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Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 46 years of investment... More
My company:
Strategic Stock Investments
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Investing for Survival
  • The Morning Call--Why Did The Hawkish FOMC Minutes Spawn A Stock Rally?

    The Market

    Technical

    The indices (DJIA 16979, S&P 1986) had another good day. The Dow remained within its short (16331-17158) and intermediate term (15132-17158) trading ranges but is clearly drawing ever closer to the upper boundaries of those ranges. It also finished above its 50 day moving average and within a long term uptrend (5101-18464).

    The S&P also closed near the top end of its short term trading range (1814-1991). It also remained within its intermediate (1881-2681) and long term (752-1999) uptrends and above its 50 day moving average.

    Volume again declined. Surprisingly, breadth remained mixed. The VIX, not surprisingly, fell, finishing within short and intermediate term downtrends and below its 50 day moving average.

    The long Treasury dropped again; but remained within its short term uptrend, above its 50 day moving average and within an intermediate term trading range.

    http://advisorperspectives.com/commentaries/gavekal_082014.php

    GLD continued its dismal performance, closing within a short term trading range, an intermediate term downtrend, a developing pennant formation and below its 50 day moving average.

    Bottom line: the indices seem poised to bust through their former all-time highs and re-set short and intermediate term trends to the upside. Adding credence to that assessment, I thought that the more hawkish tone in the FOMC minutes would have put a crimp in investors' enthusiasm. Not so. Furthermore, the Market is way overbought; but investor euphoria reigns supreme. So it seems likely that prices will push through those former highs (17158, 1991) today or after the Yellen speech. Nonetheless, I remain of the belief that the Averages will be unable to confirm a breach above the upper boundaries of their long term uptrends.

    Our strategy remains to Sell stocks that are near or at their Sell Half Range or whose underlying company's fundamentals have deteriorated.

    The latest from Stock Traders' Almanac on bull markets and corrections (short and a must read):

    http://blog.stocktradersalmanac.com/post/1025-Days-and-Counting-Since-Last-10-SPY-Correction

    Fundamental

    Headlines

    There was not much by way of economic data releases yesterday. Weekly mortgage applications were up, but the more important purchase applications were down. These numbers have little meaning following Tuesday's terrific housing starts report.

    Overseas, Japan reported that its July trade deficit widened yet again. I am not sure how long the Japanese electorate will put up with the failed policies of their government; but at some point, there has to be either a turnaround or a movement to correct those policies. In the meantime, it is not great news for US companies with exposure to Japan.

    ***overnight. Speaking of a turnaround, the Japanese July PMI surged to a five month high. However, that was offset by a lousy Chinese PMI.

    Of course, the high point of the day was the release of the minutes of the latest FOMC meeting which I would characterize as more hawkish than the statement immediately following that meeting. The primary reason seems to be that the improvement in the labor markets has an increasing number of Fed members wanting to start to raise interest rates sooner than previously implied.

    Summary of FOMC minutes

    http://www.calculatedriskblog.com/2014/08/fomc-minutes-most-participants-will.html

    Fed mouthpiece, Hilsenrath's take (medium):

    http://www.zerohedge.com/news/2014-08-20/hilsenrath-warns-fed-rate-hike-timing-debate-intensifying

    What is important about Jackson Hole (medium)?

    http://www.bloombergview.com/articles/2014-08-19/why-you-should-care-about-jackson-hole

    Bottom line: as I noted above, I was surprised that the more hawkish tone to the Fed minutes didn't cause more heartburn for investors than it did. Perhaps it is what I suggested yesterday, i.e. that investors have unbridled faith that the Fed will get its policy right irrespective of the rate of progress of the economy---hence any policy move will be the correct one.

    'As you know, my mantra on this issue is that if this assumption proves correct, it will be the first time in history. Not that it won't; but there sufficient evidence to warrant healthy skepticism.

    Or as Citi suggests, perhaps investors believe that Yellen's Jackson Hole speech will be uber dovish and negate the impact of the FOMC minutes.

    http://www.zerohedge.com/news/2014-08-20/jackson-hole-tremendous-downside-risks-if-yellen-doesnt-go-full-dovish

    There is nothing for me to do but wait and see; and given the current lofty equity valuations, I believe cash is of inestimable worth while I do.'

    My bottom line is that for current prices to hold, it requires a perfect outcome to the numerous problems facing the US and global economies AND investor willingness to accept the compression of future potential returns into current prices.

