Who's Afraid of
the Big Bad Deficit?
Current Market Analysis
Last Month's Results
Statistics to Watch
Trends To Watch
What I'm Thinking and Doing
Professional News and Notes
Current Market Analysis
As the market finished trading
for the week, the Dow Jones Industrial Average stood at 13,649, up
514 points, or 3.9%, from when I wrote to you last month, and up
8.4% in just the last two months. Even more importantly, the
venerable index finally crested the October 5 closing high of
13,610 and did so on the same day that the Transportation average
also reached a new high. This marked a bullish confirmation
according to Dow Theory. This suggests, at least for a while, blue
skies ahead for equity investors. Amazingly, the industrial
average is only 515 points, or a mere 3.8%, from the all-time
closing high of 14,164 set on October 9, 2007.
Last month I suggested that "should there be
a timely resolution to [the fiscal cliff], the market could quickly soar
to new highs." Well, that's exactly what happened. Now we face the even
larger drama that will surround the negotiations over the debt ceiling and the extraordinary federal deficit. Should there be a
reasonable resolution to this impasse, the market could easily surge to
a new all-time high. On the other hand, if our elected leaders
do their usual ineffectual song and dance, the market could quickly turn south.
Below you can see how
the DJIA has attained the lofty levels last reached in late September
and early October before the big swoon heading into the election. Last
month I said "the chart appears mildly bullish with
the price higher than both moving averages. Clearly a break above
13,330 is needed before the
DJIA can attempt to surpass the October highs." Now that the
DJIA has reached a new high, it must confirm the achievement
by moving solidly higher. Note the increased volume that's accompanied the latest surge;
that's very positive. My only caveat is that the market is
due for a breather as the rally has gotten a
When looking at the chart below
all you can say is "wow"!! The Dow Jones Transportation Average
has really taken flight after bursting out above resistance. In
fact, the Transports are now at a new all-time high. Last
month I said that "it's unlikely the
broader market can move to new highs if the DJTA
doesn't break above this resistance level." Well, resistance was broken
and the broad market has in fact moved to new highs. While
the momentum is clearly to the upside, RSI and and MACD are clearly
VERY over extended, so I would expect some profit-taking
and a mild correction sometime soon.
my November newsletter I
suggested that it might be a good time to "buy" the Dow Jones
Utility Average after a 13% sell off over the
prior few months. Since then, the average has gained about 4.3%. While the two moving
averages have not recovered from the "death cross", RSI is basically
in stasis, as is MACD. While it's a negative that the
50-day moving average has crossed below the 200-day. I think there are
more gains to come.
After trading between 1.4% and
1.9% for seven months, the yield on the 10-year has flirted
recently with breaking through resistance and moving
higher than Ben Bernanke and the Federal Reserve would prefer. Chairman Bernanke
has pledged to keep rates artificially low at least through
2015, or until inflation rises above 2.5%. The current rate increase
coincides with the rise in equities, as investors have
taken money out of the safe haven of treasuries
and moved it into riskier assets like stocks. It would be ironic
if the very asset bubble created by the Fed helps drive
interest rates higher than their target levels. Bond investors should prepare
for for lean times ahead.
Last Month's Results
As always, I provide the
following chart to show the raw results for the preceding month, the
quarter-to-date and the year-to-date. Given
all of the tumult that we lived with, and through, last
year, it was a very good year for the broad market
averages as stocks "climbed a wall of worry".
Amazingly, the S&P 500 and NASDAQ composites both returned far better results
than the Dow Jones Industrial Average. The outsized gains in the S&P and
NASDAQ were helped by a 32.5% return in AAPL, which added an extra
point to the gains in the S&P while the Dow was held
back by stocks like Alcoa and Hewlett Packard. Still, as long as you
stayed away from bonds, you fared well. I expect 2013 will bring more
of the same.
