The VRTrader.com VR Silver Newsletter - Monday 3/15/2010"Tools for the High Performance Trader"
Copyright ©2010, All rights reserved.
Redistribution in any form is strictly prohibited. LEIBOVIT FILES | by Mark Leibovit Leibovit Files
Monday, March 15, 2010
Hoping For A Pullback - Still Eyeing A Dow Industrials Target Of 11,300-500 - Maybe Even More!
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What is our true national debt?
http://www.truthin08.org/
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UPCOMING ECONOMIC RELEASES/MARKET EVENTS
MARCH 15 - 19, 2010:
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MONDAY, MARCH 15, 2010:
Empire State Mfg Survey
8:30 AM ET
Treasury International Capital
9:00 AM ET
Industrial Production
9:15 AM ET
4-Week Bill Announcement
11:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
Housing Market Index
1:00 PM ET
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TUESDAY, MARCH 16, 2010:
Turnaround Tuesday?
ICSC-Goldman Store Sales
7:45 AM ET
Housing Starts
8:30 AM ET
Import and Export Prices
8:30 AM ET
Redbook
8:55 AM ET
4-Week Bill Auction
11:30 AM ET
FOMC Meeting Announcement
2:15 PM ET
POST-MARKET EARNINGS REPORTS:
AMBAC Fincl, Discover Financial Services
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WEDNESDAY, MARCH 17, 2010:
PRE-MARKET EARNINGS REPORTS:
General Mills
Dallas Federal Reserve Bank President Richard Fisher on panel about crisis response at Dallas Fed conference on the euro and dollar in the crisis, in Dallas.
MBA Purchase Applications
7:00 AM ET
Producer Price Index
8:30 AM ET
EIA Petroleum Status Report
10:30 AM ET
POST-MARKET EARNINGS REPORTS:
Guess, Herman Miller, Nike
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THURSDAY, MARCH 18, 2010:
PRE-MARKET EARNINGS REPORTS:
Barnes & Noble, FedEx, Ross Stores, Winnebago Inds
Federal Reserve Gov. Elizabeth Duke and FDIC Chair Sheila Bair speak to the American Bankers Association government relations summit in Washington.
7:30 AM ET
Consumer Price Index
8:30 AM ET
Jobless Claims
8:30 AM ET
Federal Reserve Bank presidents of Kansas City, Thomas Hoenig; Richmond, Jeffrey Lacker; and Cleveland, Sandra Pianalto, on panel about the role of banking in local economic growth at the American Bankers Association conference.
8:30 AM ET
Current Account
8:30 AM ET
Leading Indicators
10:00 AM ET
Philadelphia Fed Survey
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
2-Yr Note Announcement
11:00 AM ET
5-Yr Note Announcement
11:00 AM ET
7-Yr Note Announcement
11:00 AM ET
Federal Reserve Gov. Elizabeth Duke speaks to an invitation-only Women's Leadership Forum at the ABA conference in Washington.
11:30 AM ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
POST-MARKET EARNINGS REPORTS:
3Com, Palm
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FRIDAY, MARCH 19, 2010:
Quadruple Witching
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STOCKS - ACTION ALERT -
It is clear looking at the charts that we're clearly in an uptrend and that clearly we've been climbing that proverbial 'Wall of Worry'. New bull market highs have been posted across the board with the notable exception of the Dow Industrials, but it is only a matter of time until that occurs. Many analysts including myself have been writing about the possibility of seeing a mid-March low for weeks on end, thinking that perhaps this March would mirrow what we saw last March, i.e., a big low point in the markets. Market cycles have a way of inverting and it is certainly possible as we saw back on March 10, 2000 when the Nasdaq posted its all-time high that an equivalent high could form at this time.
Bottom line: I am hoping (emphasize hoping) for a pullback, but I am not looking for a big market top at this time. If anything, 'Sell in May and Go Away', but not March. Frankly, we need see the Dow Industrials at 11,300-11,500 and the S&P 500 1220 to 1250 before I would even begin looking for a top. There is the possibility that these markets could rally even quite a bit further than these targets as well. Keep in mind there are Congressional elections this Fall and a strong stock market helps lead the economy to a recovery -albeit 'grudgingly'. In other words, markets could experience a blow-off to the upside in the months ahead before any significant downside unfolds.
You've got to stay long this market and if you're trading, looking to buy any pullbacks the market is kind enough to offer. Should unexpected broad-based Negative Volume Reversals ™ materialize, then I would wait for the dust to settle before buying.
Most of the indexes hit new bull market highs Friday morning, but the market gave up those opening gains after a disappointing consumer sentiment report and experienced range-bound trading for the rest of the day. The indexes finished the day mixed with the Dow Industrials up 12.85 to 10624.69, S&P down 0.25 to 1149.99, and NASDAQ down 0.80 to 2367.66.
The S&P 500, possibly the most important index, hit a new bull market high Friday morning for the first time in two months, but had no follow though at all. Could Friday have been a bear market trap? Get traders all excited about the news highs and then sell off? Of course, the other most highly watched index, the Dow Industrials, has yet to hit a new high. I'm sure many traders are waiting for the Dow Industrials to confirm what they rest of the market has already done. We remain on a TIMER DIGEST Buy Signal, but currently neutral in our trading positions as we wait to see whether the uptrend is stronger than the resistance levels the market is currently testing.
Despite the flat ending to market on Friday, Consumer Discretionary (XLY +0.28%) and Industrials (XLI +0.68%) closed at new bull market highs.
Financials (XLF) hit a new bull market high of 15.74 Friday morning, topping the old 15.70 high, but finished the day down 0.38% at 15.54.
Healthcare (XLV -0.75%) was the worst performer as Obama delayed his Asia trip to deal with health care.
In the end, Friday was an indecisive day for the market. Bulls certainly would have liked to rally when the S&P 500 hit a new high and would like the Dow to reach new highs as well. The trend remains higher but the lack of follow-through has to be a concern. Of course, it has only been one day and the bulls will try again this week.
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DOW TRANSPORTS - ACTION ALERT -
Transportation stocks also finished little changed on Friday, but did not follow the broader market's general trend. Transports fell in the morning as oil was trading up but recovered its losses by day's end to finished up slightly as oil finished down. The Dow Jones Transportation Average gained 4.97 or 0.12% to close at 4325.35.
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GOLD and METALS - ACTION ALERT -
Gold finished a disappointing week with another loss on Friday. Gold got hit last week by concerns that China will further tighten access to money offset a weaker dollar. Bulls though can take solace from the fact that support at 1100 has held so far. Bears though like that gold fell at a time when the Dollar is also fell. Gold fell 8.10 on Friday and 32.90 for the week to close at 1101.50. Silver dropped 0.09 on Friday and 0.30 for the week to 17.07. Platinum declined 4 on Friday to 1605, but palladium rose 2 to 461. Copper futures settled up 0.0030 at 3.3800.
