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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--Rising Oil Prices Are An Unmitigated Positive

    The Market

    Technical

    The indices (DJIA 16654, S&P 1987) had another roller coaster day, but closing nicely on the upside. The Dow ended [a] below its 100 and 200 day moving averages, both of which represent resistance, [b] in a short term downtrend {17044-17959}, [c] in an intermediate term trading range {15842-18295}and [d] in a long term uptrend {5369-19175}.

    The S&P finished [a] below its 100 and 200 day moving averages, both of which represent resistance, [b] below the upper boundary of a very short term downtrend, [c] in a short term downtrend {2031-2087}, [d] within an intermediate term uptrend {1898-2661} and [e] a long term uptrend {797-2145}.

    Volume was down; breadth was mixed. The VIX fell another 14%, finishing [a] above its 100 day moving average, now support, [b] within a short term uptrend, [c] within an intermediate term trading range {it remains well above the upper boundary of its former intermediate term downtrend and [d] a long term trading range.

    http://www.zerohedge.com/news/2015-08-27/jpm-head-quant-warns-second-market-crash-may-be-imminent-violent-selling-could-retur

    Update on margin debt (medium):

    http://www.advisorperspectives.com/dshort/updates/NYSE-Margin-Debt-and-the-SPX.php

    The long Treasury was up, ending [a] above its 100 day moving average, now support, [b] within short and intermediate term trading ranges but [c] below the lower boundary of a very short term uptrend, negating that trend.

    GLD rose, remaining below its 100 day moving average and within short, intermediate and long term downtrends and below the lower boundary of its very short term uptrend for the second day meaning that the challenge of this trend has been successful.

    Oil was up 11%, but still finished below its 100 day moving average and within short, intermediate and long term downtrends (see below).

    The dollar also rose, but closed below its 100 day moving average, now resistance, and within short and intermediate term trading ranges.

    Bottom line: the indices followed through to the upside yesterday but not without a mid-day hiccup. However, this bounce has done nothing to undo the technical damage done earlier. True, it rendered the challenges to the DJIA intermediate term trading range and the S&P intermediate term uptrend void. However, until there is some test of this very short term uptrend, we can't really say a bottom has been made. Also as I mentioned yesterday the VIX is in no way suggesting that the worst is over. Still my ultimate conclusion remains that the volatility has been so extreme it is almost impossible to make any meaningful comment on the Market's direction.

    The long Treasury continues to challenge the notion that there will be no Fed rate hike and no recession. However, as I also noted yesterday, there are short term outside factors, only tangentially related to the US economy, driving Treasury bonds down (yields up)---that being selling of Treasury securities by China and other emerging markets attempting to defend their currencies that in turn has deflationary/recessionary implications for their economies.

    I hadn't thought about this, the Chinese liquidation of the US Treasuries in its reserves puts pressure on the carry trade (which as you know has been a big concern of mine) which leads to more liquidation. This also has the effect of unwinding QE. (today's must read):

    http://www.zerohedge.com/news/2015-08-27/what-chinas-treasury-liquidation-means-1-trillion-qe-reverse

    Fundamental

    Headlines

    Yesterday, there was one big positive economic number reported: revised second quarter GDP. The rest not so much: revised second quarter corporate profits were below the prior reading, weekly jobless fell less than expected, pending home sales rose less than anticipated and the Kansas City Fed manufacturing index was very disappointing. Keep the yellow light flashing.

    GDP per capita tells a different story (medium):

    http://www.advisorperspectives.com/dshort/updates/Real-GDP-Per-Capita.php

    Like Wednesday, we received another upbeat anecdotal incident---and oddly enough, it too came out of the energy complex. In this case, oil prices skyrocketed (where o where are the lower oil prices are an unmitigated positive crowd?). That is a plus because as I have been pointing out there are number of countries where oil is a major source of income and there are a lot of highly leverage companies that are dependent on higher oil prices to service debt. Hence, if a bottom in oil prices has been seen, then there is likely a large number of potential negative exogenous events (bankruptcy, loan default) that now may not occur. To be clear, I am not suggesting that the lows in oil prices have been seen. But the bounce in prices, for whatever reason, did assuage fears about a potential major negative event.

