feedjuly04






		Weekend Edition (July 31-Aug 1) The Week Ahead: A Crude Assault CIBC PDF The Endgame For Mutual Funds Mauldin Trouble at The Core PBear (Noland) Euro Gold Stealth Bull Zeal The US Dollar and Gold at the Crossroads Again Financial Sense Q&A: Dealing with Debt Times Online Friday July 30 An Open Letter to CNBC SH Economic Growth Slows More Than Expected to 3% pace BL BEA - T’s Firm Crude Oil Rises to Record on Concern Supplies Will Be Disrupted Bloomberg Global oil production now flat out Energy Inst Tiny bubbles? CNN Big Board to unveil expanded electronic trading CBSM Builders fear pinch from shipping prices could hurt economy HChron The Unbearable Costs of Empire Business Week Clinton Hints at China Role in U.S. Election Bloomberg Is Stock Market Cheap or Expensive? Comstock Cheap again Economist After a brief pause in May, money is once more being thrown at borrowers Wall Street Economists See Fed Rate at 2% or Higher Bloomberg Spiders Fall Down the Spout Again Schaeffers Isn't It Odd? Schaeffers John Q. Investor was painfully fooled in the bubble but he gamely came back for more. If he experiences “deja vu all over again" in terms of an accelerated market plunge below a bogus "support level," we can forget about him participating in the market for many years to come Kerry's Deficit-Cutting Math May Not Add Up WSJ AT&T Credit Rating Cut Two Levels to Junk by Moody's Bloomberg Krispy Kreme Reveals SEC Probe Reuters US court delivers crushing blow to Black FT CoolBrands trading frenzy cancelled Globe & Mail Doug Maybee said the trades were cancelled because of the Markham, Ont.-based company's "improper dissemination of the news” Time Warner Expands Internal Probe CFO Shell pays $151m in fines to watchdogs FT Coral Energy must pay $30 million for exaggerations HChron Citigroup targeted in Parmalat lawsuit FT How IT spending is changing McKinsey ($) Gold is OK Russell Wife of billionaire investor Warren Buffet dies AP The destruction of Yukos is nearly complete Economist Boom, bust and hubris Economist Politics risks undermining Britain's economic success The shadow of an overvalued market FT Personal debt in Britain equals entire economy in size IHT (BL) Pace of Japan's recovery steady but slowing FT IMF Report Faults Fund for Lending to Argentina Before Default BL Transcript Brazil's central bank rocked by resignation IHT (NYT) House price survey comes under fire Times Online Hashimoto faction accountant grilled Japan Times Derivatives ploy casts shadow on Tata IPO FT Thursday July 29 Employment costs up 0.9% in 2Q CNNÂ Jobless claims inch up GDP Report Could Spur Talk of Stagflation TheStreet Bush Has A Lot Riding On Revised GDP Data NYP (Crudele) Oil Prices Fall As YUKOS Threat Recedes Globe & Mail Slowing earnings may fuel the bears Desert Sun Americans' incomes fell for two years CNN IRS data shows first-ever consecutive-year drop; loss of jobs blamed. The Wall Street Self-Defense Manual, Part 3: Your Real Projected Returns Slate Part 4: What financial advisers are good for -- and what they probably aren't Slate Schaeffer on Charts: Sweating the Small Stuff Schaeffers The Cultural and Spiritual Legacy of Fiat Inflation Mises The Good Old Days North What's the REAL Reason McDonald's Will Take Your Plastic? Elliott Wave Are there too many ATMs? Post-Enron, Structured Finance Addiction Hasn't Ebbed TheStreet Will oil prices vindicate Allmon? CBSM Losing patience with US trade deficit CS Monitor The Deficit Estimating Cycle CATO Wave of Regulations Will Follow Tsunami of Federal Spending IBD An Intel Payout? Watch Out Business Week Steel costs, pricey gas squeeze automakers AFX Schwab to close 53 branches Reuters Bristol-Myers Squibb Says Earnings Fall Reuters Shell Pays $150 Million to End Probes; Output to Fall Bloomberg Four Firms Settle NASD Bond Allegations CFO Express Scripts Hit on Probes TheStreet Monthly FX Outlook CIBC PDFÂ Gold and the