Friday, April 28, 2017

The Morning Call--Better earnings pick up the slack

The Morning Call

4/28/17

The Market
         
    Technical

The indices (DJIA 20975, S&P 2387) turned in another muted performance as they work off the excesses of the Monday/Tuesday moonshot---which, again, is not surprising after two huge up days.  Volume fell; breadth was mixed.  The VIX (10.3) was down 4 ¼ %, closing below its 100 day moving average (now resistance), below its 200 day moving average for a fourth day (reverting to resistance) and closed right on the lower boundaries of its short and intermediate term trading ranges. 

The Dow closed [a] above its 100 day moving average, now support, [b] above its 200 day moving average, now support, [c] in a short term uptrend {19458-21635}, [c] in an intermediate term uptrend {11994-24843} and [d] in a long term uptrend {5751-23390}.

The S&P finished [a] above its 100 day moving average, now support, [b] above its 200 day moving average, now support, [c] within a short term uptrend {2275-2608}, [d] in an intermediate uptrend {2098-2702} and [e] in a long term uptrend {905-2591}.

The long Treasury fell fractionally, ending above its 100 day moving average (now support), below its 200 day moving average (now resistance), in a very short term downtrend and in a short term trading range.  It seems to have found support right on the upper boundary of the former trading range dating back to November 2016.
               
GLD declined, closing above its 100 day moving average (now support), above its 200 day moving average (now support), in a very short term uptrend and in a short term downtrend. 

The dollar was up, ending back above its 100 day moving average voiding Tuesday’s break (now support), below its 200 day moving averages (now resistance), below the upper boundary of its very short term downtrend and in a short term uptrend.

Bottom line: the indices continued to rest after the strong Monday/Tuesday performance, which is normal and suggests nothing directionally.  Their upside is now being marked by their former highs [21228/2402] and the upper boundaries of their long term uptrends while support on the downside exists at their 100 and 200 day moving averages and the lower boundaries of their short term uptrends. 

While I would expect a challenge of the old highs, the big question in my mind is, will those gap openings which I have mentioned get closed as part of a near term correction (which would clearly be the more positive alternative) or will the Averages continue to rise and it occur on the way down following a Market top?

    Fundamental

       Headlines

            Not a good day for the economic stats: March durable goods orders, weekly jobless claims, March pending home sales and the April Kansas City Fed manufacturing index  came in below estimates; and while the March trade deficit was below consensus but largely the result of declining exports and imports.  Nothing overseas.

            ***overnight, first quarter UK and French GDP growth were below estimates; April EU inflation rose to 1.9%, just shy of the ECB’s 2% goal.

            On the other hand, earnings season is coming in better than many anticipated, continuing the curious dichotomy of the whole economy underperforming while corporate profits over perform.  While part of this can be explained by accounting, sooner or later one of these trends has to reverse.       

            A potential source of an improving economy is the implementation of the Trump/GOP fiscal program which continues to face problems.  The tax plan introduced on Wednesday has been met with some skepticism.  

Five facts about tax reform (medium):

Plus, the hope that the vote on government funding today and an imminent presentation of a new repeal and replace bill are now caught in Washington meat grinder, to wit, the Dems are threatening to vote against government funding extension if GOP passes repeal and replace.  What a clusterf**k (medium):

                Trump calls bulls**t of dems (short):

                ***overnight, but still repeal and replace failed/delayed for a second time (short):

Bottom line: this earnings season is coming in better than expected which is giving investors something to cling to as the ruling class continues to do its best to do nothing.  In addition, Trump is providing positive impetus as his deregulation initiative will almost surely add to the long term secular growth rate of the economy. 

The problem is short term.  If the economy is losing is post-election-improved-sentiment boost and Trump/GOP disappoint in the delivery of their fiscal policies, that could leave investors searching for new reasons to justify current  high valuations.  Again, there are a number of reasons to be positive about improved economic growth.  The issue is the order of magnitude.