    Overseas, the Chinese government stepped up its full frontal assault on its declining currency and stock market, aggressively defending the yuan, cowering 'evil' short sellers and pouring money into institutions that, in turn, bought stocks. So the battle continues between the Chinese ruling class and the free market; although it is not clear at all who is going to win.

    ***overnight, the Chinese stock and currency markets rallied on rumors of more intervention; Japan reported 0% inflation, declining household spending and a tight job market; Vietnam experienced a failed bond auction.

    Bottom line: the current rally may be a relief to all those who are up to their snoot in stocks; but it is only widening back out the gap between prices and values. Nothing has occurred to warrant any optimism on that count; although clearly the QEInfinity crowd is tickled pink with the possible delay in a Fed Funds rate hike.

    I don't believe that the 'all clear' whistle has been blown; so I remain patient and skeptical. This rally may be one last chance to Sell your losers or a portion of your winners.

    A bull on emerging markets---by and large I think that he is right. I am just not off dead center yet. (medium):

    http://www.marketwatch.com/story/why-im-throwing-money-at-the-stock-market-2015-08-26?dist=tcountdown

    A surprisingly cogent summary of where the economy/Market is today (medium):

    http://www.usatoday.com/story/money/columnist/2015/08/25/trish-regan-market-turmoil/32361073/

    Investing for Survival

    The 'wisdom of the crowd' is not that wise (medium):

    http://www.bloombergview.com/articles/2015-07-07/the-wisdom-of-crowds-is-not-that-wise

    News on Stocks in Our Portfolios

    ·

    Economics

    This Week's Data

    The August Kansas City Fed manufacturing index was reported at -9 versus expectations of -4.

    http://www.advisorperspectives.com/dshort/updates/Kansas-City-Fed-Manufacturing-Survey

    July personal income rose 0.4%, in line: personal spending was up 0.3%, versus forecast of up 0.4%.

    Other

    Where is the US in the debt cycle? (short):

    http://www.pragcap.com/the-usas-debt-supercycle-ended-in-2007/

    Politics

    Domestic

    The heavy hand of Trump (short):

    http://www.clubforgrowth.org/press-release/trump-wants-more-federal-control-over-u-s-businesses/

    International War Against Radical Islam

    Aug 28 8:42 AM | Link | Comment!
  • The Morning Call---Dead Cat Bounce Or Turnaround?

    The Market

    Technical

    The indices (DJIA 16285, S&P 1940) put on a light show yesterday, reversing Tuesday's trend breaks. The Dow ended [a] below its 100 and 200 day moving averages, both of which represent resistance, [b] in a short term downtrend {17044-17959}, [c] back above the lower boundary of its intermediate term trading range {15842-18295}, negating Tuesday's break and [d] in a long term uptrend {5369-19175}.

    The S&P finished [a] below its 100 and 200 day moving averages, both of which represent resistance, [b] below the upper boundary of a very short term downtrend, [c] in a short term downtrend {2033-2096}, [d] back above the lower boundary of its intermediate term uptrend {1896-2659}, voiding Monday's break, and [e] a long term uptrend {797-2145}.

    Volume was flat but near Tuesday's high; breadth spiked, though the flow of funds indicator remains negative. The VIX fell another 15%, finishing [a] above its 100 day moving average, now support, [b] within a short term uptrend, [c] above the upper boundary of its intermediate term downtrend, re-setting to a trading range and [d] a long term trading range.

    The long Treasury's pin action remains negative, ending [a] above its 100 day moving average, now support, [b] within short and intermediate term trading ranges but [c] below the lower boundary of a very short term uptrend; if it remains there at the close today, it will re-set to a trading range.

    GLD declined again, remaining below its 100 day moving average and within short, intermediate and long term downtrends and right on the lower boundary of its very short term uptrend, starting the inevitable challenge.

    Oil was up for a second day, but still finished below its 100 day moving average and within short and intermediate term downtrends.

    The dollar also rose, but closed below its 100 day moving average, now resistance, and within short and intermediate term trading ranges.

    Bottom line: yesterday we got the bounce off an extremely oversold position that most investors had expected on Tuesday; and it was a doozy, reversing the technical damage done on the prior day. I would not be surprised to see follow through to the upside. That said, assuming the recent decline is all over, there is a lot of work that must done to prove it---the corollary to that being the recent decline may not be over. Indeed, the recent performance of the VIX points to continuing risk to the downside. In fact, my bottom line is that the volatility has been so extreme in both directions, I don't see how any conclusion can be drawn from the recent pin action---and that suggests it is a time to do nothing unless you are a seasoned trader.

