Services
AMRI Albany Molecular Rsrch
ARWR Arrowhead Research Corp
DIVERSIFIED SERVICES Security & Protection Services
CRN Cornell Corrections Inc
GEO Geo Group (The)
DIVERSIFIED SERVICES Staffing & Outsourcing Service
AHS Amn Healthcare
ASF Administaff Inc
DIVERSIFIED SERVICES Technical Services
KBR KBR Inc.
DRUGS Biotechnology
BIIB Biogen Idec Inc
CAPS Orthologic Corp
DRUGS Diagnostic Substances
ABAX Abaxis Inc
DDD SCOLR Pahrma Inc
DRUGS Drug Delivery
NKTR Nektar Therapeutics
DRUGS Drug Manufacturers - Major
ABT Abbott Laboratories
AZN Astrazeneca Plc
DRUGS Drug Manufacturers - Other
ADLR Adolor Corporation
ALXA Alexza Pharmaceuticals Inc
DRUGS Drug Related Products
CSKI China Sky One Medical Inc
DDSS Labopharm Inc
DRUGS Drugs - Generic
CPD Caraco Pharm Labs
ILE Isolagen Inc
ELECTRONICS Diversified Electronics
DPW Digital Power Corp
ENA Enova Systems Inc
ELECTRONICS Printed Circuit Boards
DDIC Ddi Corp
MFLX Multi-fineline Electronix Inc
ELECTRONICS Scientific & Technical Instrum
ANEN Anaren Inc
ESLT Elbit Systems
ELECTRONICS Semiconductor - Broad Line
NSM National Semiconductor
ELECTRONICS Semiconductor - Memory Chips
NLST Netlist Inc
ELECTRONICS Semiconductor Equipment & Mate
ACLS Axcelis Technologies Inc
ASMI Asm Internat N.V.
ENERGY Independent Oil & Gas
APC Anadarko Petroleum Corp
CNQ Canadian Natural Res Ltd
ENERGY Major Integrated Oil & Gas
CVX Chevron Corp
E Eni Spa Ads
ENERGY Oil & Gas Drilling & Explorati
ESV Ensco International Inc
GGR Geoglobal Resources Inc
ENERGY Oil & Gas Equipment & Services
BHI Baker Hughes Inc
BJS Bj Services Co
ENERGY Oil & Gas Pipelines
TCLP Tc Pipelines Lp
ENERGY Oil & Gas Refining & Marketing
ETP Energy Transfer Pntr Lp
IMO Imperial Oil Ltd
FINANCIAL SERVICES Asset Management
BAM Brookfield Asset Management In
BEN Franklin Resources Inc
FINANCIAL SERVICES Closed End Fund - Debt
ADRA BLDRS Asia 50 ADR Index Fund E
AINV Apollo Investment Corp
FINANCIAL SERVICES Closed End Fund - Equity
ADRD BLDRS Developed Markets 100 AD
ADRE BLDRS Emerging Markets 50 ADR
FINANCIAL SERVICES Closed End Fund - Foreign
CAF Morgan Stanley China A Share
CH Chile Fund Inc
FINANCIAL SERVICES Credit Services
AEA Advance America
CCRT Compucredit Corporation
FINANCIAL SERVICES Diversified Investments
HTE Harvest Energy Trust
NYX Nyse Euronext
FINANCIAL SERVICES Investment Brokerage - Nationa
BGCP Bgc Partners Inc
GS Goldman Sachs Group Inc
FOOD & BEVERAGE Beverages - Brewers
ABV Ambev (comp De Bebidas Adr)
FOOD & BEVERAGE Beverages - Soft Drinks
CCE Coca-Cola Enterprises
DPS Dr Pepper Snapple Group` Inc.