            How the Market responds to tax cuts (medium):

            For the more sanguine: overvalued but not a bubble (medium):

            Global liquidity and stock prices (medium):

            The staying power of the current Market (medium):

            Is the increasing popularity of ETF’s becoming a problem? (medium):
            My thought for the day comes from Paul Tudor Jones: ‘I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.’
       Investing for Survival
   
            Financial insecurity.

    News on Stocks in Our Portfolios

Coca-Cola (NYSE:KO) declares $0.37/share quarterly dividend, in line with previous. 

EOG Resources, Inc. (NYSE:EOG) declares $0.1675/share quarterly dividend, in line with previous.

Microsoft (NASDAQ:MSFT): Q3 EPS of $0.73 beats by $0.03.
Revenue of $23.56B (+6.3% Y/Y) misses by $60M.

V.F. (NYSE:VFC): Q1 EPS of $0.55 in-line.
Revenue of $2.58B (-1.9% Y/Y) misses by $140M.

Exxon Mobil (NYSE:XOM): Q1 EPS of $0.95 beats by $0.08.
Revenue of $63.3B (+30.0% Y/Y) misses by $1.48B.


Economics

   This Week’s Data

            March pending homes fell 0.8% versus expectations of -0.5%.

            The April Kansas City Fed manufacturing index came in at 7 versus March’s reading of 20.

                        First quarter GDP rose 0.7% versus estimates of up 1.1%; the price index was up 2.3% versus consensus of up 2.0%; and the employment cost index was up 0.8% versus forecasts of up 0.6%

   Other

            The latest from Van Hoisington (a little long but a must read):

            Another rate hike in June? (medium):

            More on auto loans (medium):

Politics

  Domestic

Reagan on campus protests (short):

The staggering administrative bloat at universities (short):

  International War Against Radical Islam


Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.




Thursday, April 27, 2017

The Morning Call--Lots of sizzle, little steak

The Morning Call

4/27/17

The Market
         
    Technical

The indices (DJIA 20975, S&P 2387) languished yesterday---which is not surprising after two huge up days.  Volume fell; breadth was mixed.  The VIX (10.9) rose, closing below its 100 day moving average for a third day, reverting to resistance, below its 200 day moving average for a third day (now support; if it remains there through the close on today, it will revert to resistance) and in a short term trading range. 
               
The Dow closed [a] above its 100 day moving average, now support, [b] above its 200 day moving average, now support, [c] in a short term uptrend {19458-21635}, [c] in an intermediate term uptrend {11994-24843} and [d] in a long term uptrend {5751-23390}.

The S&P finished [a] above its 100 day moving average, now support, [b] above its 200 day moving average, now support, [c] within a short term uptrend {2275-2608}, [d] in an intermediate uptrend {2098-2702} and [e] in a long term uptrend {905-2591}.

The long Treasury rose, ending above its 100 day moving average (now support), below its 200 day moving average (now resistance), in a very short term downtrend, in a short term trading range.
               
GLD was up, closing above its 100 day moving average (now support), above its 200 day moving average (now support), in a very short term uptrend and in its short term downtrend. 

The dollar was up, ending below its 100 day moving average for the second day (now support; if it closes there through the close on today, it will revert to resistance), below its 200 day moving averages (now resistance), below the upper boundary of its very short term downtrend and in a short term uptrend.

Bottom line: the indices took a breather after two torrid days up, which is normal and suggests nothing directionally.  Another factor contributing to the muted performance was the ‘sell the news’ reaction to the presentation of the Trump tax cut. 

With the Averages voiding their very short term downtrends, the upside resistance is now marked by their former highs [21228/2402] and the upper boundaries of their long term uptrends.  I would expect a challenge of the old highs (intraday, the S&P made its first challenge yesterday). 