    The long Treasury is challenging its very short term uptrend, calling into question the no Fed rate hike and/or a weakening economy scenario. I linked to an article yesterday, pointing to the negative price impact of Chinese government's selling our Treasuries. On the surface, that is more of a technical than fundamental factor; although the Chinese selling is function of trying to defend the yuan whose decline has potentially deflationary implications. Confusing? Join the crowd.

    China lets us know that it is in fact selling Treasuries (medium):

    http://www.zerohedge.com/news/2015-08-27/its-official-china-confirms-it-has-begun-liquidating-treasuries-warns-washington

    Timing the Market (short):

    http://mebfaber.com/2015/08/24/worried-about-the-stock-market-you-should-be/

    How badly has the Market been damaged (medium)?

    http://www.bloombergview.com/articles/2015-08-26/how-badly-was-the-u-s-stock-market-damaged-

    Fundamental

    Headlines

    Yesterday's US economic news was reasonably upbeat: mortgage and purchase applications were both positive and July durable goods orders were strong, though they were heavily influenced by the highly volatile transportation sector.

    The best news was of the anecdotal nature; and that was the announcement that Schlumberger was buying Cameron Int'l, another oil field equipment company. That a major player in the oil industry was willing to spend money to grow its exposure to the oil industry provided a major boost in investor confidence that the oil industry was not descending into oblivion.

    In other news, NY Fed chief Dudley made comments to the effect that the case for a Fed rate hike in September had lessened. Ahhh, to be a true believer in the power of QEInfinity.

    Has the Fed missed its chance to raise rates? (medium and a must read):

    http://www.realclearmarkets.com/articles/2015/08/26/has_the_fed_missed_the_zero_rate_exit_ramp_101794.html

    It's different this time, almost (medium):

    http://www.marketanthropology.com/2015/08/its-different-this-time-but-its.html

    The Fed has been wrong on inflation (medium):

    http://www.zerohedge.com/news/2015-08-26/when-fomc-completely-loses-inflation-argument

    The latest from Jim Grant (7 minute video):

    http://www.zerohedge.com/news/2015-08-26/jim-grant-warns-fed-turned-stock-market-hall-mirrors

    Overseas, the Chinese stock market took another 1% hit. But the Chinese government resumes its hunt for a scapegoat (medium):

    http://www.zerohedge.com/news/2015-08-26/full-witch-hunt-chinese-police-probe-securities-regulator-while-securities-regulator

    And:

    http://www.zerohedge.com/news/2015-08-26/china-loses-all-control-arrests-journalist-financial-executive-over-market-crash

    It is also once again intervening its stock market (medium):

    http://www.zerohedge.com/news/2015-08-27/aggressive-chinese-inervention-prevents-another-rout-sends-stocks-soaring-5-last-tra

    Merrill Lynch on this week's Chinese rate cut (short):

    http://thereformedbroker.com/2015/08/26/chart-o-the-day-at-least-theyre-trying/

    A new and scary estimate of Chinese growth (short):

    http://www.zerohedge.com/news/2015-08-26/china-stunner-real-gdp-now-negative-11-evercore-isi-calculates

    Bottom line: it is unclear to me just how much of yesterday's bounce was technical and how much was attributable real long term demand for stocks. If the technicals are pointing to fundamental improvement, it is not showing up in the data. But as I have said, the Market will know before we do. That said, the recent extreme volatility makes it difficult to make any assumptions about what Market knows. We really need some stability and directional clarity to get a handle on that.

    On a more fundamental basis, my theme that the Markets were losing faith in central bank monetary policy seemingly took a big hit---if yesterday's rally was in anyway related to Dudley's comments and/or the Chinese government's attempt to cower sellers of stock.

    All considered, stock prices' recent decline has only marginally narrowed the gap between valuations and fundamentals. Even if the latter improved, stocks would still be overvalued. Sooner or later, that spread will mean revert.

    At the moment, patience reigns supreme. I would do nothing until the technical picture clears and price stability returns.

