Linked here is a detailed quantitative analysis of Johnson & Johnson (JNJ). Below are some highlights from the above linked analysis:

Company Description: Johnson & Johnson is a leader in the pharmaceutical, medical device and consumer products industries.

Fair Value: In calculating fair value, I consider the NPV MMA Differential Fair Value along with these four calculations of fair value, see page 2 of the linked PDF for a detailed description:

1. Avg. High Yield Price
2. 20-Year DCF Price
3. Avg. P/E Price
4. Graham Number

JNJ is trading at a premium to all four valuations above. The stock is trading at a 47.4% premium to its calculated fair value of $58.16. JNJ did not earn any Stars in this section.

Dividend Analytical Data: In this section there are three possible Stars and three key metrics, see page 2 of the linked

Last week I wrote an article Picking An All-Star REIT Team To Defend Against Interest Rate Risk that included many of my SWAN (sleep well at night) picks. Although I didn't include all of the REITs that are in my Intelligent REIT Investor newsletter, I did include many. As I explained in that article, it's important to build out a team and it's even more essential to designate each REIT for its unique value proposition.

I like using the team analogy because that's exactly how an investor should think when he or she is modeling a REIT portfolio. You are the coach and you should look at each REIT as a prospective player in hopes of determining whether the individual prospect can be optimized and integrate into your overall playbook.

Better yet, you (the coach remember) should look at each REIT in an effort to filter out the

This week there are eight ex-dividend candidates that have been analyzed below based upon

Global gold demand for the first quarter of 2013 declined both in terms of tonnage (-13%) and dollars (-16%).

The volume decline was driven primarily by 177 tonnes of outflows from ETFs, versus inflows of 53 tonnes last year. If we remove this component from the mix, total global demand actually increased by 8% during the first quarter.

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It is somewhat odd to see that investment demand in the form of bars and coins climbed by a healthy 10.3%, while ETF investment demand turned negative and total holdings dropped by over 7%. Some of this divergence can be explained by investors exiting paper positions in precious metals in favor of taking possession of the physical metal. This decision stems from a growing distrust of the banks and financial institutions that act as custodians for the popular gold and silver ETFs. Many precious metals investors do not believe

Much has been made of the upside technical breakout experienced by the US Dollar last week, but when I dissect the components of USD strength, I found that much of the breakout was attributable to Yen weakness. In fact, the other components of USD are all testing support, which suggests that the euro and commodities are poised to rally here.

At first glance, the USD breakout looks impressive, especially on the weekly chart:

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Now consider how weak the JPYUSD has been:

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Now consider the EURUSD rate, which is testing technical support:

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The commodity weakness story is well known. Disappointment over Chinese growth has been a principal driver, but the flip side of that coin has been USD strength. The commodity sensitive Aussie Dollar is also testing a key technical support zone:

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So is its cousin, the Canadian Dollar.

Commitments of Traders

Last week's commitments of traders report (cut-off date Tuesday May 21) showed little change (approx. 3,500 contracts net), but only about 83,000 contracts remain of the large speculator net long position in the 100 ounce COMEX contract. Since the price declines later in the week are not captured in this report, further changes have since then presumably occurred. Again, it is not bullish when the large speculator gross short position increases and it is still doing so (currently at 103,195 contracts). Gold has given a new MACD sell signal on the daily chart, so these short positions have probably increased further. That may change if the test of the April crash low is successful, which currently appears to have low probability due to gold stocks having reached lower lows late last week.

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Gold, commitments of traders. Small speculators are now neutral and the

We often speak about the loss of manufacturing jobs and the shift to a service economy. This hand-wringing ignores the fact the U.S. is still an industrial powerhouse.

Dover Corporation (DOV), an $8.1 billion diversified manufacturing company, reported first quarter 2013 financial results. Dover results provide the basis for our investment thesis.

Dover operates in four broad segments of the economy. Dover Communication Technologies, the leader in acoustics products to the handset market, continued to benefit from multiple design wins across the OEM landscape, as the smartphone market once again posted strong growth. Within this segment, consumer electronics, medical technology, aerospace /defense, and telecom performed well and are a source of core strength.

Key acquisitions throughout 2012, most notably Production Control Services, enabled Dover Energy to add multiple technologies to its artificial lift offerings, including gas lift and nitrogen generation, while greatly improving overall automation offerings.

Dover Engineered Systems

We're now in the midst of 18 straight up Tuesdays for the S&P 500. While this is a statistical anomaly, surely there is someone out there who thinks there's an investing strategy to exploit this "trend". Perhaps buy leveraged ETFs on Wednesday nights and sell them Thursday nights? Perhaps buy call options for even more leverage? I know the wheels are spinning.