Dollar Saville Money Matters & Gold # 3 Â Schmidt How Much Gold? GalMarley Consolidated banking statistics for the first quarter of 2004 BIS Central Bank Closes 4 Delinquent Banks Moscow Times ECB Trumps the Fed on Achieving Price Stability Bloomberg UK debt likely to top Â£1 trillion BBC Bank chief raises fears of collapse in housing market Independent Wimpey: Property bonanza is over Independent Bank expert reassures on 'debt bomb' Times Online Concern over Berlin trading Knight Ridder Suspicions arise that short selling may be motive Inflation Targeting and the Strong Rand AEI Major violence back in Iraq CS Monitor Wednesday July 28 Fed: growth slowing in some regions CBSM Fed’s Beige Book FED Consumer spending moderated across much of the country in June and early July Gold set for first rise in eight sessions CBSM Oil Hits $43, YUKOS Told to Stop Sales Reuters Report Expected to Show Deficit of $420 Bln Reuters Durables Orders Rise 0.7%; Less Than Expected B Census - Treasuries Gain Oil Higher as Yukos warns of possible production halt AFX Back to Basics: Warnings of Impending Pain GMO Quarterly PDF US Wants Shady Bank Moves Reported Faster Reuters Schaeffer on Charts: A Threshold Breached Schaeffers Are you irrationally exuberant? CNN The bubble question If you think you can't lose with real estate, think again Are Hedge Funds Ready to Blow? Kiplinger Anyone want to bet where the next big financial blow-up will occur? My money is on hedge funds. What Do Dot-coms & Hedge Funds Have in Common? NBR Hedge fund sleuths in demand CBSM More investors hire investigators as industry booms The added expense of hedge funds FP Is Saudi Arabia running out of oil? MSN Refineries Making Huge Profits but Major Companies Avoid Building in U.S. AP Why your electricity bills are soaring Forbes Tech sector is feeling the squeeze FT Pension safety nets under threat FT United warned over pension plan BBC Time Warner Profit Falls; Sales Rise on Cable, Film BL Nortel to reveal further cuts FT EDS Cuts Dividend TheS E-Calendar CBSM Google: Paper millionaires bring back memories of bubble AP PeopleSoft Fails to Hit Reduced Revenue Target TheStreet Electronics, Furnishings Chains Face a Lean Fall TheStreet Former US Ahold directors charged with fraud FT The Poet of Finance Mayer Shoppers Putting the Tiger Back Into Asia Bloomberg The Chinese audit that went nowhere Asia Times Chinese hunger for scrap TheAge Nickel price highs 'won't last T OECD slates eurozone for 'lack of dynamism' FT OECD 70% of Russians Don't Bank Moscow Times EU Says Putin Out to Destroy Yukos ~ Putin Aide Named Rosneft Chairman MT Kremlin soothes BP over trading in Russia Guardian Germany's preeminence in engineering declining InTech Failure in Cancun Haunts WTO WP Currencies: Dollar soars on hopes for higher U.S. rates IHT (B) Tuesday July 27 New home sales ease from record pace CNNÂ Census U.S. consumer confidence surges to 106.1 in July Conference Board Technology? We Have a Problem Schaeffers Free Trade and a Big US Debt CS Monitor The 'New' Paradigm? PBear Analysts Continue Bearish on Market, Economy CFO That Came From Barron's?! Elliott Wave The July Jolt -- What Tripped the Stock Market Bloomberg More Funnies from the Fed Rostenko Fed's Bluff and Bluster: Where's Sgt. Friday? Kitco Both Parties Get Blame for Economic Mess CrudeleÂ Book: Running On Empty Speculative investors buying metro Phoenix homes Business Journal Poll criticizes marketing of adjustable-rate mortgages AP Interest-Only Mortgage Turns Up the Heat in Homes Bloomberg Google Says It Is Worth Up to $36B NYTÂ Google's 15 minutes of fame CBSM Google's proposed price would value the company at 150 to 187 times its last four quarters of earnings. By contrast Yahoo is valued at 105 times its earnings. Chipmakers' Problems Are Speeding Up Business Week The industry faces delays, sliced profits, and overheating chips. Struggling chip plant trims