    The latest from Lance Roberts (medium):

    http://www.zerohedge.com/news/2015-08-26/why-time-could-be-different

    Investing for Survival

    The root of our investing problem (medium):

    http://www.fool.com/investing/general/2015/07/02/the-root-of-our-problems.aspx

    Company Highlight

    Fastenal sells and delivers industrial and construction supplies (threaded fasteners, tools and equipment, cutting tools and abrasives, components and accessories for hydraulics, pneumatics, plumbing and HVAC, material handling products and janitorial, welding, safety and electrical supplies) through both wholesale and retail channels in the US, Singapore, Canada, Mexico, China, the Netherlands and Puerto Rico. The company has grown its profits and dividends rapidly over the last 10 years (17% and 32% respectively) while earning a 16-25%+ return on equity. FAST's growth is sensitive to economic downturn; however longer term, the company should continue to produce excellent results as a result of:

    (1) expansion of its product line,

    (2) installation of a more efficient distribution system,

    (3) effective cost controls,

    (4) more aggressive marketing strategy.

    Negatives:

    (1) revenues are sensitive to economic conditions,

    (2) rising raw material and fuel costs.

    FAST is rated A+ by Value Line, has no debt and its stock yields 2.7%.

    Statistical Summary

    Stock Dividend Payout # Increases

    Yield Growth Rate Ratio Since 2005

    FAST 2.7% 11% 62% 10

    Ind Ave 1.5 14 37 NA

    Debt/ EPS Down Net Value Line

    Equity ROE Since 2005 Margin Rating

    FAST 0% 24% 1 14% A+

    Ind Ave 27 31 NA 8 NA

    Chart

    Note: FAST stock made good initial progress off its March 2009 low, quickly surpassing the downtrend off its September 2008 high (straight red line) and the November 2008 trading high (green line). Long term, the stock recently broke its uptrend (blue lines). Intermediate term, it is in a trading range (purple lines). The wiggly red line is the 100 day moving average. The Aggressive Growth Portfolio owns a 50% in FAST, having Sold Half in early 2012.

    FAST is a prime example of the discussion in yesterday's Morning Call, referencing the breakdown of price due to Market emotion versus deterioration in long term fundamentals. The stock is on the Aggressive Growth Buy List and will remain there. However, the Portfolio will not Buy back the shares Sold in 2012 until price stability returns.

    (click to enlarge)

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

    8/15

    News on Stocks in Our Portfolios

    · Tiffany: Q2 EPS of $0.86 misses by $0.05.

    · Revenue of $990.5M (-0.2% Y/Y) misses by $19.5M.

    Economics

    This Week's Data

    Second quarter revised GDP was up 3.7% versus consensus of 3.2%; the price deflator came in at 2.1% versus estimates of 2.0%; corporate profits were up 7.3% versus the prior reading of up 9.0%.

    Weekly jobless claims fell 6,000 versus forecasts of down 7,000.

    Other

    Gallup's economic confidence index plunges (short):

    http://www.nakedcapitalism.com/2015/08/wolf-richter-americans-economic-outlook-plunges.html

    International trade continues to contract (short):

    http://marginalrevolution.com/marginalrevolution/2015/08/the-great-trade-contraction-has-been-continuing.html

    Signs of risk to the US economy (medium):

    http://www.nytimes.com/2015/08/26/business/dealbook/signs-long-unheeded-now-point-to-risks-in-us-economy.html?curator=thereformedbroker&utm_source=thereformedbroker&_r=0

    Iran prepared to defend its old market share 'at any cost' (remember these guys lie) (medium):

    http://www.zerohedge.com/news/2015-08-26/iran-prepared-defend-old-market-share-any-cost

    Politics

    Domestic

    International War Against Radical Islam

    Aug 27 9:04 AM | Link | Comment!
  • The Morning Call--The Roller Coaster Continues

    8/26/15

    The Market

    Technical

    The indices (DJIA 15666, S&P 1867) pulled an Alfred Hitchcock move yesterday, soaring in early trading and then plunging in the final hour. The Dow ended [a] below its 100 and 200 day moving averages, both of which represent resistance, [b] in a short term downtrend {17060-17957}, [c] below the lower boundary of its intermediate term trading range {15842-18295}; if it trades there through the close on Friday, it will re-set to a downtrend and [d] in a long term uptrend {5369-19175}.