Dow Jones Industrial
Europe, Australia, Far
* Return numbers include the reinvestment of dividends
- According to the Department of Labor, the figure for seasonally-adjusted
initial jobless claims for the week ended January 12 was 335,000,
a decrease of 37,000 from the prior week's revised figure. The four-week
average of 359,250 381,500 is about 22,250 lower than the
prior month's tally. About 3.2 million people continue to collect unemployment insurance, a number
similar to the prior month.
- Non-farm payroll employment
in December continued to show modest improvement, but
remained a mixed bag. The establishment survey reported that 155,000 jobs were
added in the month while the household survey said that the unemployment rate remained
steady at 7.8%. The jobs added this month were slightly higher than the
average of 153,000 for the year, which coincidentally is the exact same number
added on average in 2011. The unemployment rate is the
lowest since January 2009.
- Revisions to October and November added back a measly 16,000 jobs,
after subtracting 49,000 in the prior two months. The total number of workers counted as
unemployed rose by 200,000 to 12.2 million. This is probably a
good thing as more people are entering the labor force and looking for
a job. This may nudge the unemployment a bit higher in future months. The
labor force participation rate remained at 63.6%. The more comprehensive U-6
"underemployment" rate also held at 14.4%.
- 4.8 million people continued to be
unemployed longer than 27 weeks. The seasonally adjusted number of people who could only find
part-time work fell to 7.9 million and the number of
marginally attached workers inched up to 2.6 million, which tied February
for the highest level of the year. The number of people holding multiple
jobs dipped to 7.1 million. The average hourly wages for blue collar workers
rose slightly to $19.92 while the average work week inched up to 33.8 hours.
Overall, this was a modestly good report, but much more is needed.
- The Congressional Budget Office (CBO)
estimated that on a net present value basis, the Treasury reported a federal budget deficit
of $1 billion in December, and $273 billion for the first three
months of the fiscal year, which is $29 billion less than the
record figure reported for the same period of fiscal 2012. They claim
that without shifts in the timing of certain payments each year, the deficit would have
been about $60 billion lower this year. With numbers this
large, that's basically a rounding error. Either way, without significant tax
increases and spending reductions, we're likely headed for another year of deficits in
excess of $1 trillion.
- The Census Bureau reported that the U.S. trade deficit of goods and services was
$48.7 billion in November, up considerably from $42.1 in October. This marks the
largest trade gap since April, but was still below the high of $52.5 billion in January.
- The Census Bureau reported that privately owned housing
starts jumped 12.16% in
December, following a small decline in November. Housing starts are now a whopping 36.9%
higher than a year ago, to a seasonally adjusted annual rate of 954,000 units, the highest level since June
2008. New building permits were flat after a 3.6% the prior month, but were still 28.8%
higher than the year before. The recovery in the housing market continues.
- The National Association of Homebuilders/Wells Fargo
Confidence Index held steady in January at 47, breaking the string of
eight straight monthly increases, but holds at the highest level since
May 2006. Builder confidence is slowly approaching a healthy figure of 50, which is considerable
progress from the desultory figure of 19 a little over a year ago.
- The Census Bureau reported that on a
seasonally adjusted annualized basis, 377,000 new homes
were sold in November, about 4.4% higher than October and 15.3% better than a
year ago. The estimate of number of homes for sale was 149,000,
which represents a slim 4.7 months of inventory at the current rate of
sales. The median sales price rose to $246,200, which remains above the rising 12-month moving
average price of $237,883. The new home sale market remains very
tight, which augurs well for future price increases as we move towards
the spring selling season.
- The National Association of Realtors reported that on a
seasonally adjusted annualized basis, sales of existing
homes were 5.5% higher in
November, to 4.44 million units, and remained 12.4% higher than a year
ago. The estimate of 1.80 million homes for sale means there's only
a meager 4.9 months supply on the market. The
median sales price rose to $180,600, which is above the rising 12-month
average of $174,408. As with new homes, the existing home
market is getting tighter and tighter, which suggests a bright future in
- The S&P/Case-Shiller Home Price
10-city index, which uses a three-month moving average to track
the value of home prices across the US, dropped slightly in
October, breaking the streak of six straight months of price increases.