I am still very much a bull on Gold because we're in a broad twenty-year up cycle and though there will be detours along the way, we're headed dramatically higher. Shorter-term, time cycles point to the strong positive seasonality now into summer and the fact the U.S. Dollar Index is declining (despite negative inverse action on Friday) should soon reinstate Gold's uptrend. The hoped-for signal would be broad-based Positive Volume Reversals ™. Perhaps we may have to wait and see if the broad stock market corrects here to find a more suitable launching pad for Gold and Gold equities as they have tracked together more often than not tracking together.
Here is the link to the VR Gold Letter:
www.vrgoldletter.com
If you are a Platinum or Silver subscriber, special discount rates are offered. Please contact my office for details: mark.vrtrader@gmail.com or 928-282-1275.
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BONDS - ACTION ALERT -
Treasuries rallied Friday after an unexpected decline in consumer sentiment. The long bond future rose 11/32 to 116 30/32 and the long bond future is currently up 13/32 to 117.
President Obama is due to nominate San Francisco Fed President Janet Yellen as vice chairman of the Federal Reserve, according to a Wall Street Journal report. Yellen has been a strong supporter of Fed Chairman Ben Bernanke's low-interest-rate policy.
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CRUDE OIL - ACTION ALERT -
I remain positive on Crude Oil and can easily see Crude Oil trading into the 90s in the weeks and months ahead. Fishing for long-entry at this time.
Oil rallied Friday morning after the International Energy Agency raised its forecast for global oil demand, citing strong growth in China and other emerging economies, but gave up its gains after the weak consumer sentiment report. At the end of the day, crude oil fell 0.87 to 81.24 and natural gas lost 0.040 to 4.400.
The Paris-based IEA on Friday revised up by 70,000 barrels a day its oil demand forecast for both 2009 and 2010, saying that higher-than-expected non-OECD data largely offset persistently weak OECD readings. Global oil demand is expected to rise by 1.6 million barrels a day, or 1.8% year-on-year, to 86.6 million barrels a day in 2010, the IEA said in its monthly report. In contrast, demand is estimated to have contracted by 1.2 million barrels a day, or 1.4% year-on-year, to 85.0 million barrels a day in 2009. The forecast for demand in the OECD, or the developed economies, was actually revised lower by 120,000 barrels a day for 2010, given very weak readings in January, most notably in Europe, the IEA said. In contrast, China's apparent demand surged 28% year-on-year in January. The Asian nation is expected to account for almost a third of global oil demand growth in 2010.
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US DOLLAR - ACTION ALERT -
A big surprise to the Dollar bulls could be 1) the fact the Dollar has unexpectedly topped out or 2) we're entering a much more serious correction in the Dollar than the Dollar bulls would have conceded possible. In either event, the Dollar Index looks lower and I remain optimisitc for both commodities and the EURO which you know I've been long.
The US Dollar Index fell on Friday as the Euro received support from strong economic data and more confidence that Greece will recover. The US Dollar Index broke through it first support level and is taking aim at support at 79.559 (the low of February 17). The US Dollar Index fell 0.558 to 79.765.
China could allow its currency to begin appreciating against the U.S. dollar within the next month, as Beijing responds to growing pressure from Washington to allow its currency to trade more freely. Pressure to end the yuan's de-facto peg to the U.S. dollar for the last 20 months will increase in the weeks leading up to the U.S. Treasury Department's currency report, due to be released April 15.
We saw on Friday government manipulation of currencies just does not work:
The Yen gained ground even though Japanese Prime Minister Yukio Hatoyama told parliament the yen was too strong.
The euro, meanwhile, dropped to a one-month low versus the Swiss currency as traders appeared to test the Swiss National Bank's resolve to prevent a rapid appreciation of the franc versus the single currency.
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URANIUM - ACTION ALERT
Ux U3O8 Prices* (Uranium)
March 1, 2010 Posting
Spot: $40.50 DOWN 1.25. Bull market high in the cash market was $138.00.
The March Uranium Futures closed at $40.75. Uranium futures recent his a new bear market low of 40.00. June 13, 2007 hosted the bull market high of 154.95. Major support lies well under the market at $36.00.
The spot price of uranium quadrupled from 2004 to 2007. When it hit $138/lb, uranium became a certified bubble, which has now burst. For investors, this is the best possible news, of course. Nuclear power is the ultimate alternative fuel, as the French will tell you. You get all the power, 84% cheaper than coal, with none of the politics of rogue nations and none of the greenhouse emissions.
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ECONOMIC NEWS:
Led by a big gain in electronics, U.S. retail sales increased 0.3% to a seasonally-adjusted $355.5 billion in February, despite three major snow storms in the East, the Commerce Department estimated Friday. Sales have risen in four of the past five months, and were up 3.9% compared with a year earlier. Most categories of retailers recorded month-over-month increases in February, driving sales to their biggest percentage gain since November, the government said. Auto and truck sales were one exception, falling 2% compared with January. Sales at health- and personal-care stores dropped the most in six years. Excluding autos and trucks, retail sales increased 0.8% to $297.7 billion in February, the largest gain since November. February sales were better than expected. Economists were expecting February sales to be unchanged, and for sales excluding autos to rise 0.1%. However, total sales in January were revised lower, to a 0.1% gain from 0.5% previously estimated. Sales excludi ng autos were revised to a 0.5% gain from 0.6%.
U.S. consumer sentiment dipped in early March, according to media reports on Friday of the Reuters/University of Michigan index. Amid signs that the labor market is approaching a trough but remains frail, the consumer sentiment index declined to 72.5 in March from 73.6 in February. Economists had been expecting the sentiment index to hit 74 in March.
CORPORATE NEWS:
National Semiconductor on Thursday reported a third-quarter profit of $53.2 million, or 22 cents a share, compared with a profit of $21.1 million, or 9 cents a share for the year-earlier period. Revenue was $361.9 million, up from $292.4 million for the same quarter the previous year. For the current quarter, the company said it expects revenue between $375 million and $390 million. Analysts had expected the chip company to report earnings of 18 cents a share, on revenue of $348.6 million. NSM inched up 0.07%.
Pacific Sunwear of California on Thursday reported a fourth-quarter loss of $36 million, or 56 cents a share, vs. a loss of $27 million, or 42 cents a share, a year ago. Excluding one-time items, the loss would have come in at 26 cents a share. Total sales fell 17% to $293 million. Analysts were looking for a loss, on average, of 28 cents a share on sales of $279.7 million. The teen-clothing retailer said it expects to post an adjusted first-quarter loss of 32 cents to 38 cents a share. Wall Street previously forecast a loss of 14 cents a share. PSUN fell 15.48%.