The big question in my mind is, will those gap openings which I have mentioned get closed as part of a near term correction (which would clearly be the more positive alternative) or will the Averages continue to rise and it occur on the way down following a Market top?

    Fundamental

       Headlines

            Only one economic datapoint release yesterday: weekly mortgage applications rose while purchase applications fell.

            ***overnight:

(1) the Bank of Japan left rates unchanged, raised its economic growth forecast for 2017, lowered its inflation outlook and said that QE would continue until inflation reached its 2% objective,

(2) the ECB left rates unchanged; but the tone of the accompanying policy statement was slightly more dovish than previous ones.

            The big news was the release of the Trump tax plan which (1) was short on detail and (2) provided nothing with respect to its impact on the budget deficit.  In addition, we don’t know yet how it is being received in congress.  I am sure that you have been swamped with the details as well as analysis, so I will save you and me the agony of repetition.  However, if you haven’t heard, here is a decent summary:

                        And an initial attempt at scoring its impact on the deficit (medium):

                        In other fiscal news:

(1)   the house continues to work on repeal and replace.  There are suggestions of a vote as early as Friday,

(2)   the house is considering a one week extension of the government funding bill.

(3)   Trump announced that he would terminate NAFTA, then reversed himself shortly thereafter.

Bottom line: the tax plan announcement was generally in line with my expectations, which is to say, a rushed presentation in order to meet the 100 day deadline that merely provided an opening negotiating position, lacking specifics (in particular with respect to its revenue neutrality)  and sure to be changed.  All the claims of conferences with house and senate members aside, the absence of details suggests an absence of agreement.  Meaning, the end result will likely be longer in coming and less stimulative than implied in the Mnuchin/Cohn presentation.   

To be clear, that doesn’t mean that the final tax plan won’t be a net positive for the long term secular growth rate of the economy.  It means that once again the Trump euphoria appears to be running way ahead of itself and that the end results, however upbeat, likely won’t justify its exaggerated hopes. 
                        My thought for the day: losers average down losers
            More on valuations (must read):

       Investing for Survival
   
            Six ways to lose all your money in the stock market.
               

  

    News on Stocks in Our Portfolios
 
W.W. Grainger (NYSE:GWW) declares $1.28/share quarterly dividend, 4.9% increase from prior dividend of $1.22.

Exxon Mobil (NYSE:XOM) declares $0.77/share quarterly dividend, 2.7% increase from prior dividend of $0.75.

T. Rowe Price (NASDAQ:TROW) declares $0.57/share quarterly dividend, in line with previous.

United Parcel Service (NYSE:UPS): Q1 EPS of $1.32 beats by $0.03.
Revenue of $15.32B (+6.2% Y/Y) beats by $150M.

Praxair (NYSE:PX): Q1 EPS of $1.37 beats by $0.04.
Revenue of $2.73B (+8.8% Y/Y) beats by $100M.

Praxair (NYSE:PX) declares $0.7875/share quarterly dividend, in line with previous.

Economics

   This Week’s Data

            March durable goods orders rose 0.7% versus consensus of +1.1%; ex transportation orders, they fell 0.2% versus projections of a 0.4% increase.

            The March trade deficit came in at $64.8 billion versus forecast of $65.3 billion; the improvement was the result of a 1.7% decline in exports versus a 0.7% fall in imports.

            Weekly jobless claims rose 14,000 versus estimates of being flat.

   Other

            Oil prices continue under pressure (short):

Politics

            An interesting study apropos of nothing (short):

            Canada’s largest mortgage lender having liquidity problems (medium):

            Credit card charge offs rise (medium):

  Domestic

  International War Against Radical Islam

            US test fires an ICBM (short):

            Israeli planes struck Iranian arms depot in Syria (short):

Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.