Still, prices nationwide were up 3.4% over the past twelve months, and 4.3%
in the larger 20-city index. I would expect the index to continue
its upward climb in the months ahead.
- The Institute for Supply
Management (ISM) index of manufacturing activity was 50.7 in December, suggesting that economic
activity in the manufacturing sector expanded a bit in the month. The
service sector shows no sign of slowing down. The ISM
index of non-manufacturing activity was 56.1, which marked growth in the
service sector for 36 consecutive months. This is where the low-paying
job growth is in America.
- The Conference Board reported that it's
index of Leading Economic Indicators declined by 0.2% in November
after an increase of 0.3% in October. Says Ataman Ozyildirim,
economist at The Conference Board: "The
U.S. LEI decreased slightly in November, bringing its six-month
growth rate to zero, says Ataman Ozyildirim, economist at The
Conference Board: The LEI points to increasing risks of slowing
economic activity in the near term, but the coincident economic
index, measuring current conditions, continued to increase in
Ken Goldstein, economist at The Conference Board: "The indicators
reflect an economy that remains weak in the face of strong
domestic and international headwinds, as it faces a looming fiscal
cliff. Growth will likely be slow through the early months of
- According to the Bureau of Economic
Analysis, the "third" estimate of GDP growth for Q3 2012 was
raised to 3.1%, up from the "second"
estimate of 2.7%, and far better than the 1.3% growth in Q2 and 2.0% in Q1.
It is on par with the 3% recorded in Q4 2011. We
should enjoy whatever growth we can show for last year as growth will likely be harder
to come by in 2013 as the government fights over how to tax more and spend less in order
to reduce the deficit. Both action, unfortunately, will diminish economic growth in the country.
- The Federal Reserve reported in November that
the amount of outstanding consumer credit was $2.77 trillion, up from the prior
month and growing at a 7.2% annualized rate. A fourth
consecutive month of growth in consumer credit should be helpful to retail sales,
which, in turn, would boost the economy.
- According to the Census Bureau, retail trade and food
service sales increased 0.5% in November, and 4.7% year over year. Autos, health
and personal and clothing led the way. This seems like a decent
start to the holiday shopping season. We'll see next month how December did.
- The Conference Board's Consumer
Confidence Index, which had decreased slightly in November, fell
again in December, from 71.5 to 65.1. Says Lynn Franco,
Director of The Conference Board Consumer Research Center: "Consumers'
expectations retreated sharply in December resulting in a decline
in the overall Index. The sudden turnaround in expectations was
most likely caused by uncertainty surrounding the oncoming fiscal
cliff. A similar decline in expectations was experienced in August
of 2011 during the debt ceiling discussions. While consumers are
quite negative about the short-term outlook, they are more upbeat
than last month about current business and labor market
- According to the FDIC, only 1 bank failed
in December, which means that only 51 banks went under in 2012,
versus 92 in 2011. That's a big improvement over the
record 160 banks that were either closed or merged into healthier
banks in 2010, and 140 in 2009. By comparison, only 26 failed in
2008 and a negligible 3 in 2007. I'd expect the total number of
failures to drop by half again in 2013.
The dollar index traded in a relatively
narrow range (between the blue and dotted red lines) last year. Look
for the index to move lower until a resolution to the debt crisis is
reached, after which there will likely be a bump. Longer term, the dollar will struggle
with other global currencies in a
fight to devalue. This global struggle will be a theme we'll revisit often throughout the
coming year and one that presages a boon to the price of
For more than a year and a half the price of gold has ping-ponged between $1,500 -
$1,800/oz. During this period, the price has often found interim support
or resistance around 1,685 (green dotted line). For the past two months, that
has been a level of resistance. It appears once again that
gold has breached this level and may be headed higher.