Women's clothing retailer Ann Taylor Stores Corp. on Friday swung to a fourth-quarter profit of $41,000 or break even a share, from a loss of $375.6 million, or $6.66 a share, in the year-earlier period. Sales fell to $469.1 million from $483.4 million. Excluding restructuring charges, the company said it would have earned 5 cents a share. Analysts, on average, had expected the New York-based company to post a loss of 1 cent a share on sales of $472 million. The company said it has "strong momentum" into the first quarter, with both its namesake and Loft chains generating comparable sales of about 10% in February. It sees first-quarter sales of about $445 million. For the year, it said it sees a return to positive comparable sales at both brands in each quarter this year with total sales to rise above last year's level. ANN declined 0.93%.
Charles Schwab warned first-quarter earnings will fall short of fourth-quarter levels as it continues to face revenue pressures and expects higher costs. SCHW lost 3.40%.
United Technologies reaffirmed its existing earnings guidance for this year and accelerated the margin target for its Hamilton Sundstrand aerospace unit. But the manufacturer cut its forecast of operating profit at its Otis elevator unit. UTX dropped 0.75%.
Aeropostale's fourth-quarter earnings rose 42% on better margins and continually strong sales, and its earnings outlook for the fiscal first quarter and year trumped analysts' estimates. ARO gained 4.14%.
Pfizer said it ended a late-stage trial for an experimental lung-cancer drug. In addition, Pfizer said two late-stage studies of its advanced breast cancer drug Sutent failed to meet their primary endpoints. PFE was down 1.21%.
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Canadian TSE, TSE Venture and Canadian Dollar Commentary for our Canadian clients updated for Monday, March 15. Check the VR List below for Canadian Positive and Negative Volume Reversals ®.
The Canadian market outperformed the US market on Friday thanks to strength in Financials and Metals & Mining and following a good jobs report. The TSE gained 34.12 or 0.28% to 12013.82. Though a Positive Volume Reversal (t) was formed on Friday, I would surely like to see the TSE break out above the January 11 high of 12,070.20 to confirm. I think that is very likely to happen shortly. My next target is 12,375 followed by possibly 12,875.
Canada created more jobs than expected in February and the jobless rate fell to a 10-month low, cementing Prime Minister Stephen Harper's view that the country's economic recovery is under way. Employment rose by 20,900 last month, the fifth gain in seven months, Statistics Canada said. The jobless rate fell to 8.2 percent. The median forecast of economists surveyed by Bloomberg was for a 15,500 gain in employment and a jobless rate of 8.3 percent. Full-time employment rose by 60,200 in February, while part-time jobs dropped by 39,300, Statistics Canada said. The number of employees rose by 38,100, while self-employment fell by 17,200.
Potash Corp. of Saskatchewan Corp. upped its earnings guidance on a sharp rebound in demand. Earnings will be $1.30 to $1.50 a share, higher than an earlier forecast of 70 cents to $1 a share, the company said in a statement Thursday after the close of regular trading. The average estimate of analysts was 93 cents. POT.TO jumped 6.93%.
Agrium, Canada's second-largest fertilizer producer, said it will allow its bid to acquire CF Industries Holdings Inc. to expire on March 22, ending a yearlong attempt to buy the U.S. rival. AGU.TO rose 7.45%.
First Capital Realty, the owner of interests in 176 shopping centers, reported fourth-quarter funds from operations of 37 cents a share, missing the average estimate by 7.3 percent. The company also provided a 2010 funds from operations forecast below the average analyst estimate. FCR.TO fell 1.65%.
Goldcorp, Canada's second-largest gold producer, said it earned 19 cents a share, excluding certain items, in the fourth quarter. The average analyst estimate was 24 cents a share. G.TO lost 1.91%.
Energy 147.85 -0.67
Financials 184.34 +0.70
Health Care 36.81 -0.44
Industrials 99.83 +0.33
Information Technology 31.74 -0.02
Metals & Mining 1,096.61 +8.65
Telecommunications 81.89 -0.31
Utilities 201.68 +1.10
Resistance is 12,126, 12,375, 12,968, 13,771, 13,875, 13,983, 14,157. Support is 11,420, 10,990, 10,800, 10,500, 10,384, 9500, 9300, 9140.
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TSE Venture:
The Venture did even better than its big brother as Metals & Mining followed industrial metals higher instead of falling with the precious metals. The TSE Venture posted a gain of 7.35 or 0.47% to finish at 1568.29. A Positive Volume Reversal ™ was also formed in the TSE. I am still looking for a move to 1595+ and a breakout above the January 11 high of 1628.72.
Resistance is 1575 (which held), 1595, 1629, 1680. Support is 1429, 1403, 1383.
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THE CANADIAN DOLLAR (using the FXC Exchange Traded Fund):
The Canadian Dollar took advantage of the weak US Dollar and strong Canadian jobs report on Friday to push its way to a new bull market high of 98.00, its highest level in 20 months. FXC closed up 0.59 at 97.80.
Resistance is 100.00, 102.00. Support is 96.37, 93.28, 92.46, 92.01, 91.00, 89.75, and 85.18.
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My 'Annual Forecast Model' (VR Forecaster Report) is now posted on the VRtrader.com website and covers cyclical projections for the Dow Industrials, the TSX, Gold, Crude Oil, Ten Year Interest Rate Yields and the US Dollar Index. Subscribe today and insure getting your copy. The Model has been published since 1987 and has garnered a respectable following among traders and investors seeking an overall 'timing' tool for the major markets. Remember, there is no price too high for good information!
Here is the link:
https://www.vrtrader...cribe/index.asp
If you have any questions, please don't hesitate to call me and leave a voice mail message at 928-282-1275 or email me at mark.vrtrader@gmail.com.
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TIMER DIGEST signals for Stocks, Gold and Bonds are available to Platinum subscribers on the Home Page. TIMER DIGEST is an independent ranking service and newsletter. VRtrader.com, Inc. and TIMER DIGEST have no affiliation.
TIMER DIGEST has named Mark Leibovit of VRTrader.com 'TIMER OF THE YEAR' for 2006 and was named the #2 Timer for 2007.
As of January 25, 2010, TIMER DIGEST has named Mark Leibovit the 7th Market Timer for the 5 year period ending 12/31/09; the 3rd Market Timer for the 8 year period ending 12/31/09 and the #2 Market Timer for the 10 year period ending 12/31/09.
As of January 25, 2009, TIMER DIGEST also named Mark Leibovit the #2 Gold Timer for the 10 year period ending 12/31/09!
More kudos - Mark Leibovit was named the #1 Intermediate Market Timer for the 10 year period ending in 2007; the #1 Intermediate Market Timer for the 3 year period ending in 2007; the #1 Intermediate Market Timer for the 8 year period ending in 2007; and the #8 Intermediate Market Timer for the 5 year period ending in 2007. NO OTHER ANALYST SURVEYED APPEARED IN ALL FOUR CATEGORIES FOR INTERMEDIATE MARKET TIMING AS PUBLISHED IN TIMER DIGEST JANUARY 28, 2008!