Wednesday, April 26, 2017

The Morning Call--If you believe

The Morning Call

4/26/17

The Market
         
    Technical

The indices (DJIA 20996, S&P 2388) soared again; this time on slightly higher volume and slightly better breadth.  Both ended above the upper boundaries of their very short term downtrends for a second day, negating those trends. The VIX (10.7) was down .75%, closing below the lower boundary of its very short term uptrend for a second day, voiding that trend, below its 100 day moving average for a second day (now support; if it stays there through the close today, it will revert to resistance), below its 200 day moving average for a second day (now support; if it remains there through the close on Thursday, it will revert to resistance) and in a short term trading range. 
               
The Dow closed [a] above its 100 day moving average, now support, [b] above its 200 day moving average, now support, [c] in a short term uptrend {19424-21646}, [c] in an intermediate term uptrend {11994-24843} and [d] in a long term uptrend {5751-23390}.

The S&P finished [a] above its 100 day moving average, now support, [b] above its 200 day moving average, now support, [c] within a short term uptrend {2275-2608}, [d] in an intermediate uptrend {2094-2698} and [e] in a long term uptrend {905-2591}.

The long Treasury declined by 1 ¼ %, but still ended above its 100 day moving average (now support), below its 200 day moving average (now resistance), in a very short term downtrend, in a short term trading range and failed to hold its uptrend since mid-March.
               
GLD fell 1%, but still closed above its 100 day moving average (now support), above its 200 day moving average (now support), in a very short term uptrend and in its short term downtrend. 

The dollar was down, ending below its 100 day moving average (now support; if it closes there through the close on Thursday, it will revert to resistance), below its 200 day moving averages (now resistance), below the upper boundary of its very short term downtrend and in a short term uptrend.

Oil managed an increase after seven down days.

Bottom line: four comments on yesterday’s pin action: (1) both of the indices negated their very short term downtrends, (2) resistance now exists at former all-time highs [21228/2402]; if they successfully challenge those levels, then the upper boundaries of their long term uptrends become the target, (3) the indices gapped higher for the second day in a row; meaning, they need to fill both gaps and (4) bonds, gold and the dollar finally were trading in line with a Trumpflation trade. 

    Fundamental

       Headlines

            It was a busy day for US data releases: month to date retail chain store sales grew less rapidly than in the prior week, the February Case Shiller home price index was softer than expected and April consumer confidence fell short of estimates; however, March new home sales and the April Richmond Fed manufacturing index were better than anticipated.

            Trump policies held the headlines with:

(1)   an executive order raising tariffs on Canadian lumber.  There was a lot of wringing of hands and gnashing of teeth over its possible negative implications on free trade and NAFTA.  However, [a] the US and Canada have been arguing over lumber imports for decades, so this is nothing new, [b] many had anticipated that the tariffs would be much higher than announced and [c] he has objected to Canadian tariffs on US dairy product; so he may be negotiating in public as he is wont to do.  In the end, this was probably yet another example of Trump’s trade [negotiating] bark being much worse than his [ultimate solution] bite.   This is an excellent analysis of this issue:

(2)   mounting anticipation of today’s presentation of the Trump tax plan.  If you believe the rumors, it will include tax cuts with no offsets from spending cuts or other taxes [again, rumors are that he has given up on the border adjustment tax].  If you believe past statements from the house freedom caucus and the senate, that plan will be DOA.  If you believe Reinhart and Rogoff, even if a big net tax cut were to pass, it would be not nearly as positive for the economy as many believe.  And if you believe that the Trump euphoria is alive and well and as blind as ever, then any negatives may not matter.  Clearly, there are a lot of ‘if you believe’s.  I have no idea what to believe. 

Greg Mankiw on tax policy (medium and a must read):

Bottom line: clearly, investors are jiggy about the outlook for the economy and the Market.  To be sure, I am positive about steps the Donald has taken toward deregulating the economy and his less negative approach to trade.  Indeed, I have raised both our short term growth and long term secular growth rates.  But I can’t get corporate earnings to a level that justify current equity prices. 