Look for gold to once again threaten resistance at $1,800 sometime this
To put the move in gold into a little
perspective, below you'll see a chart of the price of gold going
back four years. You'll notice that from the beginning of 2009
through most of 2012 the price rose in an almost straight line. Yet
there were four periods of consolidation (in orange) before the
price moved inexorably higher. We have now been in an extended
period of consolidation, lasting more than a year, during which a
declining triangle pattern has formed (red lines). While this is
normally a bearish trend I expect a powerful reversal to occur at
some point this year, after which the price will move sharply
Last year the chart for silver looked just
like the chart for gold. Silver traded in a clear range between
$26 and $36 with an interim support/resistance line around $30.
Notice the recent gains as RSI has moved up from an oversold level
and MACD has gained strength. Now let's see if the current price
can move north of the 50-day moving average, which would be
According to the chart, the price of copper seems to
be reasonable right now. The current price is higher than
both moving averages and is in the upper half
of the yearlong trading range. RSI and MACD show neither strength
nor weakness, suggesting stasis. My guess is that Dr. Copper is awaiting more
economic data, especially from China, before making a prognosis.
The chart of West Texas crude looks much better
than a month ago as the price is $10 higher than when I wrote about 30 days ago. The price is
back above interim resistance (green dotted line) and above both moving averages. In
fact, if the 50-day moving average moves a bit higher,
we could see the bullish "golden cross" signal. While
I expected the price to move higher, I didn't think
it would move so quickly. But as a long time oil
bull, I'm not complaining.
After four failed attempts between September and December, the financial
index managed to decisively pierce resistance around $16.30 and move to a new high. My stubbornly bearish stance on financial stocks has
been proven wrong. I simply refused to believe what the chart was telling me. Clearly,
there is a bull market here and it's time to admit
that after being right for over three years, I've been wrong for the past year.
The financials are a buy until proven otherwise.
of the housing market is a pretty one for the
bulls as the index has tracked the rising blue line for over
fourteen months. I finally saw the
error of my ways and got on board in August. After a
three month pause to close out the year, the index has again moved to
new highs. I would expect another breather shortly before the rally continues
This is big. After failing multiple times to pierce interim resistance around 56, the
index for the developed international markets has finally moved decisively higher.
The next big resistance level is at 62. Investors who (rightly)
bailed on this asset class, thanks to the unrelenting bad news
emanating from Greece, Spain, France and Portugal, may not have noticed the turnaround last
summer and have therefore missed out on this rally. This
is another reason why most investors should not try to trade the market.
It's much better to create your allocations and stick with them.
And what is happening here? Could this really
be the rally we've been waiting for? Or is this
simply another suckers rally? The Shanghai index had been a horror
show for three years. Each time there's been a hint of
recovery it's been quickly squashed. After getting perilously close to a three-year low,
the index has surged almost 19% over the past month. Last month
I suggested that, if indeed the market is finally washed out, "we could
see a heck of a rally next year." We may be witnessing
the beginning of that rally.
Now we come to our three contrarian market indicators. First is the
NYSE Bullish sentiment index. This chart suggests that the market is very optimistic
right now as bullish sentiment is almost 75%. RSI is highly
overbought. If the index moves above 65, I'd expect the market to
turn down. Usually, when bullish sentiment gets this high, we're likely
to experience a correction.
Next we see that almost 90% of stocks traded
on the New York Stock Exchange are currently trading above their 50-day moving
average. It doesn't get much higher than that. This also suggests that we're
due for a correction.
Finally, we look at
the VIX, or the "fear index". This chart shows the absence of fear, or utter
complacency. So again, we're due for a bump in the road.