    I can't emphasize strongly enough that I believe that the key investment strategy today is to take advantage of the current high prices to sell any stock that has been a disappointment or no longer fits your investment criteria and to trim the holding of any stock that has doubled or more in price.

    Bear in mind, this is not a recommendation to run for the hills. Our Portfolios are still 55-60% invested and their cash position is a function of individual stocks either hitting their Sell Half Prices or their underlying company failing to meet the requisite minimum financial criteria needed for inclusion in our Universe.

    It is a cautionary note not to chase this rally.

    Does it matter is stocks are currently not is a 2000 type bubble? (medium):

    http://pensionpartners.com/blog/?p=652

    Another thought on current valuation (medium):

    http://pragcap.com/is-a-big-equity-correction-imminent-not-yet

    CAPE and math (medium and a good read):

    http://statisticalideas.blogspot.com/2014/08/cape-and-math.html

    Investing for Survival from Warren Buffett

    http://www.farnamstreetblog.com/2014/08/what-makes-warren-buffett-a-great-investor/

    Company Highlights

    Reliance Steel provides value-added metals processing services and distributes more than 100,000 metal products. The company has grown profits and dividends at a 17-18% rate and earned a 7-19% return on equity over the last ten years. RS operations are subject to macroeconomic forces; however, it should grow at an above average pace over a business cycle as a result of:

    (1) despite slow economic growth, it is witnessing improvement in its core customer base (aerospace and energy) resulting in both rising demand and prices,

    (2) acquisitions (latest: Metals USA),

    (3) an excellent cost control discipline.

    Negatives:

    (1) the lackluster nonresidential construction market is impacting sales of carbon steel,

    (2) rising raw material costs,

    (3) industry overcapacity.

    RS is rated B++ by Value Line, has a debt/equity ratio of approximately 35% and its stock yields 2.0%

    Statistical Summary

    Stock Dividend Payout # Increases

    Yield Growth Rate Ratio Since 2004

    RS 2.0% 16 22% 7

    Ind Ave 2.3 7 36 NA

    Debt/ EPS Down Net Value Line

    Equity ROE Since 2004 Margin Rating

    RS 35% 11% 2 5% B++

    Ind Ave 37 7 NA 4 NA

    Chart

    Note: RS stock made great progress off its March 2009 low, quickly surpassing the downtrend off its June 2008 high (straight red line) and the November 2008 trading high (green line). Long term, it is in an uptrend (blue lines). Earlier this year, it broke its intermediate term uptrend and re-set to a trading range (purple lines). The wiggly red line is the 50 day moving average. The Aggressive Growth Portfolio owns a full position in RS. The upper boundary of its Buy Value Range is $33; the lower boundary of its Sell Half Range is $95.

    (click to enlarge)

    http://finance.yahoo.com/q?s=RS

    8/14

    News on Stocks in Our Portfolios

    Hormel Foods beats by $0.03, beats on revenue

    • Hormel Foods (NYSE:HRL): FQ3 EPS of $0.51 beats by $0.03.
      • Revenue of $2.28B (+5.6% Y/Y) beats by $50M.

    Economics

    This Week's Data

    Weekly jobless claims fell 14,000 versus expectations of an 11,000 decline.

    Other

    Update on the auto loan market (medium):

    http://www.zerohedge.com/news/2014-08-20/car-repos-soar-70-auto-subprime-bubble-pops-its-contained-promises-fed

    Argentina 'crams down' holdouts (medium):

    http://www.zerohedge.com/news/2014-08-20/argentina-stuns-bondholders-scorched-earth-cramdown-plan

    Brazil joins the QE club (medium):

    http://www.ft.com/intl/cms/s/0/eeda051a-2886-11e4-8bda-00144feabdc0.html?siteedition=uk#axzz3AeIFqdWT

    Update on real household incomes (medium):

    http://www.advisorperspectives.com/dshort/commentaries/Real-Incomes-Five-Years-After-the-Great-Recession.php

    Politics

    Domestic

    More on the collusion of the banksters and the regulators (medium):

    http://www.nakedcapitalism.com/2014/08/nyts-william-cohan-blasts-holder-doctrine-headfake-bank-settlements-prosecutions.html

    International

    How successful have the sanctions been (medium)?

    http://www.newyorker.com/business/currency/hurt-putin-hurt

    Disclosure: The author is long RS, HRL.