Mark Leibovit was also named the #1 Gold Timer for the one-year period ending March 25, 2008. Most recently, from: 12/26/08 to: 03/27/2009, he is ranked in the #5 position for 3 month return.
Current TIMER DIGEST signals for stocks:
'Buy' signal March 4, 2009.
'Sell' signal May 27, 2009.
'Buy' signal July 21, 2009.
'Sell' signal September 2, 2009.
'Buy' signal September 3, 2009.
'Sell' signal October 15, 2009.
'Buy' signal November 13, 2009.
'Sell' signal November 30, 2009.
'Buy' signal December 1, 2009.
'Sell' signal January 27, 2010.
'Buy' signal February 12, 2010.
Current TIMER DIGEST signals for Gold:
'Sell' signal November 30, 2009.
'Buy' signal December 1, 2009.
'Sell' signal January 27, 2010.
'Buy' signal February 12, 2010.
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DAILY VR LIST:
Editors note: The Daily VR List here is abbreviated with the full list only available to Platinum subscribers by clicking on 'Current VR List' on the Home Page of VRtrader.com.
Canadian shares are listed at the bottom of each section with the title: 'XXX CANADIAN STOCKS XXX'.
Silver subscribers who find this useful should upgrade to Platinum where you can pull down VR charts for many securities and watch the patterns unfold for yourself. There is no technical service on the planet that posts Positive and Negative VR! Why? Because they are proprietary to VRtrader.com!
How do you use this list?
Volume Reversals ™ are buy and sell triggers and are traders find them particularly useful, especially coming off market extremes as an indication of a change of direction. Use the VRs in conjunction with your other technical indicators and you've added a unique technical tool to your arsenal.
To see a visual representation of Volume Reversals ™, please go our Current Portfolio section and click on any recommended stock. Or, if you would like to get a VR Chart for a specific symbol, please click here. Please note that the list of symbols available is limited at this time.
VOLUME REVERSALS FOR MARCH 12, 2010:
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POSITIVE VRs
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XXX CANADIAN STOCKS XXX Canadian Stocks
AGI.UN ALAMOS GOLD, INC.
BAM.A BRROKFIELD ASSET MGT INC.
CEW CLAYMORE EQUAL WEIGHT
CM.UN CANAIDAN IMPERIAL BANK OF COMM
CMW.UN CLAYMORE S&P/TSX GLOB MINING
CRQ.UN CLAYMORE CANADIAN FUN
ESI.UN ENSIGN ENERGY SERVICES
FIU FIRST URANIUM CORP NP
FTS FORTIS INC
GAM.UN GAMMON GOLD INC
HAU HORIZONS BETAPRO DJ-A
HXU HORIZONS BETAPRO S&P/
IMG IAMGOLD CORP NPV
MLG MALAGA INC
NA.UN NATIONAL BANK OF CANA
POT.UN POTASH CORP
RY.UN ROYAL BANK OF CANADA
SJR.B SHAW COMMUNICATIONS I CL B
SLW.UN SILVER WHEATON CORP
SU.UN SUNCOR ENERGY
XMA ISHARES CDN S&P/TSX C
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U.S. Stocks
AEROSPACE/DEFENSE Aerospace/Defense Major Dive
RTN Raytheon Co
AEROSPACE/DEFENSE Aerospace/Defense Products & S
CW Curtiss Wright Corp
ORB Orbital Sciences Corp
AUTOMOTIVE Auto Manufacturers - Major
F Ford Motor Co
AUTOMOTIVE Auto Parts
DAN Dana Corp
GNTX Gentex Corp
BANKING Foreign Regional Banks
BBD Banco Bradesco Sa
BANKING Money Center Banks
BCS Barclays Plc Adr
BMO Bank Of Montreal
JPM JPMorgan Chase & Co
BANKING Regional - Mid-Atlantic Banks
BKSC Bank Of South Carolina
FNBN Fnb Corp (Nc)
PABK PAB Bankshares Inc
BANKING Regional - Midwest Banks
FBMI Firstbank Corp
FMER Firstmerit Corp
NTRS Northern Trust Corp
BANKING Regional - Northeast Banks
ABVA Alliance Bank Corp
BARI Bancorp Rhode Island Inc
CBU Community Bank Systm Inc
BANKING Regional - Pacific Banks
BOH Bank of Hawaii Corp
CPF Central Pacific Finl Corp
GBCI Glacier Bancorp Inc
BANKING Regional - Southeast Banks
CADE Cadence Financial Corp
CFNL Cardinal Financial Corp
EVBS Easternnklin Bank N.a.
BANKING Regional - Southwest Banks
FCFC Firstcity Financial Corp
SBIB Sterling Bancshrs Tx
UMBF Umb Financial Corp
BANKING Savings & Loans
CNY Carver Bancorp Inc
FBSI First Bancshares Inc Mo
FFDF Ffd Financial Corp
CHEMICALS Agricultural Chemicals
AGU Agrium Inc
BG Bunge Ltd
COIN Converted Organics Inc
CHEMICALS Chemicals - Major Diversified
DOW Dow Chemical Co
FMC Fmc Corp
TTI Tetra Technologies Inc
CHEMICALS Specialty Chemicals
ACET Aceto Corp
BIOF Biofuel Energy Corp
CBT Cabot Corp
CHEMICALS Synthetics
ALB Albemarle Corp
ARJ Arch Chemicals Inc
CCC Calgon Carbon Corp
COMPUTER HARDWARE Computer Peripherals
AUO Au Optronics Corp
COMPUTER HARDWARE Data Storage Devices
QTM Quantum Corp-Dlt & Strg
COMPUTER HARDWARE Diversified Computer Systems
HPQ Hewlett-packard Co
COMPUTER HARDWARE Networking & Communication Dev
FNSR Finisar Corporation
SMSC Standard Microsystems Cp
COMPUTER HARDWARE Personal Computers
DELL Dell Inc
COMPUTER SOFTWARE & SERVICES Application Software
ADVS Advent Software Inc
EPAY Bottomline Technologies
SNCR Synchronoss Technologies Inc
COMPUTER SOFTWARE & SERVICES Business Software & Services
ASUR Forgent Networks
DMAN DemandTec Inc
HRAY Hurray! Holding Co
COMPUTER SOFTWARE & SERVICES Technical & System Software
INFY Infosys Technologies Ads
SNX Synnex Corp
CONGLOMERATES Conglomerates
KT Katy Industries Inc
PPG Ppg Industries Inc
CONSUMER DURABLES Appliances
LII Lennox International Inc
CONSUMER DURABLES Business Equipment
EFOI Energy Focus Inc
