ETF Market Trends: Just Another 'Debase' Party on Wall Street

ETF Market Direction Summary: 11-24-2009

Investors are really getting strung out on this "debase" party thing going on here at Wall Street. It’s off the hook and Uncle Ben and his fiat pushing G10 central banker’s posse is in the house.

The bond market is sucking up zero to historically low-yielding short-term treasury paper with a ferocity that would rival even the most hardcore crack addict hitting on "somebody else’s pipe". Meanwhile, gold bulls and bugs are smoking up enough IMF, African, Canadian, and any other kind of gold they can score while there is still no serious inflation.

This back and forth between hitting the dollar, equities, and commodities is starting to get a little boring and besides that, the highs (i.e. market swings) do not last as long. Somebody should tell Uncle Ben and his boys (central bankers) that supply is getting very weak. Then again, that’s what happens when you debase a currency.

Volume has been lackluster and the absence of any definitive or sustainable type of market direction is reflecting indecision and most likely confusion of market participants. However, dull markets are the most treachorous, especially for complacent bulls or bears.

Normally, I would refer to PVA stats (see below) for clues, but there was no overwhelming pattern that jumped out in today’s trading.

Regarding economic fundamentals, there are not many strong forces driving this market. I mentioned yesterday that what we witnessing the side effects of excess liquidity.

Oh well, Wednesday will be the last full day of trading for the week and Black Friday should be a rather quiet half-day. While there are still more economic data and treasury auctions to be crammed into us six ways to Sunday, I will just be thankful that the week is over and look forward to resuming the celebration of my birthday which falls on Thanksgiving day.

Price Volume Analysis (PVA) for Hillbent 3000: Although PDVD @ 36.8% is not exactly overwhelming, the edge goes to the bears again for this one. We may also be seeing some early signs of capitulation with PDVU @ 22.27%, but it is probably just short-term traders unwinding riskier positions before the long holiday weekend. There simply is not enough evidence to draw any conclusions from today’s price-volume patterns. (My wife believes that I am masquerading as a modern day financial fortune teller, but this is simply not the case. Sorry folks…)

1. PUVU: price up & volume up (most bullish) @ 17.20%
   
2. PUVD: price up & volume down (indicative of distribution and selling into strength) @ 21.27%
3. PDVU: price down & volume up (contrarian bullish signal for capitulation and transfer of stocks from weaker hands) @ 22.27%
   
4. PDVD: price down and volume down (most bearish based upon lack of buyers to establish support) @ 36.80%

(*Note that the Hillbent 3000 screens the top 3000 market capitalization stocks with a minimum average daily volume of 100,000 shares and also includes ADRs that fall within these parameters. This group represents at minimum @ 95%+ of the aggregate market capitilization of more than 8000 equity issues trading on U.S. exchanges.)

Bullish Events

• Economy:

1. Q3-2009 GDP was revised to 2.8% from the initially reported 3.5%. This was in line consensus expectations and marks the first positive quarter of growth since 2Q-2008. In-depth analysis of the GDP report can be found at Econoday.
2. S&P/Case Shiller Home Price Indexes increased from 157.93 to 158.61 (qtr/qtr rate @ +3.1%, yr/yr rate @ -8.5%) for the top 10 cities and from 146.0 to 146.51 (yr/yr decline rate @ -9.36%) for the top 20 cities. The most notable areas of improvement were evident in the West and Florida.
3. The release of FOMC minutes gave the market a boost. Fed governors and district bank presidents project real GDP @ 2.5% to 3.5% in 2010, 3.4% to 4.5% in 2011, and 3.5% to 4.8% in 2012. The report also disclosed the Fed’s commitment to keep interest rates low for "an extended period" if inflation remains stable and high unemployment persists. Its forecasts for unemployment rates are 9.2% to 9.7% through 4Q-2010, -8.2% to 8.6% toward the end of 2011, and 6.8% to 7.5% in 2012. It also made a veiled reference to the carry trade by acknowledging the potential side effects of low interest rates being excessive speculation in the financial markets.
4. Demand for U.S. debt at the treasury auctions for $32bn of 4-week bills (bid-to-cover @ 4.38) and $42bn of 5-year notes (bid-to-cover @ 2.81) was quite strong.