FOOD & BEVERAGE Beverages - Wineries & Distill
BF.B Brown-forman Corp Cl B
FOOD & BEVERAGE Confectioners
IPSU Imperial Sugar Company
MFW M&F Worldwide Corp
FOOD & BEVERAGE Dairy Products
DF Dean Foods Company
FOOD & BEVERAGE Farm Products
SEED Origin Agritech Ltd
FOOD & BEVERAGE Food - Major Diversified
ADM Archer Daniels Midland
CMG.B Chipotle Mexican Grill Inc Cla
FOOD & BEVERAGE Meat Products
PDA Perdigao Sa Ads
TSN Tyson Foods Inc
FOOD & BEVERAGE Processed & Packaged Goods
DMND Diamond Foods Inc
MKC Mccormick & Company Inc
HEALTH SERVICES Health Care Plans
CNC Centene Corp
CVH Coventry Health Care Inc
HEALTH SERVICES Hospitals
LPNT Lifepoint Hospitals
MGLN Magellan Health Services Inc
HEALTH SERVICES Medical Appliances & Equipment
CDIC Cardiodynamics Intl Corp
CNMD Conmed Corp
HEALTH SERVICES Medical Instruments & Supplies
BSX Boston Scientific Corp
CMED China Medical Technologies Inc
HEALTH SERVICES Medical Laboratories & Researc
DGX Quest Diagnostics Inc
HEALTH SERVICES Medical Practitioners
TRCR Transcend Services Inc
HEALTH SERVICES Specialized Health Services
ESRX Express Scripts Inc
Index None
TNX--X CBOE 10 Yr Treasury Yield
INSURANCE Accident & Health Insurance
AMSF Amerisafe Inc
AOC Aon Corp
INSURANCE Life Insurance
AEG Aegon Nv
EPAX Ambassadors Group Inc
INSURANCE Property & Casualty Insurance
AFFM Affirmative Insurance Hldgs In
AGII Argonaut Group Inc
INSURANCE Surety & Title Insurance
FNF Fidelity National Finl
INTERNET Internet Information Providers
CHINA CDC Corp Class A
GOOG Google
INTERNET Internet Software & Services
AKAM Akamai Technologies Inc
AMZN Amazon.Com Inc
LEISURE Gaming Activities
DVD Dover Motorsports Inc
LEISURE Lodging
HMIN Home Inns and Hotels Managemen
LEISURE Resorts & Casinos
ISLE Isle Of Capris Casinos
RIV Riviera Holdings Corp
LEISURE Restaurants
BAGL Einstein Noah Restaurant Group
BNHN Benihana Inc
LEISURE Specialty Eateries
SBUX Starbucks Corporation
MANUFACTURING Diversified Machinery
ATU Actuant Corporation
DRC Dresser-Rand Group Inc
MANUFACTURING Farm & Construction Machinery
CNH Cnh Global Nv
LNN Lindsay Manufacturing Co
MANUFACTURING Industrial Electrical Equipmen
AETI American Electric Technology I
AIMC Altra Industrial Motion Inc.
MANUFACTURING Industrial Equipment & Compone
[bleeep] [bleeep] Inc
CIR Circor International Inc
MANUFACTURING Metal Fabrication
MLI Mueller Industries Inc
MANUFACTURING Textile Manufacturing
TPX Tempur-pedic Intl
MATERIALS & CONSTRUCTION Cement
RMIX U.S. Concrete Inc
MATERIALS & CONSTRUCTION General Building Materials
AMN Ameron Internat Corp
DHR Danaher Corp
MATERIALS & CONSTRUCTION General Contractors
APOG Apogee Enterprises Inc
IESC Integrated Electrical Services
MATERIALS & CONSTRUCTION Heavy Construction
FWLT Foster Wheeler Ltd
INSU Insituform Technols Cl A
MATERIALS & CONSTRUCTION Residential Construction
WLT Walter Industries Inc
MATERIALS & CONSTRUCTION Waste Management
RSG Republic Services Inc
TRR Trc Companies Inc
MEDIA Advertising Services
WPPGY Wpp Group Plc Adr
MEDIA Broadcasting - Radio
CMLS Cumulus Media Inc
RC Grupo Radio Centro
MEDIA Broadcasting - TV
CBS.A CBS Corp Class A
GTN Grey Television Inc B
MEDIA CATV Systems
DISCB Discovery Holding Co Class B
LMDIB Liberty Media Entr B
MEDIA Entertainment - Diversified
V Vivendi Universal
MEDIA Marketing Services
AMCN AirMedia Group
CMKG Coactive Marketing Group
MEDIA Movie Production
IMAX Imax Corp
NOOF New Frontier Media Inc
MEDIA Publishing - Books
NED Noah Education Holdings` Ltd.