    The S&P finished [a] below its 100 day moving average, leaving it as resistance, [b] below its 200 day moving average which reverted to resistance yesterday, [c] below the upper boundary of a very short term downtrend, [d] in a short term downtrend {2033-2096}, [e] below the lower boundary of its intermediate term uptrend {1894-2657} for the second day; if it remains there through the close Thursday, it will re-set to a downtrend, and [f] a long term uptrend {797-2145}.

    September, the worst month of the year (short):

    http://jeffhirsch.tumblr.com/post/127579379218/september-the-other-worst-month-of-the-year

    Volume was high, though not quite as much as Monday's action; breadth was mixed, though the flow of funds indicator was terrible. The VIX fell 12% [unusual for a down Market day], finishing [a] above its 100 day moving average, reverting to support, [b] above the upper boundary of its short term trading range, re-setting to an uptrend, [c] above the upper boundary of its intermediate term downtrend; if it remains there through the close today, it will re-set to a trading range and [d] a long term trading range.

    http://vixandmore.blogspot.com/2015/08/last-two-days-are-5-and-6-one-day-vix.html

    The long Treasury fell again, but still ended [a] above its 100 day moving average, now support, [b] within short and intermediate term trading ranges but [c] right on the lower boundary of a very short term uptrend.

    This helps explain the unusual pin action in Treasuries recently (medium):

    http://www.zerohedge.com/news/2015-08-25/devaluation-stunner-china-has-dumped-100-billion-treasurys-past-two-weeks

    GLD declined, remaining below its 100 day moving average and in short, intermediate and long term downtrends. However, it is in a very short term uptrend, which is close to being challenged. If that is unsuccessful, then it would be a decent signal that the bottom has been made.

    Oil rebounded, finishing below its 100 day moving average and within short and intermediate term downtrends.

    The dollar also rose, but closed below its 100 day moving average, now resistance, and within short and intermediate term trading ranges.

    Bottom line: yesterday's pin action was fairly impressive in the sense that (1) there was every expectation of a bounce from a very deeply oversold condition; and yet the Market could not hold early gains and (2) more technical damage was done by the Dow closing below the lower boundary of its intermediate term trading range. As you may recall, I have made the point that if the intermediate term trends turn negative, there is not real definable support levels until the Averages hit their 2011 lows (10332/1011)---not something that any of us care about contemplating. Unfortunately, we must because both the S&P and Dow intermediate term trends are under attack. That said, 'contemplating' is the operative word. I am not ready to throw in the towel just yet.

    Bonds continue to suggest no Fed rate hike and/or a weakening economy---though being off yesterday was a bit puzzling given the equity markets pin action. Nevertheless, stocks and oil/commodities are also signaling that scenario.

    Fundamental

    Headlines

    Lots of news yesterday, both here and abroad. At home, month to date retail chain store sales improved slightly, the June Case Shiller home price index fell versus expectations of an increase, July new home sales were up less than estimates, August consumer confidence was well above consensus and the August Richmond Fed manufacturing index was disappointing. In sum, weighed to the negative side, supporting our forecast but also keeping alive concern that I may have to lower our outlook again.

    Overseas, China made its anticipated move by easing its monetary policy though apparently declining to attempt to directly control its stock markets---seemingly demonstrating that it has learned nothing from either its own experience or that of other central banks. http://www.bloomberg.com/news/articles/2015-08-25/china-said-to-halt-stock-market-support-amid-intervention-debate-idr2sxku?curator=thereformedbroker&utm_source=thereformedbroker

    Unfortunately, it appears that even those enhanced polices may be for the wrong reasons (medium):

    http://www.zerohedge.com/news/2015-08-25/most-surprising-thing-about-chinas-rrr-cut

    Stephen Roach on China's problems (medium):

    https://www.project-syndicate.org/commentary/china-complexity-problem-by-stephen-s--roach-2015-08

    The problem for the Chinese central bank (short):

    http://marginalrevolution.com/marginalrevolution/2015/08/why-central-banking-in-china-is-really-really-hard.html

    Another entrant in the currency wars (medium):

    http://www.zerohedge.com/news/2015-08-25/latest-currency-war-entrant-india-warns-may-retaliate-chinese-devaluation

    In other news, China reported a strong improvement in electric power generation (though many experts doubt that number) and an increase in leading economic indicators (though they were powered by higher bank loans), Japan's market was off 4% and German August business confidence was ahead of expectations. So mixed but debatable results.