• Positive Earnings/Guidance:

1. Retailers: American Eagle Outfitters ([[AE0]] +3.23%) posted earning $0.21 in line with expectations while discounter Dollar Tree (DLTR +4.54%) reported $0.76 vs. $0.66 consensus estimates and reaffirmed guidance.
2. Technology: Hewlett Packard (HPQ -1.63%) met earnings expectations as preannounced, delivering $1.14. It also reaffirmed guidance which it had raised earlier. This one gapped down from the opening and never made it into positive territory.
3. Consumer Goods: Heinz (HNZ +0.14%) posted earnings @ $0.76 vs. consensus @ $0.70; and Hormel Foods (HRL -1.07%) reported earnings @ $0.77 vs. consensus @ $0.74.
4. Medical: Metronic (MDT +7.29%) reported $0.77 vs. consensus @ $0.74 and increased guidance for the current fiscal year.

• Upgrades: Healthcare (MDT, AMLN, CEPH); Technology (CRM, ADI); Financials (BCH, UBSI, PRU ); Industrials (EMN); Metals (RS)
• European Economic News: Europe’s largest economy, Germany, showed signs of continued economic recovery. The November German IFO business climate increased +1.9 to 93.9 for a 15 month high.
• From Russia with love: In an effort to revive lending and discourage speculative capital and currency volatility, Bank Rossii, the central bank of Russia, reduced the refinancing rate to 9% from 9.5% and repurchase rate for central bank loans to 8% from 8.5%. These are at record lows and market the marks the 9th rate decrease since April.

Bearish Events

• Economy: November’s Consumer Confidence data for November improved slightly to 49.5 from previous month’s 47.0. Overall, the reading has negative implications relative to August’s 54.5 level. The present situation index @ 21.0 is at record lows and present jobs assessment @ 49.8.
• Downgrades: Transportation (CAL, UNP); and Technology (SAP, CIEN).
• Banking Industry Comments: BofA Merrill Lynch placed UBS on its "least preferrred" list while S&P confirmed it a member of a list of 45 global banks with the weakest capital.
• TARP Issues: The Fed Reserve asked nine of the largest banks to issue plans on how they intend to repay TARP funds. It’s our money and we want it now!
• Economic concerns in Europe: November’s Business Confidence index for France was unexpectedly unchanged @ 89. Manufacturers are worried that the relatively strong euro will stifle imports while ending the stimulus could slow consumer spending gains as manufacturers grew more concerned that strength in the euro will hurt exports and the end of stimulus measures will slow gains in consumer spending (despite its upside surprise and being up 1.1% m/m and +3.5% y/y)
• Carryover from Asia: Markets closed lower throughout the region with Japan (-1.01%), Hong Kong (-1.53%), China (-3.20%), Australia (-0.68%), Singapore (-0.64%), South Korea (-0.84%), India (-0.29%). The exception was Taiwan (+0.36%).
• Need for Asian banks to replenish capital?: The Bank of China is considering "various options" to replenish capital. China’s top 5 banks submitted plans to regulators the China Banking Regulatory Commission (CBRC) is evaluating the finances of it largest banks and asking them to estimate potential deficits in 2010 based on loan forecasts and capital ratio targets. Banks must formulate long-term fundraising plans or face restrictions on their operations if they maintain "relatively low" capital adequacy ratios. According to BNP Paribas, China’s banks need a combined 368 billion yuan to maintain adequate capital ratios @ 12%. Last year the CBRC increased its minimum capital adequacy ratios from 8% to 10% for publicly traded banks.

ETF 5 Day New Highs:

U.S. Equities (IYZ, XLV*, BBH, IHI*); International Equities (GAF); Forex (CEW, FXY, XRU); Bonds (AGG, EMB, IEF, MBB, MUB, SHY); Real Estate (REM, REZ). (Note * denotes 250 day new high)

ETF 5 Day New Lows:

U.S. Equities (VXZ, IAI); International Equities (VNM); Commodities (DBA, DBC, JJG, UGA, USO); Forex (DBV, ICN); Real Estate (FIO, ICF, ITB, IYR, REM, RTL). (Note * denotes 250 day new low)

Sooner or later, market participants will come down and hit upon the self-realization that they want a new drug just like Huey Lewis and the News used to sing about back in the day. Until then, I must follow my faithful friend, the trend. Currently there are no signficant changes to the trend tables and the market still has a favorable bias towards risks, i.e. equity, commodity, and emerging market assets.