MEDIA Publishing - Periodicals/News
ENL Reed Elsevier Nv
PSO Pearson Plc Ads
METALS & MINING Aluminum
ACH Aluminum Corp China
METALS & MINING Gold
AAUK Anglo Amer Plc Adr
PCU Southern Peru Copper
METALS & MINING Industrial Metals & Minerals
ANR Alpha Natural Resources
BBL Bhp Billiton Plc Ads
METALS & MINING Nonmetallic Mineral Mining
POT Potash Cp Saskatchewan
ROY International Royalty Corporat
METALS & MINING Steel & Iron
ATI Allegheny Technologies
IIIN Insteel Industries Inc
None None
CMM Criimi Mae(new)
REAL ESTATE Mortgage Investment
ATAX America First Tax-Ex Inv
UPFC United Panam Financial
REAL ESTATE Property Management/Developmen
BPO Brookfield Properties
GBH Wilson Holdings Inc
REAL ESTATE REIT - Diversified/Industrial
ALX Alexander's Inc
DCT Dct Industrial Trust Inc
REAL ESTATE REIT - Healthcare Facilities
CSA Cogdell Spencer Inc
UHT Universal Health Realty Inc Tr
REAL ESTATE REIT - Office
BXP Boston Properties Inc
PKY Parkway Properties Inc
REAL ESTATE REIT - Residential
AEC Associated Estates Realty
UBA Urstadt Biddle Properties
REAL ESTATE REIT - Retail
IRC Inland Real Estate Corp
RETAIL Auto Parts Stores
PBY Pep Boys Manny Moe&Jack
RETAIL Department Stores
SKS Saks Holdings Inc
RETAIL Discount
BIG Big Lots Inc
COST Costco Wholesale Corp
RETAIL Drug Stores
MHS Medco Health Solutions
PMC Pharmerica Corp
RETAIL Electronics Stores
BBY Best Buy Co Inc
CONN Conn's Inc
RETAIL Grocery Stores
CBD Companhia Brasiliera De
IMKTA Ingles Markets Inc Cl A
RETAIL Home Furnishing Stores
BBBY Bed Bath & Beyond Inc
JEN Jennifer Convertibles Inc
RETAIL Home Improvement Stores
FAST Fastenal Company
HD Home Depot Inc
SPECIALTY RETAIL Apparel Stores
AEO American Eagle Outfitter
ANN Ann Taylor Stores Corp
SPECIALTY RETAIL Auto Dealerships
KMX Carmax Inc
SPECIALTY RETAIL Jewelry Stores
SIG Signet Gr Plc Adr
TIF Tiffany & Co
SPECIALTY RETAIL Specialty Retail
BKS Barnes & Noble Inc
FCFS First Cash Financial Svc
SPECIALTY RETAIL Toy & Hobby Stores
BBW Build-a-bear Workshop
TELECOMMUNICATIONS Communication Equipment
ADTN Adtran Inc
CAMP Calamp Corp
TELECOMMUNICATIONS Diversified Communication Serv
BTM Brasil Telecom S.a.