Unlike when I wrote about an actual observable and investable trend of investing on the 1st day of the month (there was a very pronounced positive alpha play here before the mainstream media caught wind of it, primarily because of 1st of month fund flows from 401(k)s, pension plans, etc.), there is nothing here for Tuesdays, I'm sad to say. See, this is nothing more than a statistic occurrence that is just as likely to pop up in any given year. Next year, we may

It's time to put some ice on a hot investing topic. Some ice cube, that is. In his 1993 hip hop anthem, O'Shea Jackson, better known as Ice Cube, raps…

"You better check yo' self before you wreck yo' self. Cus' I'm bad for your health, I come real stealth."

And that's exactly the warning speculators in the new(ish) and wildly popular digital currency, Bitcoin, need to hear. Otherwise, they might find their dreams dashed - or worse, their portfolios "stealthily" ruined. Let me explain…

Desperate for An Alternative to the U.S. Dollar

Ever since the Federal Reserve embarked on its easy money campaign, everyone and their mother has been on a crusade for an alternative reserve currency. The battle cry? Stop devaluing our money! I hear you. But what are we going to do about it?

Several years ago, the euro was the top answer to the currency woes.

Note from dshort: In response to a special request and in light of the strong market performance in the S&P 500 and meteoric rise in the Nikkei 225, I've updated my Mega-Bear weekly chart series through Friday's close.

It's time again for an update of our "Real" Mega-Bears, an inflation-adjusted overlay of three secular bear markets. It aligns the current S&P 500 from the top of the Tech Bubble in March 2000, the Dow in of 1929, and the Nikkei 225 from its 1989 bubble high.

The chart below is consistent with my preference for real (inflation-adjusted) analysis of long-term market behavior. The nominal all-time high in the index occurred in October 2007, but when

During the last week, the euro continued its decline and finished 1.2% lower than the previous Friday ($1.283 vs. $1.2985). As we expected in our previous "EUR/USD: The Week Ahead" review, at first the single currency tried to appreciate and touched the $1.3030 area on Tuesday. This was a short lived correction however, and the rest of the week was marked by a declining euro.

Negative news regarding the euro and European economies continued to come during the week. The German and EU GDP came out worse than expected and intensified worries about the health of European economy. They also increased the notion that another rate cut from the ECB might be needed.

On Friday, Mr. Coeure, Executive Board member of the ECB, said the central bank is looking at "options to spur lending to smaller companies", as cited by Bloomberg. The European central bank would

Last week, hedge fund Third Point announced its push to Sony (SNE) for a spin-off of the company's entertainment division and the possible sale of other assets. This announcement comes as Sony stock has been trading up 77% in 2013. Despite the rally, shares are still down 58% over the last five years and appear to need a change. Is Third Point's plan the one that can keep Sony going?

Third Point founder Daniel Loeb wants to spin-off the entertainment segment, which contains Sony's movie assets and music assets. This is the same Daniel Loeb guy who brought about changes at Yahoo (YHOO) by bringing to light the CEO's lies about his education. Loeb also helped land Marissa Mayer at Yahoo after convincing her to depart from Google (GOOG).

As a sign of respect and to get the ball rolling, Loeb hand delivered his letter to executives in Japan.

Earlier this year I wrote an article discussing the pathetic state of the airline industry in the U.S. due to the consolidation of carriers. It has become a nightmare for travelers to fly from Point A to Point B. Equity investors have treated most airline stocks like rotten fish that are best avoided at all costs.

A recent Wall Street Journal article noted that years of mergers in the industry is adversely affecting travelers and local economies:

If you're having trouble finding flights to Memphis, Pittsburgh or a host of other cities, you're not alone.

A decade of restructuring in the U.S. airline industry has produced a sharp reduction in air service that is curtailing traveler choice and some local economies even as it improves the industry's health, new research shows.

The study, by Massachusetts Institute of Technology, shows that from 2007 through last year, U.S. airlines cut

Last week probably wasn't the greatest of weeks for Netflix (NFLX). On Thursday, we found out that Amazon (AMZN) had secured another content deal, reaching a milestone for Prime Instant Video. With 40,000 plus titles and counting, Amazon is coming hard at Netflix, and I don't see that changing anytime soon. The Redbox Instant partnership between Coinstar (CSTR) and Verizon (VZ) is also currently in its first full quarter of service.