Chartered's value IHT (BL) Output may fall at the factory after orders were canceled for cellphone and Internet equipment chips, the chief executive, Chia Song Hwee, said Car makers on skids North Queensland The car industry is heading for financial crisis followed by years of "graceless degradation", the authors of a controversial new book claim Verizon 2nd-Quarter Earnings Rise ReutersÂ DD - LMT - GSK - ABX Insider Watch: Executives cash out with options IBD (CBSM) Bear Trading Unit Joins Trading Floor Exodus NYP Report: U.S. set to file Ahold charges CBSN 'Sobering' sentence Rocky MN Will Hoover's 100-year jail sentence appears to have set a Colorado record - one that prosecutors say the convicted financial adviser could have avoided had he not elected to take the case to trial Stewart may 'sacrifice' freedom for company AP Two Small NYSE Specialists Settle Trading Allegations TheStreetÂ NYSE Spiegel Stock Gets The Hook NYP Citigroup's Faithful Ignore Tarnished Reputation Bloomberg Spitzerâ€™s newest target: energy companies that release carbon dioxide Forbes No 9/11 ''Insider Profits,'' SEC Finds CFOÂ SEC India bank's woes spark panic BBC â€œMany are waiting anxiously to see if their money will be recoveredâ€ GTB shareholders the ultimate losers Rediff Merger brings little cheer to bust-bank customers Times of India People have been led to believe that money in banks is safe Indian Express Hayek, Once China's Poison, Is Now Its Prophet Bloomberg Acute power shortages cause disruptions across China WSWS Plane shortages, infrastructure issues hamper China's aviation sector AFP China bars Beijing Capital stock sale IHT (Bloomberg) Crisis Of Confidence In Russia's Central Bank? RFE A recent study found that 56 percent of Russians believe that a crisis similar to the August 1998 financial meltdown could happen again in the near future German Business Confidence Rises for First Month in Three as Exports Gain BL The Enemy Within Forbes A corporate feud in Brazil that already involves Citicorp now drags J.P. Morgan Chase into the mess. Mexico has no immediate plan to switch debt from bailout Reuters The debt in question resulted from the near-collapse of Mexico's banking system in late 1994 IMF reviews role in Argentine crisis Merco A sign of rebuilding: Iraqi mortgage fund Reuters Monday July 26 Fed still long way from neutral rates, Hoenig says Stocks Fall; S&P 500, Nasdaq at 2004 Lows Reuters Gold futures fall under $390 CBSM U.S. Existing Home Sales Rose to a Record in June Bloomberg Social Security crash closer than you think UPS Google Applies to List on Nasdaq Reuters Google's Drummond gets SEC notice Reuters Wal-Mart Backs July Guidance TheStreet This Bull's a Little Long in the Tooth Wall Street Journal Sorry, but we're not in a new bull market Independent (King) The contrarian’s goal: To make money MSN (Fleck) Markets brace for Perfect Storm Scotsman Second Wind Hussman Meyer Looks at the Fed and a `Private' Greenspan Berry Has earnings quality really improved? CBSM One accounting pro doesn't think so Ingram on Earnings Globe & Mail First Call Calender ~ Analytics 'Time bomb' signals end of US house party FT Housing - turn out the lights, party over FT Mortgages Get More Exotic WSJ ARMs gain appeal as rates rise USAT Ten Recurring Economic Fallacies, 1774-2004 Mises Venture funding stagnant Mecury News In the latest sign the economy may be cooling off, venture capital funding remained flat in Silicon Valley and fell nationwide for the first time in 18 months. HP chief hits back at US tech criticism FT Analysts predicted levels of performance for some high-tech companies that went "far beyond what was reasonable" Google set to reveal IPO price range FT AT&T said to be takeover target CNN Ford and GM -- Banks on Wheels? Reuters Booming LCD bubble may burst due to supply glut Times of India Attention, Kmart Holders: Game Plan Has Pitfalls WSJ The CEO Dunce Card NY