Signing off at Hillbent on the Market Direction and ETF Market Trends™…

ETF Market Trends™ Monitor (11-24-2009)

U.S. Equity ETFs
Equity Indexes	Price	%Chg	Vol%	PMI	ST	MT	LT
DIA (DJ Industrials)	104.36	-0.10%	-16.64%	79	up	up	up
SPY (S&P 500)	110.99	0.15%	-29.90%	82	up	up	up
QQQQ (Nasdaq 100)	43.99	-0.34%	-39.93%	62	up	up	up
IWM (Russell 2000)	59.34	-0.45%	-27.29%	71	up	down	up
VXX (VIX Futures)	38.41	-1.01%	-5.99%	3	down	down	down
Major Sectors	Price	%Chg	Vol%	PMI	ST	MT	LT
IYZ (Telecom)	18.82	0.59%	9.22%	78	up	up	up
XLB (Materials)	32.73	-0.12%	-36.27%	78	up	up	up
XLE (Energy)	57.66	0.58%	-26.15%	98	down	up	up
XLF (Financials)	14.71	-0.68%	-38.39%	45	down	down	up
XLI (Industrials)	27.73	-0.82%	-24.07%	55	up	up	up
XLK (Technology)	22.03	-0.18%	-17.80%	76	up	up	up
XLP (Consumer Staples)	27.17	0.18%	-35.04%	79	up	up	up
XLU (Utilities)	29.72	0.34%	-4.12%	92	up	up	up
XLV (Health Care)	30.91	0.78%	11.85%	78	up	up	up
XLY (Consumer Discrtn)	28.92	-0.07%	-14.08%	71	up	up	up
Key Industries	Price	%Chg	Vol%	PMI	ST	MT	LT
BBH (Biotech)	98.05	0.67%	-46.56%	86	up	down	up
CRBQ (Global Commodity Equities)	42.75	-1.22%	-68.22%	2	up	n/a	n/a
CUT (Global Timber)	17.46	-0.85%	-45.67%	46	up	up	up
FAA (Airlines)	24.52	-0.53%	-83.23%	73	up	down	n/a
FAN (Global Wind Energy)	15.46	-0.16%	-42.71%	27	down	down	up
FDN (DJ Internet Index)	24.04	-0.58%	-37.20%	62	up	up	up
GDX (Gold Miners)	51.42	-0.50%	10.05%	62	up	up	up
HAP (Hard Assets Producers)	33.78	-0.44%	-71.86%	61	up	up	up
IAI (Broker-Dealers)	27.97	-0.71%	-30.59%	56	down	down	up
IGF (Global Infrastructure)	34.41	-0.09%	-37.45%	92	up	up	up
IGN (GSTI Networking)	26.09	-0.91%	22.40%	13	down	down	up
IHI (Medical Devices)	51.94	1.96%	620.97%	98	up	up	up
ITA (Aerospace & Defense)	49.13	-0.26%	-55.86%	66	up	up	up
IYT (Transportation)	70.86	-0.69%	-19.07%	45	down	up	up
KIE (Insurance)	34.73	0.09%	83.38%	82	down	down	up
KOL (Coal)	34.65	-0.29%	72.11%	68	up	up	up
MOO (Agribusiness)	42.73	-0.67%	30.65%	19	up	up	up
NLR (Nuclear Energy)	22.82	-1.47%	-40.22%	49	down	down	up
OIH (Oil Services)	119.55	0.77%	-26.79%	86	down	up	up
PHO (Water Resources)	16.42	-0.48%	-12.64%	62	down	down	up
PPH (Pharmaceuticals)	65.60	0.40%	20.79%	65	up	up	up
PXR (Emerging Mkts Infrastructure)	43.25	-0.30%	70.99%	42	up	up	up
RKH (Regional Banks)	78.21	-0.60%	-13.58%	61	down	down	up
RTH (Retail)	94.65	0.06%	-8.69%	59	up	up	up
SEA (Global Shipping)	13.53	-1.24%	-21.35%	60	up	up	up
SLX (Steel)	58.91	0.03%	-78.50%	89	up	up	up
SMH (Semiconductor)	25.54	0.75%	-23.67%	53	down	up	up
SWH (Software)	40.90	-0.99%	-95.22%	0	up	up	up
TAN (Global Solar Energy)	9.31	-1.17%	11.47%	32	up	down	up
XME (Metals & Mining)	49.26	0.35%	-21.72%	85	up	up	up
International Equity ETFs
Americas	Price	%Chg	Vol%	PMI	ST	MT	LT
EWC (MSCI Canada)	26.02	-0.87%	-62.39%	29	up	up	up
EWW (MSCI Mexico)	48.11	-0.17%	-41.84%	69	up	up	up
EWZ( MSCI Brazil)	76.74	0.71%	-33.68%	100	up	up	up
ILF (Latin America 40)	47.89	0.38%	-43.36%	90	up	up	up
ISI (S&P 1500)	49.66	0.07%	-40.39%	100	up	up	up
Europe	Price	%Chg	Vol%	PMI	ST	MT	LT
EWG (MSCI Germany)	22.88	-0.13%	-59.69%	64	up	up	up
EWQ (MSCI France)	26.39	0.19%	-31.11%	73	up	up	up
EWU (United Kingdom)	16.80	-0.06%	-41.65%	60	up	up	up
IEV (S&P Europe 350)	40.21	0.00%	-55.80%	60	up	up	up
RSX (Russia)	31.72	-0.75%	-60.34%	68	up	up	up
VGK (Vanguard Europe)	51.85	-0.17%	14.15%	52	up	up	up
Asian-Pacific	Price	%Chg	Vol%	PMI	ST	MT	LT
EWA (MSCI Australia)	23.41	-1.60%	-13.23%	57	down	up	up
EWH (MSCI Hong Kong)	15.95	-0.56%	1.53%	64	down	up	up