But the more interesting news was that Target (TGT), the giant retailer, is in the process of beta testing a streaming video service. The company is currently testing the service with employees, and at the moment, there are no details on whether a service would launch, when that would be, etc. Don't forget, Wal-Mart (WMT) already entered the market by acquiring the Vudu video streaming service, which offers "thousands of movies instantly." The question here is could

It certainly did not take long for Arena (ARNA) investors to note a little statement regarding a change of control made by company management at the Bank of America Merrill Lynch Conference last week. I had my email inbox fill up with great questions and some perhaps over zealous statements about a buyout from Big Pharma in the near future.

While a buyout would be nice, there is an oft overlooked "asset" that Arena has that investors will want to begin to think about as the anti-obesity drug Belviq launches and theoretical profitable quarters begin to take shape. Arena is carrying over $1 billion in Net Operating Losses (NOLs). Net Operating Losses are accumulated during the years when a company is starting out, and can be used by that company to offset profits, this taking away tax liability in the years when profits begin to materialize.

Currently, Arena has

As I continue to be bullish on the prospects for Sirius XM's (SIRI) share price in the near term, I'm going to go out on a limb and suggest that investors may see share prices approaching $3.75 in the near future.

How 'near' is this future? Try Monday. Or at the latest, sometime in the coming week.

Yes, that's a 26 cent jump over Friday's closing price of $3.49, and it would create a total rise of around 26% from recent pre Q1 release lows of $2.97. But I think the share price has enough momentum to approach that $3.75 mark in fairly short order.

Let's consider an important issue at stake here.

Sirius XM has pledged a $2 billion buyback plan of which it had used up less than half to repurchase 209 million shares in the first quarter. This reduction in shares has effectively given each share a

It was a rough week for the EUR/USD, as continued speculation of the Fed tapering QE purchases and worries of economic growth in Europe continued to put pressure on the pair throughout the week. When all was said and done, the pair finished the week down 0.90% to close at $1.2838. Market participants will be focusing on a number reports this week including testimony from Fed Chairman Bernanke, as well as speeches by some regional Fed officials.

According to Greg Gibbs, FX Trading Strategist at RBS,

the market will be looking closely at the Fed commentary this week. Bernanke's testimony to Congress on Wednesday is the main focal point, but there are important speeches by doves Evans and Dudley before then. As key supporters of maintaining the current $85 billion pace of asset purchases, any shift in their tone will be seen as evidence that the consensus and Bernanke's

The demand for income has certainly fueled the fire, making it more difficult to find value in stocks, and REITs aren't immune. However, it's plain to see that REITs continue to look attractive today, especially when compared with the world of low-yielding stocks. Unlike stocks, REITs offer the best of both worlds: the potential for long-term capital appreciation and steady income.

Intelligent investors must recognize that REIT dividends are regarded as a "holy grail" of sorts, and unlike ordinary stocks, REITs must pay out at least 90% of taxable income in the form of dividends. That is especially important to recognize in uncertain times when a dividend is often regarded as more important than the market price of the shares.

I often argue that REITs should be a core asset class (as opposed to an alternative) simply because of the dramatic shortage of quality yield in the marketplace.

I will admit it, when I first came across ITT Education's (ESI) stock, I thought there was an error in the data I was looking at. It was a few months ago and the company's P/E ratio was as low as 2 and its price to revenue ratio was around 0.2. I thought there must have been a typo or glitch in Google Finance; therefore, I didn't follow the stock very closely. After all, it is very difficult for a company to trade for a value where it can buy itself using profits of 2 years.

Later on, I came across the company again. This time I knew why it was trading for such a low valuation. Analysts were claiming that student loans would become less and less accessible for students, and it will make for-profit education institutions very difficult to stay profitable. After all, American college education is very

In terms of actual scheduled economic calendar events, the week is light. That will leave traders and pundits alike with time to continue speculating on variations and aspects of The Great Question - how much can we trust the current bull market in stocks and other risk assets to continue, and is there still time to get it without excessive risk of buying at them top? See here (section: The Most Compelling Reason To Be Bullish On Stocks & Other Risk Assets) for our take on whether it's still safe to open new long positions.

For all but the short term traders, all else is just commentary.

Drawing from lessons of the prior week, which we covered here, as well as other sources, we'll briefly review what high-potential market movers you should monitor this week. We conclude with a few recommendations, and our updated forecast for the

Another week, another record high. Nothing new there, though at this point the market's gotten uncomfortably overbought.

The rationale side of your brain says that's a reason to sell… or at least stop buying. Yet, the instinct to want to jump onto this rising rocket also makes sense - this may well be the beginning of a rarely-seen true melt-up. They always end badly, but what a ride they take you on while they're in motion.

Which one are we seeing right now? We'll talk about that in a moment. First, let's slice and dice some recent economic data.

Economic Calendar

Whew! What a jam-packed week of economic data. There's too much to look at each individual piece of information, so let's just stick with the highlights.