Post Scope of CEC probe widens FT Broker Sands is Probed by NASD NY Post After Defeat in House, FASB Finds Allies in Senate Smart Pros Gold May Rise on Increased Demand From Jewelers, Survey Shows Bloomberg Commentary: Expect a rally in battered gold shares CBSM Australia: Wholesale inflation pressures rising Financial Review House price tide has turned This is Money Is China heading for a financial crisis? Brookesnews Efficiency, quality and innovation: before China becomes world's plant PDaily Steel officials to be punished for illegal expansion TheStandard Massive boost to US-China flights BBC Saudis 'can raise oil output to 16m bpd' Gulf News Weekend Edition (July 24-25) Recession Watch Mauldin Normalization Means Higher Inflation AEI (Makin) Is a Stock Market Crash Imminent? Droke Housing Bust: It Won't Be Pretty NYT (R) (Morgenson) Some fear natural gas dependence may be trouble HChron Ominous Stock Technicals Zeal The Great Mortgage Spread Trade PBear (Noland) Housing Market May Become A Laggard Northern Trust Ask the Expert: Panzner Financial Sense UAL may cut $500m pension contributions FT Grand Jury Eyes Newsday Numbers NY Post OSC May Take Action Against Mutual Funds in Trading Probe Bloomberg Former Boeing CFO Sears to Plead Guilty in Pentagon Case Bloomberg Even in a bear market, some fund managers saw a bonanza G&M Many mutual fund investors left their monthly statements in piles of unopened mail...Fund executives couldn't wait to tear open their pay envelopes Rich are spending, while poor tighten their belts USAT The Chinese Boom Can't Last Mises Chinese Economy After the Bubble - Lessons to be Learned From Japan CIT Rate rises loom in near-boom conditions Times Online UK: Judging the extent of summertime blues FT SA Property: is there a bubble? PF Friday July 23 What a Week: Growling Bear TheStreet Blue-Chip Dow Closes Below 10,000 Level CBSM Amazon Down 13 Pct on Slow Growth Fears Reuters Techs face tattooing CNN Prospects and Policies for the U.S. Economy: Levy Why Net Exports Must Now Be the Motor for U.S. Growth Debate Over June Data Going Strong ECRI (Bloom) The U.S. economy is "on the cusp of a slowdown that will persist at least through year-end." Global: Taming the Dragon Morgan Stanley (Roach) The Fed Is to Blame Forbes (Shilling) The ills that the Fed is fighting are largely of its own making...the effects could be brutal for a lot of people Fed's economic view too rosy for some analysts Reuters Fed Thinks Too Much of This Economy TheStreet The Mystery of Central Banking Mises Growing imbalances belie Greenspan’s confidence WSWS On the Margin Cross Currents Dullsville, U.S.A. Comstock Too much complacency CBSM (Hulbert) Advisers are significantly more bullish today than they were earlier this year when the stock market was at levels similar to today's. Time to dump stocks? CNN Technical and geopolitical woes build CBSM An eerie calm Economist The fact that implied - ie, expected - volatility in financial markets is so low should give investors everywhere pause for thought Credit recovery looks fragile FT Prediction: Nasdaq Will Not Crash for Awhile Financial Sense Reality vs. politics in accounting NYT (Norris) More cash, bigger dividend? Not necessarily IHT (NYT) What's your adviser selling? CBSM Just because someone is promoted as a financial genius doesn't make it true. On the crest of a wave? Economist Things have been so good in the bulk-shipping market that it is hard to believe they can stay that way Florida's Insurance Crisis PalmBeachPost An impending crisis looms across all lines of insurance in Florida. Jemmco Capital Winding Down Hedge Fund TheStreet Sinking Feeling Intensifies at Fannie TheStreet Fitch Cuts AT&T to Junk CFO Microsoft profit rises but misses forecasts MSNBC Amazon.com shy of Wall Street view CNNÂ BBI - SLB - WY - HAL Volkswagen's Profit Drops, Issues Warning AP Baxter to Restate Three Years of Results CFO Maytag