Fearless Forecasts - Looking Back and
Each year in the January newsletter I
make a number of predictions about the stock market, the
domestic economy and maybe a few key trends. At the same time,
I use this opportunity to review the accuracy, or lack
thereof, of my Fearless Forecasts from the prior year. So
first, let's see how my prognostications from last year panned
out. The forecasts are in black and what really happened is in
- I think the broad markets will be up in
2012. Put me down for a 10% gain for the Dow Jones
Industrial Average, which will finish the year around
13,440. As usual, it won't be a straight line to get there;
there will likely be three or four corrections of at least
5% and up to as much as 15%. But investors who hold tight
will be rewarded. I was pretty accurate
here. The Dow was only up 7.3%, but the S&P was up
13.4%; the blended average of the two was 10.3%. The Dow
finished the year at 13,104 and experienced two large
declines, of 9.8% and 8.7%, respectively.
- Clearly the Fed will leave short term
rates unchanged for the entire year; they've already
declared as much. I also believe that there will be no new
"quantitative easing" plans as the economy improves
organically. I think the yield on the 10-year Treasury will stay
in a range of 1.75% - 2.50% and the 30-year bond
will hold at roughly 1.00% higher than the
10-year. Short rates will likely continue to hover around zero.
Bingo! The Fed did, in
fact, leave rates unchanged for the year. But they did begin
another round of QE. The 10-year
treasury traded right where I said it would, between 1.4%
and 2.4% and the 30-year was almost exactly 1%
higher. Short rates hovered around zero for the entire year.
- Forecasting the direction of the dollar
is tough because as bad as things here have been, economies
around the world are much worse. So much depends on what
happens in the ECU and what happens domestically as our
elected officials debate tax policy. Therefore I'm going to
forecast, like last year, that the dollar index will trade
in a relatively narrow range for most of the year at 75-85.
I got this one right also. The dollar
index traded in a slightly range than I anticipated -
- The price of West Texas Crude is no
longer simply a factor of supply and demand. It also trades on the
health of the global economy, sentiment and the relative value of
the dollar. That being said, I think the price of WTIC will
stay for much of the year between $90 - $110, with
outer boundaries of $80 and $120, unless there
is a strike on Iran, at which time oil prices
could briefly spike to $150.I
was pretty close here as WTIC traded between $77
- $110 per barrel, although the second half of the year
saw it trade mostly between $85 and $95. There was no strike
(yet) again Iran.
- The price of gold has moved higher in
each of the last 11 years and I'm confident it will do so
again this year. My upside target is about $2,000 per ounce
while the downside is about $1,450. The primary trading
range will probably be something like $1,600 - $1,850. I
think the price of silver could test $50 per ounce again
while it's downside is probably around $26. As predicted, the price of gold closed higher
for the 12th straight year. The trading range was a bit more
narrow than I predicted, between $1,525 - $1,800. I nailed
the downside price of silver exactly at $26, but the upside
fell short of $50, cresting only at $36.
- The housing market will continue to
suffer in 2012. Average prices will remain depressed thanks
to foreclosures and short sales. Even historically low rates
won't move this market as only customers with pristine credit looking to buy
conforming homes will be offered mortgages. The jumbo market
remains effectively closed. This is the
one prediction that I got wrong. It seems that the housing
market bottomed out around the end of the first quarter then
slowly but surely begin to strengthen as prices and sales
I think the average rate of GDP growth
over the next four quarters will be around 2.5%, which is
better than 2011. I was very close here
as the trailing four quarters of GDP growth averaged
Jobs will continue to be one the most
important domestic stories of the year. The unemployment
rate will likely top out around 8.7% to 10.2% before
falling, at best, to around 9% by the
end of the year. 9.5% might be the best we get.
The U-6 measure for unemployment, a more accurate gauge
of the true unemployment situation, will likely remain in the 16%-17%
range. The job market was absolutely the top
domestic story of the year, outside of the election. But
fortunately, the unemployment rate wasn't nearly as bad as I
predicted. It peaked at 8.5% and has fallen to 7.8%.