CONSUMER DURABLES Electronic Equipment
COBR Cobra Electronics Corp
TBUS Digital Recorders Inc
CONSUMER DURABLES Housewares & Accessories
LCUT Lifetime Brands Inc
CONSUMER DURABLES Photographic Equipment & Suppl
CHYR Chyron Corp
CONSUMER DURABLES Recreational Goods
RCRC Rc2 Corp
CONSUMER DURABLES Sporting Goods
CYB Cybex Internat
CONSUMER NON-DURABLES Cleaning Products
DAR Darling International
ECL Ecolab Inc
SCL Stepan Co
CONSUMER NON-DURABLES Packaging & Containers
CGW Cristalerias De Chile
GEF Greif Brothers Corp A
CONSUMER NON-DURABLES Paper & Paper Products
IP Internat Paper Co
PKG Packaging Corp Of Amer
CONSUMER NON-DURABLES Personal Products
ACV Alberto-Culver Cl B
G Gillette Company
CONSUMER NON-DURABLES Rubber & Plastics
ATR Aptargroup Inc
DSWL Deswell Industries Inc
TG Tredegar Corporation
CONSUMER NON-DURABLES Textile - Apparel Clothing
GIL Gildan Activewear Inc A
OXM Oxford Industries Inc
CONSUMER NON-DURABLES Textile - Apparel Footwear & A
CROX Crocs Inc
ICON Iconix Brand Group
DIVERSIFIED SERVICES Business/Management Services
CDZI Cadiz Inc
EVOL Evolving Systems Inc
HQS HQ Sustainable Maritime Indust
DIVERSIFIED SERVICES Education & Training Services
AMCE American Claims Eval Inc
CEDU Chinaedu Corp
GML Magic Lantern Group Inc
DIVERSIFIED SERVICES Personal Services
ULTA Ulta Salon` Cosmetics & Fragra
DIVERSIFIED SERVICES Rental & Leasing Services
GMT Gatx Corp
R Ryder Systems Inc
TAL TAL International Group Inc
DIVERSIFIED SERVICES Research Services
LDR Landauer Inc
LUNA Luna Innovations Inc
DIVERSIFIED SERVICES Staffing & Outsourcing Service
RCMT Rcm Technologies Inc
SRT Startek Inc
DIVERSIFIED SERVICES Technical Services
ACM Aecom Technology Corporation
DRUGS Biotechnology
BNVI Bionovo Inc
CGEN Compugen Ltd
CRTX Critical Therapeutics Inc
DRUGS Drug Manufacturers - Other
ALT Alteon Inc
ENDP Endo Pharmaceuticals Hld
KG King Pharmaceuticals Inc
ELECTRONICS Printed Circuit Boards
DDIC Ddi Corp
ELECTRONICS Scientific & Technical Instrum
AUDC Audiocodes Ltd
BRKR Bruker Biosciences Corp
CPHD Cepheid
ELECTRONICS Semiconductor Equipment & Mate
ACLS Axcelis Technologies Inc
ASML Asml Hldgs Nv Ny Reg Shs
IMOS Chipmos Technologies Bermuda
UTEK Ultratech Inc
ENERGY Independent Oil & Gas
ATPG Atp Oil & Gas
BR Burlington Resources Inc
EEQ Enbridge Energy Mgmt
ENERGY Major Integrated Oil & Gas
TOT Total Sa Ads
ENERGY Oil & Gas Drilling & Explorati
ARD Arena Resources Inc
BRNC Bronco Drilling Co Inc
ESV Ensco International Inc
ENERGY Oil & Gas Pipelines
BWP Boardwalk Pipeline Partners LP
ENB Enbridge Inc
EP El Paso Corp
FINANCIAL SERVICES Asset Management
BKF Bkf Capital Group
CNS Cohen & Steers Inc
IVZ Invesco Plc
FINANCIAL SERVICES Closed End Fund - Debt
AVK Advent Claymore Cv Sec&incm Fd
BCV Bancroft Convertible Fd
BFY Blackrock Ny Muni Inc Trust Ii
BQH Blackrock Ny Municipal Bond Tr
CFT iShares Lehman Credit Bond Fun
FINANCIAL SERVICES Closed End Fund - Equity
ADRE BLDRS Emerging Markets 50 ADR
ADRU BLDRS Europe 100 ADR Index Fun
AIA iShares S&P Asia 50 Index Fund
BBH Biotech HOLDRS ETF
BDD PowerShares DB Base Metals Dou
BNZ WisdomTree Dreyfus New Zealand
COW CLAYMORE GLOBAL AGRIC
DBB PowerShares DB Base Metals Fun
DBS PowerShares DB Silver Fund
DEE DB Commodity Double Short ETN
DEF Claymore Sabrient Defender ETF
DUC Duff & Phelps Util & Cbt
EEB Claymore Bny Bric ETF
EEM Emerging Markets
EES WisdomTree Smallcap Earnings F
EOD Evergreen Global Dividend
EWC iShares MSCI Canada Index Fund
EWP iShares MSCI Spain Index Fund
EWZ iShares MSCI Brazil Index Fund
FAM First Tr/aberdeen Glob Opp Inc
FGD First Trust Dow Jones Global S
FUD E-Tracs UBS Blmbrg CMCI Food
FYX First Trust Small Cap Core Alp
GAIN Gladstone Investment Corp
GGN Gabelli Global Gold Natural Re
FINANCIAL SERVICES Closed End Fund - Foreign
APF Morgan Stan Asia-Pac Fd Inc
CEF Central Fund Of Canada
DBN WisdomTree International Basic
FXC Rydex CurrencyShares Canadian
FINANCIAL SERVICES Investment Brokerage - Regiona
LM Legg Mason Inc
NITE Knight Capital Group Inc Cl A
FOOD & BEVERAGE Beverages - Brewers
DEO Diageo Plc Ads
FOOD & BEVERAGE Beverages - Wineries & Distill
BF.A Brown-forman Corp Cl A
BF.B Brown-forman Corp Cl B
FOOD & BEVERAGE Confectioners
CZZ Cosan Limited Class A
IPSU Imperial Sugar Company
TR Tootsie Roll Industries
FOOD & BEVERAGE Farm Products
GRO Agria Corp
FOOD & BEVERAGE Food - Major Diversified
HNZ H.J. Heinz Co
KFT Kraft Foods Inc
SLE Sara Lee Corp
HEALTH SERVICES Medical Appliances & Equipment
ISRG Intuitive Surgical Inc
SPAN Span-Amer Medical Systs
HEALTH SERVICES Medical Instruments & Supplies
ATRC AtriCure Inc
BAX Baxter International Inc
CFN Care Fusion Corp
HEALTH SERVICES Medical Laboratories & Researc
ACCL Accelrys Inc
DGX Quest Diagnostics Inc
HEALTH SERVICES Specialized Health Services
NBS Neostem Inc
INSURANCE Life Insurance
AXA Axa Ads
LNC Lincoln National Corp
INSURANCE Property & Casualty Insurance
CINF Cincinnati Financial Cp
ENH Endurance Specialty Holdings
HMN Horace Mann Educators Cp
INTERNET Internet Information Providers
NTES Netease.com Inc
TCX Tucows Inc
TZOO Travelzoo Inc
INTERNET Internet Service Providers
NAVI Navisite Incorporated
INTERNET Internet Software & Services
GIB Cgi Group Inc
GSIC Gsi Commerce Inc
GSOL Global Sources Ltd.