EWJ (MSCI Japan)	9.30	-1.17%	44.15%	39	down	down	up
EWM (MSCI Malaysia)	11.00	0.00%	-51.59%	78	up	up	up
EWS (MSCI Singapore)	11.51	-1.20%	-51.57%	55	up	up	up
EWT (MSCI Taiwan)	12.46	-0.08%	-27.86%	64	down	up	up
EWY (MSCI South Korea)	46.14	-1.56%	-5.69%	24	up	up	up
FXI (FSTE China)	45.01	-1.27%	-14.12%	43	down	up	up
IF (Indonesia Fund)	10.31	1.28%	-15.36%	78	up	up	up
IFN (India Fund)	30.57	-0.52%	25.01%	60	down	up	up
VNM (Vietnam)	27.20	-2.68%	-57.44%	23	down	down	n/a
Emerging Markets	Price	%Chg	Vol%	PMI	ST	MT	LT
EEM (MSCI Emerging Mkts)	41.25	-0.60%	-17.29%	88	up	up	up
EWX (Emerging Small Caps)	46.53	-0.47%	-81.12%	45	down	up	up
GAF (Middle East & Africa)	61.58	0.93%	83.73%	75	up	up	up
GMF (Emerging Asia Pacific)	72.72	-1.05%	-39.23%	43	up	up	up
GML (Emerging Latin America)	78.67	0.32%	-57.41%	100	up	up	up
GUR (Emerging Europe)	43.24	-0.96%	-63.73%	73	down	up	up
Alternative Assets
Commodities	Price	%Chg	Vol%	PMI	ST	MT	LT
COW (Livestock)	28.14	-0.07%	-65.52%	60	up	up	down
DBA (Agriculture)	25.93	-0.73%	9.19%	34	up	up	up
DBB (Base Metals)	20.59	-0.44%	-59.99%	63	up	up	up
DBC (Commodities)	24.07	-1.23%	17.60%	27	down	up	up
GLD (Gold)	114.73	0.38%	24.49%	90	up	up	up
JJC (Copper)	43.32	0.51%	16.07%	98	up	up	up
JJG (Grains)	40.42	-1.77%	-48.74%	11	up	up	up
PTM (Platinum)	17.90	-0.72%	-5.77%	11	up	up	up
SLV (Silver)	18.25	-0.11%	89.80%	85	up	up	up
UGA (Gasoline)	35.31	-2.08%	-66.19%	18	down	up	up
UNG (Natural Gas)	8.99	-0.55%	-37.68%	35	down	down	down
USO (Oil)	38.58	-2.03%	16.59%	25	down	up	up
Forex	Price	%Chg	Vol%	PMI	ST	MT	LT
BZF (Brazilian Real)	26.85	-0.37%	-53.97%	70	down	up	up
CEW (Emerging Currency)	22.31	0.22%	-26.89%	13	up	up	up
CYB (Chinese Yuan)	25.30	-0.04%	-55.37%	33	lateral	lateral	lateral
DBV (G10 Currencies)	23.31	-1.10%	-12.47%	50	down	up	up
FXA (Australian Dollar)	92.08	-0.66%	-31.61%	66	down	up	up
FXB (British Pound)	165.40	-0.20%	39.79%	82	down	up	up
FXC (Canadian Dollar)	94.21	-0.22%	-43.27%	76	down	up	up
FXE (Euro)	149.46	-0.03%	-27.18%	73	up	up	up
FXF (Swiss Franc)	98.68	0.03%	-29.72%	75	up	up	up
FXM (Mexican Peso)	77.63	0.43%	105.37%	62	up	up	up
FXY (Japanese Yen)	112.17	0.51%	-35.89%	88	up	up	up
ICN (Indian Rupee)	24.83	-1.08%	-51.32%	0	up	up	up
UUP (U.S. Dollar)	22.29	0.09%	-37.16%	44	down	down	down
XRU (Russian Ruble)	36.60	1.54%	-26.92%	96	up	up	up
Bonds	Price	%Chg	Vol%	PMI	ST	MT	LT
AGG (Investment Grade)	105.36	0.20%	-5.93%	77	up	up	up
BWX (Int’l Tsy Bonds)	59.63	0.08%	8.64%	55	up	up	up
EMB (Emerging Markets Bonds)	103.03	0.23%	51.37%	90	up	up	up
HYG (Hi Yld Corp)	86.18	0.06%	-27.34%	52	up	up	up
IEF (7-10 Yr Tsy)	92.18	0.51%	56.37%	83	up	up	down
JNK (Hi Yld Bonds)	38.05	-0.13%	-11.36%	9	down	up	up
MBB (Mortgage Bonds)	108.04	0.10%	-12.48%	42	up	up	up
MUB (Nat’l Muni Bond)	102.75	0.04%	-17.95%	95	up	down	up
SHY (1-3 Yr Tsy)	84.22	0.08%	-20.63%	87	up	up	up
TIP (Tsy Inflation Protect)	105.88	0.12%	-4.78%	68	up	up	up
TLT (20 Yr+ Tsy)	95.60	0.63%	-17.55%	86	up	down	down
WIP (Int’l Inflation Protect)	57.83	-0.17%	-4.15%	65	up	up	up
Real Estate	Price	%Chg	Vol%	PMI	ST	MT	LT
FIO (Industrial Office)	22.22	-2.46%	-76.05%	21	up	up	up
ICF (Cohen & Steers)	48.90	-1.65%	-6.14%	15	down	up	up
ITB (Home Construction)	11.64	-0.77%	-38.58%	48	down	down	up
IYR (DJ US Real Estate)	42.90	-1.47%	-18.72%	18	down	up	up
REM (Mortgage Reits)	14.83	0.47%	-23.73%	100	up	down	up
REZ (Residential Index)	29.17	-0.90%	-66.61%	28	up	up	up
RTL (Retail Index)	19.85	-1.05%	70.00%	32	down	down	up
XHB (Homebuilders)	14.58	-1.22%	-40.08%	29	down	down	up