LINTB Liberty Media Interactive Clas
TELECOMMUNICATIONS Telecom Services - Domestic
DECC D&E Communications Inc
TELECOMMUNICATIONS Telecom Services - Foreign
ATNI Atlantic Tele-Network
BRP Brasil Telecom Partic Sa
TELECOMMUNICATIONS Wireless Communications
AMX America Movil
CHT Chunghwa Telecom
TOBACCO Cigarettes
BTI British Amer Tob Plc
LO The Lorillard Group
TRANSPORTATION Air Delivery & Freight Service
CHRW C.H. Robinson Worldwide
EXPD Expeditors Int Wash Inc
TRANSPORTATION Air Services
BRS Bristow Group Inc
OMAB Grupo Aeroportuario Del Centro
TRANSPORTATION Major Airlines
CEA China Eastern Airlines
TRANSPORTATION Railroads
GSH Guangshen Railway Co
KSU Kansas City Southern
TRANSPORTATION Regional Airlines
ALGT Allegiant Travel Co
CPA Copa Holdings S.A.
TRANSPORTATION Shipping
CKH Seacor Holdings Inc
DSX Diana Shipping Inc
TRANSPORTATION Trucking
CNW Con-Way Inc
FWRD Forward Air Corporation
UTILITIES Diversified Utilities
FPU Florida Public Utilities
WEC Wisconsin Energy Corp
UTILITIES Electric Utilities
AEP American Electric Power
AES Aes Corporation
UTILITIES Foreign Utilities
HNP Huaneng Power Intl Inc
UTILITIES Gas Utilities
DGAS Delta Natural Gas Co Inc
NFG National Fuel Gas Co
UTILITIES Water Utilities
SWWC Southwest Water Co
WHOLESALE Electronics Wholesale
AEY Addvantage Tech Group
HWCC Houston Wire & Cable Company
WHOLESALE Food Wholesale
SVU Supervalu Inc
SYY Sysco Corp
WHOLESALE Industrial Equipment Wholesale
DXPE Dxp Enterprises Inc
TTES T-3 Energy Services Inc
WHOLESALE Wholesale
CAS A.M. Castle & Company
CENTA Central Garden & Pet Co.
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VR TRADER.COM WATCHLISTS:
Please note:
The VR Watchlist is currently available via the VRTrader.com websiteaccessed via your assigned username and password. Please emailmark@vrsurvey.com if you misplaced that information.
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Report: NKorea may be ready to test-fire missile
Feb 21, 6:28 AM (ET)
SEOUL, South Korea (AP) - North Korea could be ready to test-fire amissile within days as satellite imagery has shown increased activityat a missile site over the past 48 hours, a respected defensepublication reported.
A significant increase in launch preparations has occurred at theMusudan-ni missile site on the communist country's northeastern coast,said Joseph S. Bermudez Jr., a senior analyst at Jane's InformationGroup who specializes in North Korean defense and intelligence matters.
"The latest satellite images ... indicate that North Korea ispreparing to launch either a prototype Taepodong 2 intermediate-rangeballistic missile or a Paektusan 2 space launch vehicle within a matterof days," Jane's Defence Weekly said in a report issued Friday inLondon.
Washington, Seoul and Tokyo have repeatedly warned North Koreaagainst firing a missile, saying it would trigger internationalsanctions. The Taepodong 2 missile is believed capable of reaching U.S.territory.
Bermudez said satellite images show the activation of launchequipment and radars, and the arrival of numerous trucks and supportvehicles. Support facilities for the engine test stand were undergoingexpansion, the report said.
North Korea unsuccessfully launched a Taepodong 2 missile in 2006.That test alarmed the world and gave new energy to the stop-and-startdiplomacy over North Korea's nuclear program. The North is believed topossess up to a dozen nuclear warheads.
Ahead of the possible launch, the U.S., Japan and South Korea haveincreased intelligence collection efforts, including sorties ofreconnaissance aircraft and the deployment of Aegis-equipped navalvessels and specialized reconnaissance ships, the Jane's report said.