MANUFACTURING Diversified Machinery
DRC Dresser-Rand Group Inc
ETN Eaton Corp
GDI Gardner Denver Inc
MANUFACTURING Farm & Construction Machinery
CAT Caterpillar Inc
CNH Cnh Global Nv
MANUFACTURING Industrial Electrical Equipmen
BDC Belden Inc
BGC General Cable Corp
CPST Capstone Turbine Corp
MATERIALS & CONSTRUCTION General Building Materials
DW Drew Industries Inc
VMC Vulcan Materials Co
MATERIALS & CONSTRUCTION Heavy Construction
DY Dycom Industries Inc
GLDD Great Lakes Dredge Dock Corp
MATERIALS & CONSTRUCTION Lumber
KOP Koppers Holdings
POPE Pope Resources Udr L.P.
MATERIALS & CONSTRUCTION Residential Construction
DHI D.R. Horton Inc
RYL Ryland Group Inc. The
MATERIALS & CONSTRUCTION Waste Management
CWST Casella Waste Systms Inc
MEDIA Advertising Services
MWW Monster Worldwide Inc
MEDIA CATV Systems
CMCSA Comcast Corp Cl A
SJR Shaw Communications Cl B
MEDIA Marketing Services
HHS Harte-Hanks Inc
NCMI National Cinemedia Inc
METALS & MINING Aluminum
AA Alcoa Inc
METALS & MINING Gold
ABX Barrick Gold Corp
AU Anglogold Ashanti Ltd
BVN Compania De Minas Buena
METALS & MINING Industrial Metals & Minerals
AXU Alexco Resource Corp
PCX Patriot Coal Corp
SWC Stillwater Mining Co
METALS & MINING Silver
SLW Silver Wheaton Corp
METALS & MINING Steel & Iron
CLF Cleveland-Cliffs Inc
GGB Gerdau Sa Ads
MT Mittal Steel Company N.V.
REAL ESTATE Property Management/Developmen
BPO Brookfield Properties
JOE Saint Joe Company
MIM Mi Developments Inc
REAL ESTATE REIT - Diversified/Industrial
DLR Digital Realty Trust Inc
DRE Duke Realty Corp
FPO First Potomac Realty Trust
REAL ESTATE REIT - Office
CLI Mack Cali Realty Corp
REAL ESTATE REIT - Residential
ELS Equity Lifestyle Properties
HME Home Properties Inc
REAL ESTATE REIT - Retail
AKR Acadia Realty Trust
GRT Glimcher Realty Trust
O Realty Income Corp
RETAIL Grocery Stores
ARDNA Arden Group Cl A
SWY Safeway Inc
VLGEA Village Super Market A
WINN Winn-Dixie Stores Inc
RETAIL Home Furnishing Stores
BBBY Bed Bath & Beyond Inc
SPECIALTY RETAIL Apparel Stores
BKRS Bakers Footwear Group Inc
FL Foot Locker Inc
JWN Nordstrom Inc
SPECIALTY RETAIL Music & Video Stores
BBI.B Blockbuster Inc Class B
SPECIALTY RETAIL Specialty Retail
FCFS First Cash Financial Svc
TELECOMMUNICATIONS Communication Equipment
CBEY CBeyond Communications Inc
CMTL Comtech Telecommun Corp
SHOR Shortel Inc
TRANSPORTATION Major Airlines
LCC US Airways Group Inc
TRANSPORTATION Regional Airlines
AAI Airtran Hldg
TRANSPORTATION Shipping
GMR Genl Maritime
TRANSPORTATION Trucking
CNW Con-Way Inc
FFEX Frozen Food Express Indus Inc
MRTN Marten Transport Ltd
UTILITIES Electric Utilities
FPL Fpl Group Inc
MAM Maine & Maritimes Corp
NST Nstar
UTILITIES Gas Utilities
GAS Nicor Inc
UTILITIES Water Utilities
CWT California Water Svc Grp
WHOLESALE Building Materials Wholesale
BECN Beacon Roofing Supply Inc
WHOLESALE Computers Wholesale
SCSC Scansource Inc
---------------------------------------------
NEGATIVE VRs
---------------------------------------------
XXX CANADIAN STOCKS XXX Canadian Stocks
HJD.UN HORIZONS BETAPRO MSCI
HOU HORIZONS CRUDE OIL BULL PLUS
HXD HORIZONS BETAPRO S&P/TSX BP A
MRU.A METRO INC CLASS A SUB CL A
PMT.UN Paramount Energy
PVE.UN PROVIDENT ENERGY TRUS
PWT.UN PENN WEST ENERGY TRUST
RIM RESEARCH IN MOTION LI
SLF.UN SUNLIFE FINANCIAL SERTVICES
U URANIUM PARTICIPATION
UTS UTS ENERGY CORPORATIO
WJA WESTJET AIRLINES COMP
---------------------------------------------
AEROSPACE/DEFENSE Aerospace/Defense Products & S
AIR Aar Corp
SWHC Smith & Wesson Hldg Corp
AUTOMOTIVE Auto Manufacturers - Major
SORL SORL Auto Parts Inc
AUTOMOTIVE Auto Parts
ATAC Aftermarket Tech Corp
BANKING Regional - Mid-Atlantic Banks
FNSC First National Bancshares Inc
FWV First West Va Bancorp
PWOD Penns Woods Bancorp Inc
BANKING Regional - Midwest Banks
FFBC First Financl BAncorp Oh
BANKING Regional - Northeast Banks
FCCY 1st Constitution Bancorp Nj
INDB Independent Bank Corp Ma
SBB Sussex Bancorp
BANKING Regional - Pacific Banks
WABC Westamerica Bancorp
BANKING Regional - Southeast Banks
CSNT Crescent Banking Company
NBY Nbc Capital Corporation
BANKING Regional - Southwest Banks
PRSP Prosperity Bancshares
BANKING Savings & Loans
FFBH First Fed Bancshares Ar
PBCI Pamrapo Bancorp Inc
CHEMICALS Agricultural Chemicals
CENT Central Garden & Pet Co
COMPUTER HARDWARE Computer Peripherals
RSYS Radisys Corporation
WGA Wells-Gardner Electronic
COMPUTER HARDWARE Diversified Computer Systems
NZ Netezza Corporation
COMPUTER HARDWARE Networking & Communication Dev
RVBD Riverbed Technologies Inc
SCKT Socket Communications