    Aug 21 9:11 AM | Link | Comment!
  • The Morning Call--A Good Day For Economic News

    The Market

    Technical

    The indices (DJIA 16919, S&P 1981) repaired a bit more technical damage yesterday. The Dow is in short term (16331-17158) and intermediate term (15132-17158) trading ranges. However, it is nearing the upper boundary of both trends; and if it breaks above 17158, then both trends will re-set to uptrends. The DJIA is above its 50 day moving average and within its long term uptrend (5101-18464).

    The S&P is within a short term trading range (1814-1991). But like the Dow, it is very close to that upper boundary which if penetrated will re-set to an uptrend. It is above its 50 day moving average and within intermediate term (1881-2681) and long term (772-1999) uptrends.

    Volume was anemic; breadth was mixed (indicators have gone straight from oversold two weeks ago to overbought at yesterday's close). The VIX confirmed the break of its very short term uptrend and remains below its 50 day moving average and within short term and intermediate term downtrends. As I noted yesterday, this indicator is pointing to higher stock prices. Nevertheless, all those divergences to which I have been referring are not going away:

    http://www.crossingwallstreet.com/archives/2014/08/the-diverging-market-2.html

    And:

    http://jlfmi.tumblr.com/post/95117483155/divergence-in-discretionary-vs-staples-stocks-a

    The long Treasury fell, finishing within a short term uptrend, an intermediate term trading range and above its 50 day moving average.

    http://gavekal.blogspot.com/2014/08/treasury-bond-yields-continue-to-fall.html

    GLD declined, closing within a short term trading range, an intermediate term downtrend, a developing pennant formation and below its 50 day moving average.

    Bottom line: the indices are pushing near to their former highs (17158, 1999) which if breached would completely reverse the recent technical damage. That has yet to occur; and until it does the Averages are out of sync. Nevertheless, if it does, the upper boundaries of the long term uptrends become the next resistance level. I have opined that I don't see any meaningful violation of those levels. I am sticking with it.

    Our strategy remains to Sell stocks that are near or at their Sell Half Range or whose underlying company's fundamentals have deteriorated.

    Stock Traders' Almanac updates its Sixth Year of Presidential Cycle chart (short):

    http://blog.stocktradersalmanac.com/post/Can-Market-Break-Free-of-Sixth-Year-Hold-SPY-DIA

    Fundamental

    Headlines

    The only mentionable news yesterday came in the form of US economic data. Most important was surprisingly strong July housing starts---which backed up Monday's home building confidence number and, more significant, reflects some life in a lagging sector of the economy.

    http://www.capitalspectator.com/a-sharp-revival-in-housing-construction-for-july/

    Also notable, July CPI, both the headline as well as ex food and energy figure, came in tame. That should keep the pressure off the Fed to move toward raising interest rates---something that will likely make investors feel all warm and fuzzy and is sure to be trumpeted at the upcoming Jackson Hole conference.

    Finally, weekly retail sales was mixed; but that little bit of disappointing news was offset by some good reports from Home Depot and TJMaxx.

    This all provided an encouraging atmosphere for investors as they anticipate the release the FOMC minutes today and Yellen's speech at Jackson Hole on Friday.

    Bottom line: investors continue to assume that the Fed will get it all correct, which seems to mean that monetary policy will remain supportive of the financial markets irrespective of the rate of progress of the economy. As you know, my mantra on this issue is that if this assumption proves correct, it will be the first time in history. Not that it won't; but there sufficient evidence to warrant healthy skepticism.

    There is nothing for me to do but wait and see; and given the current lofty equity valuations, I believe cash is of inestimable worth while I do.

    My bottom line is that for current prices to hold, it requires a perfect outcome to the numerous problems facing the US and global economies AND investor willingness to accept the compression of future potential returns into current prices.

    I can't emphasize strongly enough that I believe that the key investment strategy today is to take advantage of the current high prices to sell any stock that has been a disappointment or no longer fits your investment criteria and to trim the holding of any stock that has doubled or more in price.

    Bear in mind, this is not a recommendation to run for the hills. Our Portfolios are still 55-60% invested and their cash position is a function of individual stocks either hitting their Sell Half Prices or their underlying company failing to meet the requisite minimum financial criteria needed for inclusion in our Universe.

    It is a cautionary note not to chase this rally.