The U-6 rate has fallen from 15.2% to 14.4%.
- I believe President Obama will defeat Mitt
Romney in a relatively close election as a divided
GOP is unable to coalesce behind Romney. The Tea Party is
marginalized and the Senate remains in Republican control. Fiscal austerity, job creation and tax
policy are the main debate points. The electorate forces Obama
away from class warfare and back to the
middle (ok, that's my wishful thinking). I correctly predicted President Obama's reelection. The Tea
Party was marginalized a bit. And while the Democrats did
pick up additional seats in both sides of Congress, the
Republicans retained control of the House and while the
Democrats strengthened their majority in the
Senate. It's still to be determined how Obama will
govern during his second term.
There will be a military strike on Iran
by some nation. There will be
more unrest in Russia as the population rises against Putin. There will
be more violent weather this year, continuing the carnage
from 2011. Europe will continue to push their fiscal problems
into the future, offering palliative band aid solutions
rather than applying the tourniquet. And the Giants will surprise
everyone and beat the Patriots again in the Super Bowl
(ok, more wishful thinking). There
were some military strikes against Iran by Israel. I was
wrong, for now, about unrest in Russia where Putin still
rules. The weather was, in fact, increasingly violent in
2012. Europe did kick the can down the road, a few times, to
forestall their economic woes. And finally, as I predicted,
the Giants defeated the Patriots in the Super Bowl.
All in all, my forecasts were
remarkably accurate last year. And remember, I have no formal training
in economics. I'm just someone who closely observes what is happening
in the world and tries to apply that knowledge to my
investment management business. Anyway, last year is history now; it's time to
look forward, which means a new set of Fearless Forecasts. So
without further ado, here we go:
- I think the broad markets will be only
modestly higher in 2013. Put me down for an 8% gain for the
Dow Jones Industrial Average, which means a closing price
of 14,156. That, coincidentally, would be six points
below the all time high of 14,164.53 from October 9, 2007. I
think the S&P 500 will lag the Dow this year, limiting
the S&P to a gain of only 6%, which means a closing
price of 1,508. As usual, the market will not rise in a
straight line. Indeed, there will likely be two corrections
of between 5 - 10%. But again, investors who hold tight will
- I'm confident the Fed will leave
short term rates unchanged for the entire year; they've
already declared as much. I also believe that there will be
no more "quantitative easing" plans as the risks of
inflation outweigh the concerns about deflation. I
think the yield on the 10-year Treasury will stay in a range
of 1.50% - 2.00% and the 30-year bond will remain roughly
1.00% higher than the 10-year.
- I think the value of
the dollar will be lower by the end of the year, after
finishing 2012 around 80. Countries all over the world are
attempting to devalue their currency in order to bolster
their exports and the U.S. is no exception. I expect the
dollar index to trade between 73 - 83.
- I think slower global economic
growth this year will limit demand for West Texas Crude, thereby keeping
the price down a bit. That being said, I think the price of WTIC
will stay for much of the year between $80 - $100,
although it wouldn't surprise me to see it briefly drift as
low as $70.
- The price of gold has moved higher in
each of the last 12 years, even as the rate of growth slowed
a bit last year, and I'm confident it will go higher again
this year. My upside target is about $1,850 per
ounce while the downside is about $1,600. The primary trading
range will probably be something like $1,650 - $1,750. I think
the price of silver could test $40 per ounce again, but
will likely remain in a tight trading range between $26 - $36.
I don't see silver going much lower than $25.
- The housing market will
continue to rally in 2013. Average prices will slowly rise
throughout the year as inventory remains very tight. Interest rates will
remain historically low, although they will likely be higher
by the end of the year.
- I think the average rate of GDP
growth over the next four quarters will be around 2.0%, which is
slightly lower than 2012. Q4 2012 may be
the high water mark as the first half of 2013 could struggle
to reach 1.75%.