*PMI measures strength of % daily trading range on scale of 0 to 100

**ST = Short-Term Trend; MT = Intermediate Trend; LT = Long-Term or Primary Trend

***Vol% measures % change in daily volume vs. average daily volume

Market Momentum Diary: 11-24-2009

% Stocks > Mov Avg	20-Day MA	50-Day MA	200-Day MA
Today	64.52%	52.67%	85.32%
Yesterday	66.34%	53.77%	85.79%
Last Week	68.68%	58.51%	86.99%
Last Month	33.33%	57.36%	88.23%
Daily Market Stats	NYSE		Nasdaq
Advancers	1385		1093
Decliners	1653		1598
Advancing Shares	1557870200		727234500
Declining Shares	2234288000		1124419000
52 Week New Highs	121		43
52 Week New Lows	4		9

Hillbent Market Direction Resources

Selected Reading

• Gold vs. USD: Bank of America on Gold’s Imminent Rise to $1500 (Hat tip to ZeroHedge.com)
• FOMC Minutes: Minutes from FOMC Meeting November 3-4, 2009
• More Troubled Banks: FDIC’s insurance in the red, "problem banks" hit 16 year high (FT Alphaville)
• Greater China Plays (ASIA): China’s 3G Conversion Boosts Telecom Software Firm’s Earnings (IBD)
  
• Internet and Media: News Corp Joined by Rivals Weighing Google Block (Bloomberg)
  
• National Economic Trends: St. Louis Fed November 2009 Report (Fed Reserve Research Papers) (.pdf)
  

Economic Calendar Events: Refer to U.S. Calendar or International Calendar

Postive & Negative Earnings Surprises: Refer to Hillbent’s earnings summary report for a detailed analysis of positive & negative earnings surprises

Disclosures: Hillbent does not provide individualized market advice. The information we publish regards companies in which we believe our readers may be interested and our reports reflect our sincere opinions. Nevertheless, they are not intended to be personalized recommendations to buy, hold, or sell securities. Investments in the securities markets, and especially in options, are speculative and involve substantial risk. Each individual investor should determine their respective appropriate level of risk. It is recommended that you seek personal advice from your professional investment advisor and conduct further independent due diligence research before acting on information published in any of our reports. Most of our information is derived directly from information published by the companies on which we report and/or from other sources we deem to be reliable, without our independent verification.