North Korea has said it has the right to "space development" - aterm it has used in the past to disguise a missile test as a satellitelaunch. When it test-fired a shorter-range Taepodong 1 missile overJapan in 1998, it claimed to have put a satellite into orbit.
On a regional tour, U.S. Secretary of State Hillary Rodham Clintonurged North Korea to halt "provocative actions," noting Friday thatsuch a missile test would violate a 2006 U.N. Security Councilresolution banning the North from pursuing missile or nuclear programs.
She also warned North Korea that its relations with Washington wouldnot improve unless it stops threatening South Korea.
However, North Korea continued its harsh rhetoric toward the Southon Saturday, accusing President Lee Myung-bak of "blatantly" attackingand insulting its socialist system by suggesting it was responsible forthe country's food shortages.
The Committee for the Peaceful Reunification of Korea, which handlesrelations with South Korea, warned that the North would "settleaccounts" with Lee's administration "through the most merciless andresolute measure." The statement, carried by the official KoreanCentral News Agency, did not elaborate.
Tensions have been high since Lee, a conservative, took office ayear ago and introduced tougher policies toward North Korea than hisliberal predecessors, who had sought closer ties. The North hasresponded by cutting off all reconciliation talks and suspending keyjoint projects.
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MADOFF DIDN'T INVEST ONE DOLLAR FOR 13 YEARS
February 21, 2009
The shocks just keep coming for Bernard Madoff's victims.
The $50 billion fraudster hadn't bought any stocks or bonds for anyof his thousands of clients in more than a decade, it was revealedyesterday.
"We have no evidence to indicate securities were purchased forcustomer accounts in the last 13 years. We look at this as a cash-in,cash-out case," Irving Picard, the court-appointed trustee overseeingthe liquidation of Madoff's assets, told investors yesterday.
It was "a Ponzi scheme where no stock was purchased," said DavidSheehan, a lawyer working for Picard.
He said that the assets of Madoff "insiders" - including familymembers - could be seized and liquidated but warned that some innocentinvestors who thought they'd just made out well with Madoff could alsotake a hit.
Sheehan said administrators from a recovery fund would try torecover "false profits" that had been "earned" by some investors.
"There wasn't any stock bought or sold," Sheehan told the hundredsof investors who attended the two-hour meeting in lower Manhattan.
"I understand you may think those were your profits and that is yourmoney, but that was all just made up. You have somebody else's money."
Investors weren't happy to hear about the "claw back" plan.
"You're turning honest people into criminals," complained one whowouldn't give her name.
Picard said he'd made headway on recovering Madoff's assets and hadcollected $950 million to date. He also hopes to raise money, he said,by selling a legitimate trading arm of the business.
He added that his office had received 2,350 claims from victims andthat he expects that number to double by July 2, the deadline forsubmitting claims.
He told victims that they could qualify for up to $500,000 in fundsfrom the Securities Investor Protection Corp. but that his liquidationwould take time.
The investors - many of whom were wiped out by the flimflamfinancier - told Picard they were reeling now.
"I had invested a lifetime of work, my inheritance, plus my savings.I've lived modestly. I had a 20-year-old car, no jewelry," said MiriamSiegman, 65, of lower Manhattan, who'd invested with Madoff since 1992.
"This has affected my life completely. I'm on food stamps. I may beliving in my car soon. I can't go to the dentist . . . I don't wantMadoff to take the joy out of my life."
Retired high-school teacher Theodore Fettman, 79, said: "We lost asizable amount of our savings, and that's going down the drain. Itdestroys people's faith in the society we live in."
Madoff, 70, arrested in December, is under house arrest.
Meanwhile, a Forest Hills, Queens, charity is suing Madoff for fraudand conspiracy after it lost $2.5 million - almost all of its assets -to his scheme.
The FLB Foundation, which funds drug-rehab and mental- healthprograms, just upped its Madoff-controlled holdings by $500,000 a fewmonths ago, the Associated Press wrote.
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