    Half the emerging markets are in bear markets (short):

    http://www.zerohedge.com/news/2015-08-25/half-emerging-market-stocks-are-now-bear-territory-map

    All that said, the big news was the Market reversal that I discussed above.

    Mohamed El Erian on the selloff (medium):

    http://www.bloombergview.com/articles/2015-08-24/anatomy-of-a-market-selloff

    The mysterious sell off (medium):

    http://www.alhambrapartners.com/2015/08/23/the-mysterious-selloff/

    Question of the day. If stocks keep getting drubbed, does Yellen have a plan? (medium);

    http://www.zerohedge.com/news/2015-08-25/everyone-has-plan-until

    Bottom line: I was really surprised that the lower key interest rates implemented by the Chinese central bank didn't have a positive impact on the Market and seems to support my theme of loss of faith in central bank failed policies. However, as I noted in yesterday's Morning Call, it is likely that the technicals will tell us if that notion has validity before it becomes manifest.

    In the meantime, the recent selloff in stock prices has only marginally narrowed the gap between valuations and fundamentals; and sooner or later, that spread will mean revert.

    At the moment, patience reigns supreme. I would do nothing until the technical picture clears and price stability returns.

    As a final note, sometimes I violate my own Price Discipline. This almost always occurs in a panic type Market when selling is more related to Market fears versus individual company fundamentals---in other words, while the mean price reversion process may have only begun for stocks, in general, it is happening with a vengeance in some stocks. I point this out because a number of the stocks in our Portfolios are starting to violate their Stop Loss Prices.

    My rationale for violating my Discipline is that (1) unlike a violation of a Stop Loss Price as a single incident when individual company's fundamentals are changing/deteriorating, in a plunging market, nobody is looking at an individual company's fundamentals, they just want out, (2) we already have huge cash positions (53-55%) that provides plenty of stability of principal, so we don't need to be forced to sell just to get that stability and can afford to sit back and allow prices to become even better values than represented in our Buy Value Ranges. So don't get alarmed as these price breaks occur. We have plenty of price stability in our Portfolios and the Market may be giving us the opportunity at better value.

    Lance Roberts on what happens next (medium):

    http://streettalklive.com/index.php/blog.html?id=2871

    Investing for Survival

    Five things investors should know, but don't (medium):

    http://business.financialpost.com/investing/investing-pro/5-things-investors-should-know-but-dont

    Bonus: 10 smart things people say about corrections (medium):

    http://ivanhoff.com/2015/08/23/ten-smart-things-said-about-market-corrections/?curator=thereformedbroker&utm_source=thereformedbroker

    News on Stocks in Our Portfolios

    Economics

    This Week's Data

    Month to date retail chain store sales was slightly better than the prior week's reading.

    The June Case Shiller home price index fell 0.1% versus expectations of a 0.1% increase.

    http://www.calculatedriskblog.com/2015/08/case-shiller-national-house-price-index.html

    July new home sales were up 5.4% versus estimates of up 7.0%.

    http://www.calculatedriskblog.com/2015/08/comments-on-july-new-home-sales.html

    August consumer confidence came in at 101.5 versus forecasts of 94.0.

    http://www.advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php

    The August Richmond Fed manufacturing index was reported at 0 versus consensus of 10.

    http://www.advisorperspectives.com/dshort/updates/Richmond-Fed-Manufacturing.php

    Weekly mortgage applications rose 0.2% while purchase applications were up 2.0%.

    July durable goods orders were up 2.0% versus expectations of -0.4%; ex transportation the number was +0.6% versus estimates of +0.4%.

    Other

    Another unmitigated positive of lower oil prices (medium):

    http://www.zerohedge.com/news/2015-08-25/saudi-arabia-music-just-stopped-scramble-slash-spending-begins-oil-math-reveals-dire

    Politics

    Domestic

    A problem of trust (medium):

    http://www.washingtontimes.com/news/2015/aug/24/richard-rahn-a-global-trust-deficit-crushes-stock-/

    Example: Lois Lerner (short):

    http://www.powerlineblog.com/archives/2015/08/toby-miles-to-go-before-she-sleeps.php

    International War Against Radical Islam

    Aug 26 8:47 AM | Link | Comment!
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