Reports 2nd-Qtr Loss; Slashes 2004 Forecast Bloomberg Weak Dollar Helps Coke Post Bigger Profit Reuters Report says Schwab may sell itself Reuters Viacom Gives Mel $35M Goodbye Kiss NYP USDA Says Investigators to Probe Pilgrim's Pride Reuters Accounting Rulemakers Get Support from Senate WebCPA NYSE Short Interest Down Slightly NYSE U.S. stock fund inflows dip to $1.4B: Trim Tabs CBSM Return Of The "Next Big Thing" In IPOs Forbes IPOs Run Hot and Cold DFP Monetary policy and asset price bubbles: calibrating the trade-offs BIS PDF Market distress and vanishing liquidity: anatomy and policy options BIS PDF $ Gains to 3-Week High - Oil steady, gold falls - Copper Falls Is Gold in Short Supply? SH Summer Doldrums Won’t Last Long G-E Yukos warns it could be bankrupt by middle of August IHT (NYT) IPO boom prompts overheating concerns Japan Times Ultraeasy monetary policy to go unchanged Japan Times Health, cash woes push suicides to record high Asahi Attack North Korea's Kim With Global Markets Bloomberg China to further reform on investment system People’s Daily The great Indian mall boom Asia Times AMP Capital says 'exceptional' returns won't last NZ Herald Business sees slowdown for exports in coming year Joong Ang Fear of debt shakes shares This is Money Bank of Canada Signals That It's Ready to Raise Rates Bloomberg EU Investigators Raid Euronext Offices AP Bank manager jailed HS Request for China sock import quota focused China Daily Is America over a barrel? KC Star China tells US not to sell arms to Taiwan People’s Daily 9/11 report: "Terrorism" catchall too vague an enemy ST The Drop in the June Leading Index May be Transitory NT (Kasriel) Thursday July 22 The U.S. Leading Index Falls Slightly Conference Board Jobless claims dip by 11,000 CNN DOL Washington Mutual Cuts 2,500 More Jobs Reuters Caterpillar Earnings Fall Short Reuters Don’t Ask Greenspan For Advice On What Mortgage To Get NYP (Crudele) Happy 80th birthday, Richard Russell CBSM Global: The Job-Quality Debate Morgan Stanley (Roach) Global Funds: Lots of cash, little to buy IHT U.S. Underestimated War Costs by $12.3 Billion - GAO Reuters Housing Construction Plunges Weiss The Wall Street Self-Defense Manual, Part 1 Blodget The Wall Street Self-Defense Manual, Part 2 Blodget Stocks are a great investment -- if you can wait 30 years. Disgraced Analyst Blodget Warns of Wall St. Tricks NYP Midyear Economic & Market Review: More Disappointment Ahead? Gillespie Home Owners Rush to Sell as Boom Cools Off Reuters Indebted Spendthrifts Bonner From the Horse's Mouth Hudson What Do WMD's And Your Portfolio Have In Common? Tim Picks The Sheer Hypocrisy of U.S. Trade Policy FEE US watchdog under fire over oil reserves scandal Times Online Petroleum traders walk out in electronic switch protest Guardian Accounting Issues Delay Ceridian Results CFO Soros salary tops Wall Street CBSM Capital One Q2 rises; 1,400 jobs cut CBSM MCD - SEBL - UST - KMB - UPS Market Slump May Hit Fund Company Results TheStreet NYSE specialist VDM Q2 rev drops as vol. decline CBSM Washington Mutual Q2 profit halves CBSM The $32 Billion With a Bonus in Tax Breaks NYT (R) (Norris) Mitsubishi Motors Cuts U.S. Work Force Reuters Don't Ask Jeeves CBSM EBay: Shares Fall on Forecast B Janus remains loyal Rocky M AT&T Will Stop Vying for Consumers, 2nd-Qtr Profit Plunges Bloomberg Sears warns earns to miss forecast on sales decline CBSM China's Murky Statistics Complicate Analysis Reuters Yukos May Go Bankrupt, Has Three Weeks of Cash Bloomberg Yukos warns of impending bankruptcy FT House price crash across the Atlantic could give us a soaking over here too Inde Plastic's not so fantastic as retailers slash rates Guardian Companies failing to plug pension shorfall FT Ford set to build its 3rd car factory in China IHT (BL) Government 'feared a betting bonanza' Guardian Asset bubble needs monetary policy tightening Financial Gazette Nikkei falls 1.5%; techs