WWWW Web.Com Inc
COMPUTER SOFTWARE & SERVICES Application Software
CPWR Compuware Corp
ORCL Oracle Corporation
COMPUTER SOFTWARE & SERVICES Business Software & Services
BPHX Bluephoenix Solutions Ltd
JDAS Jda Software Group Inc
MAIL Incredimail
COMPUTER SOFTWARE & SERVICES Information Technology Service
SYKE Sykes Enterprises Inc
COMPUTER SOFTWARE & SERVICES Multimedia & Graphics Software
MMUS MakeMusic Inc
COMPUTER SOFTWARE & SERVICES Technical & System Software
BSQR Bsquare Corporation
MANH Manhattan Associates Inc
CONSUMER DURABLES Electronic Equipment
UEIC Universal Electronics
CONSUMER DURABLES Home Furnishings & Fixtures
FBN Furniture Brands Intl
CONSUMER DURABLES Photographic Equipment & Suppl
IKNX Ikonics Corp
CONSUMER DURABLES Recreational Goods
LVB Steinway Musical Instrum
CONSUMER DURABLES Sporting Goods
NLS Nautilus Group Inc (the)
CONSUMER DURABLES Toys & Games
MAT Mattel Inc
CONSUMER NON-DURABLES Office Supplies
FC Franklin Covey Co
CONSUMER NON-DURABLES Packaging & Containers
NTIC Northern Technology
CONSUMER NON-DURABLES Paper & Paper Products
MERC Mercer Internat Inc Sbi
DIVERSIFIED SERVICES Rental & Leasing Services
AYR Aircastle Ltd
CFNB California First Natl Bancorp
DIVERSIFIED SERVICES Research Services
DCTH Delcath Systems Inc
DIVERSIFIED SERVICES Staffing & Outsourcing Service
TBI TrueBlue` Inc.
DRUGS Biotechnology
ALNY Alnylam Pharmaceuticals
CYTX Cytori Therapeutics Inc
GENZ Genzyme Corporation
ELECTRONICS Diversified Electronics
KOPN Kopin Corp
RFIL Rf Industries Ltd
ELECTRONICS Printed Circuit Boards
PLXS Plexus Corp
ELECTRONICS Scientific & Technical Instrum
MTSC Mts Systems Corporation
SMIT Schmitt Industries Inc
ELECTRONICS Semiconductor - Specialized
ASTI Ascent Solar Technologies Inc
ELECTRONICS Semiconductor Equipment & Mate
LRCX Lam Research Corp
ENERGY Independent Oil & Gas
LINE Linn Energy LLC
RRC Range Resources Corp
SGY Stone Energy Corp
ENERGY Oil & Gas Drilling & Explorati
BBG Bill Barrett Corp
EVEP EV Energy Partners LP
MHR Magnum Hunter Resources
FINANCIAL SERVICES Closed End Fund - Debt
EIA Eaton Vance Insured Ca Muni Ii
HIF Salomon Bros High Inc Fd
HTD John Hancock Tx Adv Div Inc
FINANCIAL SERVICES Closed End Fund - Equity
ASG Liberty All-Star Growth
EEV Ultrashort Msci Emerg Mrkt
EUM Proshares Short Emerging Mkts
FUE ELEMENTS Linked to the MLCX Bi
[I just avoided being on moderation] Salomon Br Var Rte Strategic
GWO Elements CS Global Warming ETN
HCH Merril Lynch Canada Holdrs
JJE iPath Dow Jones-AIG Energy Tot
NAC Nuveen Ca Div Advtg Muni
OIL iPath S&P Goldman Sachs Crude
OLO PowerShares DB Crude Oil Long
FINANCIAL SERVICES Credit Services
SFI Istar Financial Inc
FINANCIAL SERVICES Diversified Investments
CVA Covanta Holding Corp
GLA Global Logistics Acquisition C
TRU Torch Energy Roy Tr
FOOD & BEVERAGE Beverages - Soft Drinks
CCH Coca-cola Hellenic Bottling Co
FOOD & BEVERAGE Food - Major Diversified
GAJ Gr Atl & Pac Tea
FOOD & BEVERAGE Processed & Packaged Goods
CPO Corn Products Intl Inc
JBSS John Sanfilippo & Son
HEALTH SERVICES Home Health Care
HH Hooper Holmes Inc
HEALTH SERVICES Hospitals
MDTH Medcath Corp
HEALTH SERVICES Medical Appliances & Equipment
GIVN Given Imaging Ltd
HEALTH SERVICES Medical Instruments & Supplies
ICUI Icu Medical Inc
MELA Electro-Optical Sciences Inc
PODD Insulet Corporation
HEALTH SERVICES Specialized Health Services
GRMH Graymark Productions Inc
INSURANCE Life Insurance
CIA Citizens Inc
INSURANCE Property & Casualty Insurance
EIG Employers Holdings Inc
INSURANCE Surety & Title Insurance
MBI Mbia Inc
INTERNET Internet Service Providers
CCOI Cogent Communications Group In
LEISURE Gaming Activities
DVD Dover Motorsports Inc
LACO Lakes Entertainment Inc
MNTG Mtr Gaming Group Inc
LEISURE Resorts & Casinos
ISLE Isle Of Capris Casinos
LEISURE Restaurants
DRI Darden Restaurants
STRZ Star Buffet Inc
MANUFACTURING Diversified Machinery
SHFL Shuffle Master Inc
MANUFACTURING Industrial Electrical Equipmen
WIRE Encore Wire Corp
MANUFACTURING Industrial Equipment & Compone
TRS TriMas Corp
MANUFACTURING Small Tools & Accessories
SCX L.S.Starrett Co. The
MATERIALS & CONSTRUCTION General Contractors
EME Emcor Group Inc
MATERIALS & CONSTRUCTION Heavy Construction
MTRX Matrix Service Co
REAL ESTATE Property Management/Developmen
AQQ American Spectrum Realty
FCEB Forest City Enterprises Inc Cl
REAL ESTATE REIT - Diversified/Industrial
PSB Ps Business Parks
RETAIL Auto Parts Stores
PBY Pep Boys Manny Moe&Jack
PRTS U.S. Auto Parts Network
RETAIL Catalog & Mail Order Houses
ATV Acorn International Inc.