But that is one guy’s opinion; and at the moment, Mr. Market is saying that I am wrong.  The good news is that our Portfolios are still 50% invested.  The bad news is that they are not 100% invested.  However, in order for me to Buy stocks in their Buy Value Range, I have to have raised cash before a drawdown; which I do by Selling a portion of a stock that has reached its Sell Half Range.  At that point, I have suffer with underperformance until the inevitable bear shows its face.  But I find some solace in JP Morgan’s reply to the question ‘How did you become so rich?’ ‘I sold too soon.’

            The passive indexing trap (medium):

            My thought for the day: risk control is one of the most important things in investing. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.

       Subscriber Alert

            I reported on Monday that CR Bard was being acquired by Becton Dickinson (also one of our holdings) at a 25% premium above the close on Friday.  Since the purchase price now acts a cap to BCR’s upside potential while its prior price is the downside were the deal to fall apart, the risk/reward suggests that the time has arrived to Sell BCR.  Accordingly, the Dividend Growth Portfolio will Sell BCR at the Market open.

       Investing for Survival
   
            Savings versus investing.


    News on Stocks in Our Portfolios
 
International Business Machines (NYSE:IBM) declares $1.50/share quarterly dividend, 7.1% increase from prior dividend of $1.40.

C.H. Robinson Worldwide (NASDAQ:CHRW): Q1 EPS of $0.86 beats by $0.05.
Revenue of $3.42B (+11.4% Y/Y) beats by $80M.

AT&T (NYSE:T): Q1 EPS of $0.74 in-line.
Revenue of $39.4B (-2.8% Y/Y) misses by $1.17B.

General Dynamics (NYSE:GD): Q1 EPS of $2.48 beats by $0.16.
Revenue of $7.44B (-0.5% Y/Y) misses by $270M.

Boeing (NYSE:BA): Q1 EPS of $2.01 beats by $0.06.
Revenue of $20.98B (-7.3% Y/Y) misses by $370M

Procter & Gamble (NYSE:PG): Q1 EPS of $0.96 beats by $0.02.
Revenue of $15.61B (-1.0% Y/Y) misses by $110M.

United Technologies (NYSE:UTX): Q1 EPS of $1.48 beats by $0.08.
Revenue of $13.82B (+3.4% Y/Y) beats by $330M.

PepsiCo (NYSE:PEP): Q1 EPS of $0.94 beats by $0.02.
Revenue of $12.05B (+1.6% Y/Y) beats by $70M.

Economics

   This Week’s Data

            Month to date retail chain store sales grew less rapidly than in the prior week.

            The February Case Shiller home price index rose 0.7% versus expectations of up 0.8%.

            March new home sales jumped 5.8% versus estimates of a 0.6% decline.

            April consumer confidence came in at 120.3 versus forecast of 123.1.

            The April Richmond Fed manufacturing index was reported at 20.0 versus consensus of 16.0

                        Weekly mortgage applications rose 2.7% while purchase applications declined 1.0%

   Other

            Shrinking the Fed balance sheet may not have an easing effect (medium):

            Increase in chemical sales (medium):

            More on student loans (medium):
           
            Systematic risk in Chinese debt (medium):

Politics

  Domestic

Ahhh, at last, a partial solution for the student loan problem that only bureaucrats and politicians could concoct (short):


  International

            More pain for the Greeks (medium):


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Tuesday, April 25, 2017

The Morning Call--The key is follow through

The Morning Call

4/25/17

The Market
         
    Technical

The indices (DJIA 20763, S&P 2374) soared on the results on the French election.  However, volume fell and breadth barely improved; indeed, the flow of funds indicator was negative.   Both ended above the upper boundaries of their very short term downtrends.  If they close there today, those trends will be negated.  The VIX (10.8) was monkey hammered (down 26%), closing below the lower boundary of its very short term uptrend (if it remains there at the close today, that trend will be voided), below its 100 day moving average (now support; if it stays there through the close on Wednesday, it will revert to resistance), below its 200 day moving average (now support; if it remains there through the close on Thursday, it will revert to resistance) and in a short term trading range. 
               