    More on valuation (short):

    http://advisorperspectives.com/commentaries/gavekal_081914.php

    Investing for Survival

    6 mistakes investors make in planning for retirement

    1. I didn't save enough for retirement, and I spent more than I should have in my peak years. "You should be saving significant amounts in those peak earning years as you get closer to retirement. People see their salaries go up, and they continue to spend instead of save. People have been living beyond their means, and their retirement expectations are not realistic."

    2. I leveraged myself too much during my peak earnings year. "People go out and live on credit cards," says Kehoe. "It's a terrible way to spend and live." Those who use home equity to buy a car or take a vacation often regret it, he says. "People are losing focus in that they should be saving. They over-leverage themselves and borrow too much. I teach this to all my kids. If you can't afford to pay a card off at the end of the month, you can't afford to be buying on the credit card."

    3. I retired too early. The two problems with retiring too early: "You have less (time) to save, and you have a longer period of retirement that you have to provide yourself for with an inflow of income," Kehoe says.

    4. Why did I take that money out of my IRA or 401(k)? "To take money out of your plan at an early age is a real killer, because that dollar you take out in your 20s compounded over 30 or 40 years, could grow into a significant amount. It's in your plan; leave it there."

    5. I thought Social Security was supposed to provide for me. "A lot of people have the perception that Social Security would take care of them," Kehoe says. "It was originally part of a three-legged stool - your pension, your own savings and Social Security. People put their stock and faith in the Social Security system. Even if you believe in the Social Security system, demographically it's a bad time. When it was put in place, it was supposed to pay people at just about the expected age of death. More and more people are counting on it more and more. Ten employees were supporting every one retiree; now its three employees supporting every one retiree. There are more people on retirement and less people to pay for the system."

    6. I was a picture of health in my middle age. "As we get older, the strain on our bodies increases," Kehoe says. "You can't keep up with things. It surprises a lot of people what the cost of good medical care can be. We do rely on government to take care of us, but there are outside expenses the government won't pay for. Consider long-term care insurance or some sort of supplementary insurance."

    News on Stocks in Our Portfolios

    Economics

    This Week's Data

    The International Council of Shopping Centers reported weekly retail sales of major retailers down 1.3% versus the prior week but up 3.8% on a year over year basis; Redbook Research reported month to date retail chain store sales up 0.5% versus the comparable period last month and up 3.7% versus the similar timeframe a year ago.

    Weekly mortgage applications rose 1.4% though purchase applications dropped 0.4%.

    Other

    Update on Big Four Economic Indicators (medium):

    http://advisorperspectives.com/dshort/updates/Big-Four-Economic-Indicators.php

    The latest from Mohammed El Erian (medium):

    http://www.bloombergview.com/articles/2014-08-19/how-to-survive-a-secular-stagnation

    What backs money? (short and a good read):

    http://pragcap.com/what-backs-the-value-of-money

    QE, the stock market and jobs (short):

    http://www.zerohedge.com/news/2014-08-19/charting-diminishing-effects-qe

    This recovery's wage gain worse in post WWII era (short):

    http://www.zerohedge.com/news/2014-08-19/worst-recovery-ever

    Japanese trade deficit widens again (short):

    http://www.zerohedge.com/news/2014-08-19/japanese-trade-deficit-streak-hits-40-months-biggest-miss-october

    Politics

    Domestic

    NY Times reporter threatened with jail (short):

    http://www.zerohedge.com/news/2014-08-19/pulitzer-prize-winner-obama-greatest-enemy-press-freedom-generation

    International

    Why free trade is better than tariffs (short):

    http://www.aei-ideas.org/2014/08/were-better-off-with-free-trade-so-why-do-we-have-tariffs/

    Ukraine's next crisis is economic (medium):

    http://www.nakedcapitalism.com/2014/08/ukraines-next-crisis-economic-disaster.html

    Aug 20 8:51 AM | Link | Comment!
  • The Morning Call---It Is All About The Fed--Still

    The Market

    Technical

    The recovery continued, though the technical damage has not been completely undone. The DJIA (16838) closed above the lower boundaries of its former short term and intermediate term uptrends; but I leave them in trading ranges (16331-17158, 15132-17158). It remained below its 50 day moving average.

    The S&P (1971) finished within a short term trading range (1814-1991), an intermediate term uptrend (1881-1681) and above its 50 day moving average. The Averages remain out of sync in their intermediate term trends and their 50 day moving averages.