down CBSM Nasdaq Skids to Year's Low TheStreet Spooked investors 1, Greenspan 0 CBSM Greenspan Effect Didn’t Last Long Financial Sense Wednesday July 21 Greenspan Says Fed is not Worried About Deflation Comstock Fed's Inflation Optimism Buoys `Measured' Steps Berry Baum Prediction: The future of the USA stock market Sornette Will the Market Range Trade Until 2008? Schaeffers Strategists mull end of bond bear market Reuters “Markets will really start to worry if we get, say, just 100,000 job additions for July...it could be panic stations as people worry about a return to negative growth and talk again about deflation.” Ho Hum leads to Bah Humbug Tuscan Business Mortgage Applications Fell Last Week Reuters House Votes to Block Stock Option Mandate AP Ford, GM bonds fall amid earnings CBSM Ingram: At Ford, credit is job one Globe & Mail GM Q2 net boosted by finance arm CBSM J.P. Morgan Posts Quarterly Loss Reuters AMTD Bill Gates Shakes Spare Change From Couch Komo Grasso sues, demanding 50 million IHT (NYT) Financial Planners Cry Foul Over SEC Policy TheStreet Hedge funds fill a strategy gap FT Hedge funds, faced with weak returns or losses on some of their strategies, have been flocking to a new one called capital structure arbitrage, which exploits mispricings between a company's equity and debt. Were They Ever Really the "Masters of the Universe"? Elliott Wave Domain name sells for $2.75 million MSNBC Deal reminiscent of Net's bubble days Gold Declines for Third Day in London as Dollar Rises on Greenspan Comment B Still more upside for gold Mineweb Japan Almost Doubles Growth Forecast Reuters China's auto storage rises in 1st half of 2004 People’s Daily Order halts property grab TheStandard Energy shortfall to persist PD Bank of England Policy Makers Signal Rates to Rise BL Is Korea Facing a Japan-Like Lost Decade? BL Ministry prepares to break up Yukos Guardian Markets Tumble Moscow Times Investors react with dismay over Yukos move FT Profit warning halves Converium's market value Swiss Info South Korea: 'Bad bank' fails to lure many debtors FT Managed funds bleed cash New Zealand Herald Being and nothingness Economist All is quiet on the financial front, despite many a doom-laden prediction, not least from Yours Truly. Time to stop worrying and learn to love the recovery, then Tuesday July 20 Highlights from Greenspan Q&A Reuters Greenspan Testimony FED “The considerable monetary accommodation put in place starting in 2001 is becoming increasingly unnecessary.” “An unwinding of carry trades seems to be under way... Indeed, the swing toward a net short position on ten-year Treasury note futures has been the largest since the inception of the contract in the 1980s” Greenspan Expected to Say All's Well Reuters The `Greenspan Made Me Do It' Excuse Won't Cut It Bloomberg The Bear's Lair: Life after Greenspan UPI Fed Sees Inflation Rise as Temporary Reuters Broaddus Q&A U U.S. June Housing Starts Fell to Lowest in a Year Bloomberg Census Basic Training Doesn't Guard Against Insurance Pitch to G.I.'s NY Times “I asked him what this money was coming out of his paycheck for, and he didn't even know” This is as Good as it Gets Financial Sense A top performer throws in the towel CBSM Monetizing Envy and America’s Housing Bubble Englund Bad News Is Good News...As Always Rostenko The Road to Profits is (Still!) Paved With Gold Schaeffers HUI chart Russell Indiana Jones and the China crusade Guardian Jim Rogers, investment guru; co-founder of Quantum Fund with George Soros Concrete shortage begins to harden The Enquirer Demand is so strong that concrete makers are reporting shortages in 23 states Lumber prices poise for decline Purchasing.com Big Rise in IT Outsourcing, Says Survey CFO States to outsource more jobs DetFP Upromise Aids U.S. Savers With Indian Secret NYP Congestion Ahead for Ford and GM Business Week Ford's 2nd-Qtr Net Triples to $1.2 Billion on Loans BL <