- For the third year in a row, job
growth, or the lack thereof, will continue to be one the
most important domestic stories of the year. The
unemployment rate will likely top out around 8.0% and will
fall to only 7.5%. The U-6 measure for unemployment, a more accurate gauge of the
true unemployment situation, will likely remain in the 14%-15%
range. The other big story will of course be the federal
Thinking and Doing
As I suggested to you last month, the drama
surrounding the negotiations to resolve the dreaded Fiscal Cliff was
a lot of sound and fury, signifying nothing. Indeed, the much-hyped
agreement simply forestalled the larger issues, but gave President
Obama and the Democrats the chance to declare victory in their quest
to raise taxes on the wealthy while avoiding any harsh spending cuts. I'm
afraid it was hollow, and short-lived, victory. All it did was
set the stage for the bigger fight over the extension of
the debt ceiling and the escalation of our national debt.
For the next few months we
will likely be subject to a loud and angry breast-beating from
both Democrats and Republicans, filled with proclamations of doom
and gloom. They will take to the airwaves every day to assure you
that if the other side has their way it will be the end of the world
as we know it. I'm here to tell you that it just isn't true. There
is a problem and it's very real. But it won't be solved today,
tomorrow or next month. It will take decades and it will take
sacrifice, and not just by the wealthy. Until the entire country agrees that there's a problem and until there's a
national will to solve it, the problems will simply be
pushed farther down the road. That is what will likely
happen over the next few months. A few minor compromises will
be made, allowing both parties to claim victory, but
nothing substantive will likely be accomplished. And for now, that's probably good
for the stock market, but bad for our future.
Last month I told you that I
had a very busy December. I did a little tax-loss selling and a lot
of portfolio rebalancing. I eliminated a few long-held positions and
bought initial positions in three new companies: a leading chip
manufacturer in the mobile phone space, a leading payroll company
and a top medical device provider. While it's only been a month, I'm
very pleased with those choices. So far this year I've begun to
nibble at a new stock that lends money to companies and pays a large
dividend to shareholders. Overall, my clients and I are fully
invested and enjoying the rally in the market.
Professional News and Notes
year was a period of transition and change for me. This year my clients and I
will reap the benefits of all the new
hardware and software, and programs and processes, that I invested in
last year to streamline and upgrade my business.
Last year, as many of you know, I started
writing a blog. I've already written 29 articles on topics ranging
from the debates, the election, the Fiscal Cliff, taxes, gold,
the stock market and the broad economy,
to name a few. I'm very
excited to expand on that exciting beginning. More than ever
I want to create a dialogue with my readers about what interests them and what
they need to know in order to protect and increase their wealth by having a
greater understanding about how different external factors affect their money. So please
join me in this conversation and share your thoughts by clicking here.
I was hoping to introduce my new website this month
but the work is a little behind schedule. I'm very pleased with the look and the content, but it requires
a few more tweaks. I'm hoping it will
be ready for release within the next month and I can't
wait to show it to all of you.
Finally, the growth in my Twitter followers
seems to have
stalled shy of my interim goal of 500.
So if you use twitter, please follow me as a way to remain abreast of
all the daily news and action in the
market. I'd love to hear some stories from my readers about
how they use Twitter to improve their lives.
As always, I thank you, my readers, and remind
you that this newsletter is
for you. I have been writing News and Views for over nine years
now. If you'd like to read any prior edition, simply go to my website
and click on the link to my newsletter archives. I hope you have learned
something about our economy and our stock market, and that you
will continue to follow along with me in the future. If you
have any thoughts or suggestions on how to make it better, please let
me know. And if you'd like to speak with me about your
investment needs, or if you know someone that might benefit from my
guidance, I'd be pleased to be of service. Simply give me a call or
drop me an email.
"News and Views", Copyright, Werlinich
Asset Management, LLC and www.waminvest.com. All Rights