    Volume fell; breadth improved. The VIX declined ending below the lower boundary of a very short term uptrend, below its 50 day moving average and within short and intermediate term downtrends---all bullish signs for stocks.

    http://shortsideoflong.com/2014/08/august-market-breadth/

    The long Treasury dropped but remained well within its short term uptrend, above its 50 day moving average and within an intermediate term trading range. The debate continues as to whether TLT is being driven by fears of a recession or fears of a major geopolitical flare up. Whichever it is, bonds are reflecting a different scenario than stocks---which suggests more caution than is being exercised by equity investors.

    http://www.minyanville.com/trading-and-investing/fixed-income/articles/vince-foster-mortgages-mbs-supply-fed/8/18/2014/id/55662

    And, what are bonds telling us? (medium):

    http://www.capitalspectator.com/the-question-of-the-week-what-do-falling-yields-mean-for-the-us-economy/

    GLD fell, closing within a short term trading range, below its 50 day moving average, within its intermediate term downtrend and continues building a pennant formation.

    Bottom line: the indices have had a nice bounce off the recent low; however, technically, they are not out of the woods as they remain out of sync on a couple of measures. No doubt the 'buy the dippers' have come back in force and that likely portends the resumption of upward momentum. But our Discipline is to force the Market to prove that it can re-establish its uptrends.

    Our strategy remains to Sell stocks that are near or at their Sell Half Range or whose underlying company's fundamentals have deteriorated.

    Andrew Thrasher's latest analysis (medium):

    http://www.athrasher.com/weekly-technical-market-outlook-8182014/

    Fundamental

    Headlines

    It was a slow news day. In the US, the only economic data was an upbeat report on the NAHB housing index---a secondary indicator which taken by itself means little (***but appears to be reflecting better housing starts; see below).

    Overseas, (1) the ECB said that it expects EU banks to borrow E250 billion from it under its targeted long term financing operation. That is a positive in the sense that it provides some additional liquidity for the banks; but it doesn't solve their long term problems of being overleveraged with too many investments of questionable quality.

    (2) Russia threatened to ban vehicle imports---the operative word being 'threatened'. But as the day progressed, rumors sprung up that Kiev and Moscow were talking [negotiating]. While investors got jiggy with it, I remain of the opinion that Putin will settle this standoff, when he gets what he wants---and not before. So I think the news would be more accurately reflected in saying Russia is telling Ukraine the conditions on which it will cease stirring the pot. How this all works out, I haven't a clue; but the sources of my concern [assuming WWIII is avoided] remain [a] Obama pushes His luck and is forced to blink, undermining investor confidence, and [b] Russia cuts off the gas to Europe, pushing it into a deeper recession than already may be occurring.

    The others item on investor radar is the release this week of the most recent FOMC minutes and the Fed meeting in Jackson Hole starting Wednesday---raising hopes for more Fed mewing about the economy, an accommodative monetary policy and the lack of reasons to raise interest rates.

    Bottom line: clearly, the buyers are back. No one knows how much fire power they still have left.

    'But I do know that based on many measures of valuation including our own, stocks are overvalued. When that realization comes is not in my control. What is in my control is insuring that our Portfolios are well positioned whenever it occurs. And that is what I have done. Remember that I am not predicting economic malaise; I am predicting that a Fed induced mispricing of assets will end.'

    My bottom line is that for current prices to hold, it requires a perfect outcome to the numerous problems facing the US and global economies AND investor willingness to accept the compression of future potential returns into current prices.

    I can't emphasize strongly enough that I believe that the key investment strategy today is to take advantage of the current high prices to sell any stock that has been a disappointment or no longer fits your investment criteria and to trim the holding of any stock that has doubled or more in price.

    Bear in mind, this is not a recommendation to run for the hills. Our Portfolios are still 55-60% invested and their cash position is a function of individual stocks either hitting their Sell Half Prices or their underlying company failing to meet the requisite minimum financial criteria needed for inclusion in our Universe.

    It is a cautionary note not to chase this rally.