Therefore, we cannot assure the completeness or accuracy of information contained within these reports and we do not in any way warrant or guarantee the success of any action which you take in reliance on our statements.

Hillbent.com, Inc. or its affiliates may own positions in the equities mentioned in our reports. We do not receive any compensation from any of the companies covered in our reports.

Comments

[Luc Janssens]

Thank you sir, and i wish you a happy birthday
Lucas Janssens

2009 Nov 25 11:59 AM

[Luc Janssens]

thanks for the information and I wish you a happy birthday.

2009 Nov 25 12:02 PM

[Ron Rowland]

Gotta love this line
> The bond market is sucking up zero to historically
> low-yielding short-term treasury paper with a ferocity
> that would rival even the most hardcore crack addict
> hitting on "somebody else’s pipe".

2009 Nov 25 02:39 PM

[Northern Dancer]

The dollar has indeed taken a "bit of a bashing" today. It's in free fall. USD has lost 9% of it's value since July and 1% overnight and today alone. Did you hear that? The dollar has lost 1% of its value today alone, while the market participants are distracted by turkey and loved ones (some of whom are sometimes also turkeys).

And while nobody was watching the buck fall 1% today, the market barely budged. Hasn't it been the norm that as the dollar tanks, the market surges? Yes it has... until now. It sure looks to me like we're now in that scenario that nobody wants to talk about. The dollar and the markets tanking at the same time. It's a horrendous situation, but if today's action is any indicator, it's upon us.

Russia today announced that they need to diversify their foreign currency holdings and get the hell out of American dollars. I guess they've become convinced, as we all have, that Bernanke doesn't give a shyt about American citizens as long as his buddies stand to make a ton of money on the dollar carry trade. He's stood by like a parent watching his kid burn, and hasn't done a damned thing about it. That's a traitorous parent in my books.

Russia has declared that they want Canadian and Australian currencies, where rock solid, well run economies still exist. Canada's dollar reacted in a heartbeat by rising a full cent today. And that does nothing but harm to Canada's economy. So Canadians thank Bernanke for exporting his poison even to friends.

To me, it looks like we're about to witness the dollar and the equities markets fall together for the first time since year 2000, and this time for a completely different reason.

.

2009 Nov 25 05:30 PM

[JeffDB]

On Nov 25 05:30 PM Northern Dancer wrote:

> And while nobody was watching the buck fall 1% today, the market barely budged. Hasn't it been the norm that as the dollar tanks, the market surges? Yes it has... until now. It sure looks to me like we're now in that scenario that nobody wants to talk about. The dollar and the markets tanking at the same time. It's a horrendous situation, but if today's action is any indicator, it's upon us. >

Happy Thanksgiving?

Well no use letting it ruin our Thanksgiving, or birthday for that matter.

Happy Birthday Mr. Hill!

2009 Nov 25 06:41 PM

[ByloSelhi]

Have a great birthday, JC!

2009 Nov 25 09:15 PM

[J Clinton Hill]

To all:

Happy Thanksgiving and Thank you for your kind words...

Cheers

Clinton...

2009 Nov 25 09:39 PM

[stocknerd]

Why would a country do away with dollars when they are so cheap? They won't. Am I the only who sees a BUBBLE in gold. The gold bugs, AKA end-of-the-world gold nuts are buying like the, well, you know. All I know is when the end comes gold is worth zip. A BIGMAC (c) will be worth everything. Short gold NOW. The end is not near or here.

2009 Nov 26 08:38 AM

[Indexor]

Happy B-Day Clinton. Hope you enjoy Thanksgiving as well.

Good article. I always enjoy both your perspective as well as the data you present.

2009 Nov 26 04:17 PM

[Northern Dancer]

J. Clinton, how classless of me to have missed that it's your birthday. Now I feel like a turd.

But it's not too late... I sincerely wish you a great b'day dude! And many, many more :-)

.

2009 Nov 26 05:04 PM