First and foremost, not only are consumers feeling less and less inflation, they're getting dangerously close to deflation. As of April, the annualized

It is the middle of the month, and once again it is time to look at auto sales as they relate to satellite radio provider Sirius XM (SIRI). I provide these updates at the middle and end of each month so that investors can track the progress, and perhaps even develop a trading strategy around the news flow. If an investor can anticipate the news prior to the press reporting it, and can find the right action point going into the mainstream media reporting news, a profitable trade can be had.

For Sirius XM, the equity is running at 52 week high territory. This means good news can make a run continue, while bad news can let some air out of the tires.

For the first half of May, the auto sector is remaining at a SAAR pace of about 14.8 million. The second half of April saw sales taper

The U.S. dollar had a good week ending May 17th. The dollar index (UUP) closed the week above what I call the "QE2 reference price," the level of the index the day before Federal Reserve Chair Ben Bernanke telegraphed the imminent arrival of a second round of quantitative easing in late August 2010. Since then, the dollar index has only crossed this level once, although it came extremely close to doing so last month. Trading relative to the QE2 reference price is an important symbol of the market's sentiment toward the U.S. dollar. When QE3 failed to drive the U.S. dollar lower, the QE2 reference price loomed larger and larger with time.

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The dollar index surges into its QE2 reference price

Traders have gotten quite bullish on the U.S. dollar. Reuters reported that bullish bets on the U.S. dollar have reached an 11-month high:

"Currency speculators

When examining Uni-Pixel's (UNXL) "manufacturing and supply" agreement with Eastman Kodak (EKDKQ.PK), it's important to note there are two sides to every transaction. On one side, it's clear that Uni-Pixel thinks the Kodak agreement is crucial to its success and allows it to ramp UniBoss faster, cheaper and in greater quantities. On the recent 1Q 2013 conference call, Uni-Pixel executives talked glowingly about the expertise Kodak brings in "large scale manufacturing and commercialization." CEO Reed Killion even went as far as to point out the explosive expansion opportunity with Kodak and laid out a target for 10 million units of monthly capacity by the end of 2014.

It's also evident the agreement will provide significant economics to Kodak. On the conference call, Reed Killion said, "The revenue share will be on equitable terms." If that isn't explicit enough, the two underwriters of Uni-Pixel's recent primary offering, Cowen and Craig

Patience will be required this week before jumping on the bullish dollar bandwagon. The timing of this week's economic diary is very important and will have a clearly defined market impact. The dollar is vulnerable for a correction until the end of Wednesday on event risk before the potential for fresh gains late in the week as eurozone and global doubts increase again.

Congressional testimony from Federal Reserve Chairman Bernanke is due on Wednesday, which will be followed by the latest FOMC minutes later in the day. The dollar will be vulnerable to selling pressure on Bernanke and the minutes as the tone is not likely to meet the market's hawkish expectations. On Thursday, however, there is the latest PMI flash PMI data for China and the eurozone. This data poses important risks for China, the eurozone and the global economy with evidence of fresh weakness, which is likely to

The gloom and doom theorists swarmed out of the woodwork during the 2008 financial meltdown in reaction to government actions taken to prevent the "great recession" from morphing into the next great depression.

The blame fell on both political parties. The Bush administration began the bailout efforts in March 2008 and by the time its term ended, it had provided $29 billion in loan guarantees to allow JPMorgan Chase (JPM) to take over collapsing Bear Stearns, the $178 billion "Average American Bailout" stimulus plan, the $300 billion Homeowners Bailout, the $200 billion bailout of Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), the $25 billion Automakers Bailout, the $150 billion bailout of AIG (AIG), and the $700 billion Banks Bailout (TARP).

The actions continued when the Obama administration took over, with a $787 billion stimulus package, an additional $275 billion homeowners stimulus plan, an additional $30 billion in assistance to AIG,

EV Energy's (EVEP) yield is excellent, offering just under a 8% annual payout at recent price levels. We prefer yields above 3% and don't include firms with yields below 2% in our dividend growth portfolio. EV Energy fits our criteria thus far, but what about the future growth and safety of its distribution? Let's take a look in this article.

Structure of the Oil And Gas Pipeline Industry

Firms in the oil and gas pipeline industry own or operate thousands of miles of pipelines and terminals -- assets that are nearly impossible/uneconomical to replicate. Most companies act as a toll road and receive a fee for transporting natural gas, crude oil and other refined products (and generally avoid commodity price risk). Though there is much to like, most constituents operate as master limited partnerships and pay out hefty distributions that can stretch their balance sheets. Additional unit issuance (dilution) has