    The latest from Lance Roberts (medium):

    http://www.zerohedge.com/news/2014-08-18/correction-over

    The latest from Robert Shiller (medium):

    http://www.nytimes.com/2014/08/17/upshot/the-mystery-of-lofty-elevations.html?_r=1&abt=0002&abg=1

    The latest from John Hussman (medium):

    http://advisorperspectives.com/commentaries/hussman_081814.php

    Geopolitical turmoil and stocks (medium):

    http://www.bloombergview.com/articles/2014-08-18/war-does-nothing-for-your-investments

    More on valuation (medium):

    http://www.zerohedge.com/news/2014-08-18/whats-so-special-about-17x-pe-multiple

    Company Highlights

    Mastercard is a global leader in electronic payments serving as a processor, franchisor and advisor to approximately 25,000 financial institutions for their credit, debit and other payment programs. In addition, it manages a family of payment card brands (Mastercard, Mastercard Electronic, Maestro, Cirrus). Importantly, MA does not extend credit; it simply acts as a toll collector and is paid on both transaction volume and dollar volume. The company earns in excess of a 25% return on equity and has grown profits from $.18 in 2004 to $2.56 in 2013 and its dividend from $.01 in 2006 to $.29 in 2013. The company should continue to grow as a result of:

    (1) the global shift in the payments industry from paper to electronics,

    (2) acquisitions,

    (3) innovation in its product portfolio [e-commerce, mobile commerce, pre-paid cards],

    (4) a continuing stock buyback program.

    Negatives:

    (1)the global credit crisis has impacted growth negatively,

    (2) difficulty controlling costs in a rapidly expanding business,

    (3) lawsuits involving currency conversions and antitrust,

    (4) tough regulatory environment.

    Mastercard is rated A++ by Value Line, it has a 75 debt to equity ratio and its stock provides a .6% yield.

    Statistical Summary

    Stock Dividend Payout # Increases

    Yield Growth Rate Ratio Since 2006

    MA .6% 11% 7% 4*

    Ind Ave 2.1 9 29 NA

    Debt/ EPS Down Net Value Line

    Equity ROE Since 2004 Margin Rating

    MA 0% 42% 0 38% A++

    Ind Ave 33 19 NA 18 NA

    *MA has only paid a dividend for 8 years

    Chart

    Note: MA stock made great progress off its January 2009 low, quickly surpassing the downtrend off its June 2008 high (straight red line) and the November 2008 trading high (green line). Early this year, it broke below the lower boundaries of both its intermediate term and long term uptrends, re-setting to trading ranges (long term---blue; intermediate term---purple). This appears to be more of a consolidation process versus rolling over. The wiggly red line is the 50 day moving average. The Aggressive Growth Portfolio owns an 85% position in MA. The upper boundary of its Buy Value Range is $70; the lower boundary of its Sell Half Range is $119.

    (click to enlarge)

    http://finance.yahoo.com/q?s=MA

    8/14

    News on Stocks in Our Portfolios

    Medtronic beats by $0.01, beats on revenue

    • Medtronic (NYSE:MDT): FQ1 EPS of $0.93 beats by $0.01.
    • Revenue of $4.27B (+4.7% Y/Y) beats by $20M.

    Home Depot beats by $0.07, beats on revenue

    • Home Depot (NYSE:HD): Q2 EPS of $1.52 beats by $0.07.
      • Revenue of $23.8B (+5.7% Y/Y) beats by $180M.

    Economics

    This Week's Data

    The NAHB housing market (confidence) index rose to 55 versus expectations of 53.

    http://www.calculatedriskblog.com/2014/08/nahb-builder-confidence-increased-to-55.html

    And no wonder, July housing starts rose 14% versus estimates of up 8%.

    July CPI was up 0.1%, in line: ex food and energy, it was up 0.1% versus forecasts of up 0.2%.

    Other

    Regulators punting 'too big to fail' (medium):

    http://www.nakedcapitalism.com/2014/08/regulators-punting-on-too-big-to-fail-problem-of-repo.html

    Three reasons why Europe is struggling (short):

    http://pragcap.com/three-reasons-europe-is-struggling

    Politics

    Domestic

    Quote of the day (short):

    http://cafehayek.com/2014/08/quotation-of-the-day-1084.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+CafeHayek+%28Cafe+Hayek%29

    International

    Latest from Ukraine (medium):

    http://www.zerohedge.com/news/2014-08-18/disinformation-war-escalates-ukraine-rebels-accuse-each-other-attacking-refugee-conv

    And Bulgaria halts pipeline that bypasses Ukraine (short):

    http://www.zerohedge.com/news/2014-08-18/bulgaria-halts-south-stream-pipeline-again-nato-f-15s-troops-arrive

    Disclosure: The author is long MA, MDT, HD.

    Aug 19 8:54 AM | Link | Comment!
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