SPECIALTY RETAIL Apparel Stores
PSUN Pacific Sunwear Of Cal
SPECIALTY RETAIL Auto Dealerships
PAG Penske Automotive
SPECIALTY RETAIL Music & Video Stores
NFLX Netflix Inc
TELECOMMUNICATIONS Communication Equipment
DTV The Directv Grp Inc
MRCY Mercury Computer Systems
VSAT Viasat Inc
TELECOMMUNICATIONS Telecom Services - Foreign
MBND Multiband Corporation
TFONY Telefonos De Mexico Sa A
TELECOMMUNICATIONS Wireless Communications
QXM Qiao Xing Mobile Com
SBAC Sba Communications Corp
TU Telus Corporation
UTILITIES Gas Utilities
CPK Chesapeake Utilities Cp
WHOLESALE Building Materials Wholesale
AKNS Akeena Solar Inc
WHOLESALE Computers Wholesale
TECD Tech Data Corp
WHOLESALE Electronics Wholesale
GWW W.W. Grainger Inc
ITRN Ituran Location and Control Lt
---------------------------------------------
I highly recommend The Path to Tyranny: A History of Free Society's Descent into Tyranny by Michael E. Newton.
"Western civilization is risking the return of tyranny by increasing the size and scope of government. Throughout history, free societies descended into tyranny when their populations realized they can use the power of government to give themselves benefits at the expense of others. The Path To Tyranny examines how and why each of these free societies descended into tyranny and evaluates the current prospects for the United States."
Buy it at http://tinyurl.com/ybkn26q
---------------------------------------------
Shennanigans at One West Bank and the FDIC?
You judge for yourself:
http://tinyurl.com/yj8q9gm
---------------------------------------------
Ron Paul VIDEOS worth watching:
http://www.ronpaul.com/
http://tinyurl.com/yzd2t6g
---------------------------------------------
Read my current Dan Dorfman interview in the Huffington Post: "Fabulous Bounce May Be a Sucker's Trap"
Here is the link:
http://tinyurl.com/yjhku5t
---------------------------------------------
My VR Gold Letter is quoted in Financialsense.com:
http://tinyurl.com/2yana
---------------------------------------------
Watch the video below. I suspect there is a seed of truth to all such stories, including this one describing phony tungsten gold bars that may be in circulation.
http://tinyurl.com/ygvyr98
---------------------------------------------
My BNN interview Friday, January 22, 2009:
http://watch.bnn.ca/#clip258636
---------------------------------------------
I will be speaking at the Money Show in Vancouver, April 6-8, at the Regency Hyatt Hotel. The link to the event is below:
http://www.moneyshow...s/?scode=017158
---------------------------------------------
I will also speaking at the Money Show in Last Vegas, May 10-13 at Caesar's Palace. The link to the event is below:
http://www.moneyshow...sp?scode=017336
---------------------------------------------
Buffett Passed Up Three Chances to Help Lehman
Warren Buffett had at least three opportunities in 2008 to help Lehman Brothers Holdings Inc., but failure to enlist his aid contributed to Lehman's bankruptcy and the global financial crisis, a court-appointed examiner said.
At times Buffett, who runs Berkshire Hathaway Inc., thought Lehman appeared not to be sincere or forthcoming enough to warrant his help, while at other times efforts to seek his financial support were never taken to fruition or were abandoned, the examiner said.
Discussion of efforts to win backing from perhaps the world's most revered investor were outlined in a report by Anton Valukas, chairman of the law firm Jenner & Block, after his more than year-long investigation into Lehman's collapse.
Lehman's Sept. 15, 2008, bankruptcy remains by far the largest bankruptcy in U.S. history.
The report laid out the following series of events:
Lehman Chief Executive Richard Fuld called David Sokol, the head of Berkshire's MidAmerican Energy Holdings Inc unit and a trusted Buffett executive, on March 27, 2008, to gauge interest in a $3.5 billion preferred stock investment from Berkshire.
Indeed, Lehman even went so far as to prepare an internal employee memo announcing the investment.
The next day, Fuld and Buffett spoke to discuss an investment of at least $2 billion, according to the report.
Buffett, though, wanted Lehman executives to invest under the same terms, and "took it as a negative" when Fuld resisted because the executives already took much of their compensation in stock.
Buffett also "did not like" Fuld's complaint about short sellers driving down Lehman stock, because such blame "was indicative of a failure to admit one's own problems."
Treasury Secretary Henry Paulson then "reluctantly" called Buffett at Fuld's behest and signaled he would like the billionaire to invest in Lehman, but "did not load the dice."
Buffett looked through Lehman's annual report, noting problems with some assets. He then learned of a "$100 million problem in Japan" that Fuld had not mentioned, making him feel Fuld had been "less than forthcoming." He steered clear.
Lehman reached out to Sokol in late August or early September 2008 to consider a new investment, according to the report, but nothing got done and Buffett dismissed the idea as "unrealistic."
Then, as matters became dire, Barclays PLC on Sept. 13, 2008, reached out to Buffett to discuss his providing $5 billion of protection to "guarantee Lehman's operations until a Lehman-Barclays deal closed."
Buffett "expressed interest in that possibility, but Barclays did not pursue it," the report said.
Barclays ultimately bought a large chunk of Lehman's operations. Berkshire in late September 2008 bought $5 billion of Goldman Sachs Group Inc. preferred stock and warrants to buy an equal amount of common stock.
Those warrants are now well in the money.
Buffett's assistant, Carrie Kizer, did not immediately return requests for comment.
---------------------------------------------
Zuckerman: U.S. Must Do More to Help Homeowners
The U.S. government must do more to ease the housing crisis, says real estate mogul Mort Zuckerman.
Washington will either have to subsidize "underwater" mortgages or retool its unsuccessful mortgage modification program. Homeowners are considered to be "underwater" if they owe more on their mortgage than their home is worth
"America's housing crisis has not gone away," the chairman of Boston Properties wrote in the Financial Times. "If anything, it is getting more severe."
Home prices have plunged more than 30 percent from their 2006 peak and are likely to dip another 10 percent, according to Fusion IQ.
"Sooner or later, the government may be forced to subsidize the mortgages of underwater homeowners," Zuckerman maintains.
"One solution might be to revive the depression-era Home Owners' Loan Corporation. Such a body would buy mortgages that were close to or in default from banks and replace them with ones homeowners could afford."
Banks would receive government loans in exchange for troubled mortgages.
"Alternatively, the government must simplify its unsuccessful loan modification program, which subsidizes lenders to rework bad loans," Zuckerman says.
"Underwater borrowers need principal reductions, not just lower rates."
The alternative is bleak, Zuckerman notes. "Until the housing crisis is remediated, it is almost impossible to envision anything resembling a major recovery."
Joshua Shapiro, chief economist for MFR, isn't optimistic.
"While much of the impact of the sub-prime disaster on prices at the bottom end of the market may well be behind us, there is likely more pain to come further up the price spectrum," he told MarketWatch.com.
---------------------------------------------
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http://www.vrtrader..../ViewVRList.asp
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http://www.vrtrader..../GetVRChart.asp
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