The Dow closed [a] above its 100 day moving average, now support, [b] above its 200 day moving average, now support, [c] in a short term uptrend {19413-21635}, [c] in an intermediate term uptrend {11994-24843} and [d] in a long term uptrend {5751-23390}.

The S&P finished [a] above its 100 day moving average, now support, [b] above its 200 day moving average, now support, [c] within a short term uptrend {2273-2606}, [d] in an intermediate uptrend {2094-2698} and [e] in a long term uptrend {905-2591}.

The long Treasury declined by ½ %, but still ended above its 100 day moving average (now support), below its 200 day moving average (now resistance), in a very short term downtrend, in a short term trading range and held its uptrend since mid-March.

            And:

GLD fell, but still closed above its 100 day moving average (now support), above its 200 day moving average (now support), in a very short term uptrend and in its short term downtrend. 

The dollar gapped down 1%, ending right on its 100 day moving average (now support), below its 200 day moving averages (now resistance), below the upper boundary of its very short term downtrend and in a short term uptrend.

Oil continued to decline.

Bottom line: I often say that price is truth; and the truth is that investors got jiggy with the results of the French elections (i.e. removing fears of a French exit from the EU and hence improving the economic outlook for the EU) and rumors that Trump wants cut taxes even if that boosts the budget deficit.  However, the strong price performance notwithstanding, volume shrank, breadth was virtually unchanged, and both index gapped up on the open and didn’t fill that gap.  I have pointed out before that in the world of technicians, gaps are made to be filled.  The only question would be ‘when’.  Finally, the bond market continues to point at economic softness.  Certainly not a sign of a tax cut and a larger deficit.
           
            Still:

Who is right, stocks or bonds? (medium):

            Gap repricing without price discovery (medium):

    Fundamental

       Headlines

            Yesterday’s economic stats were mixed: the March Chicago national activity index was well below forecasts while the April Dallas manufacturing index was below its March reading but above consensus.

            Overseas, the April German business climate index came in above expectations.

            The major news items of the day were:

(1)   the results of the French elections which was clearly considered a positive by the Markets because a middle of the road candidate is now in the finals.  Everyone is assuming that he will beat the anti-EU finalist; and that in turns builds confidence about the continued strength in the EU economy.

Mohamed El Erian on the French election (medium):

(2)   Trump was reported to be pushing for major tax cuts irrespective of their impact on the budget, i.e. with no offsetting tax increases or spending cuts.  That got the Trumpflation juices flowing.  Not to be spoil sport but I have opined previously that [a] he would likely get a lot of pushback from fiscal conservatives on any increase in the budget deficit, enough perhaps to nix the deal and [b] raising the federal debt will likely have more negative effects on the economy than the tax cut will have positive ones.

                 Another risk to the reflation trade (medium):

                And as long as we are on the subject of oil (medium):

                ***overnight, Trump agreed to delay financing of the border wall so that the government funding bill due to be voted on Friday can pass.

            Bottom line: our forecast includes a ‘muddle through’ scenario in Europe.  But as you know, I am considering upgrading it based on improvement in the economic dataflow.  Implicit in that outlook is that the EU doesn’t disintegrate.  So the outcome of the French elections keeps the improvement in our forecast alive.

            Trump’s seeming willingness to raise the federal deficit/debt concerns me.  I have oft quoted the Reinhart/Rogoff study that concludes that countries with federal debt in excess of 90% of GDP suffer slowing economic growth.  The US is at the doorstep of that 90% barrier.  So his eagerness to be able to put a win in the form of a big tax cut on the political scoreboard in his first 100 days at the expense of pushing the federal debt above the 90% level is just more of the same profligate spending foisted on future taxpayers by past generations of our political class.  It is not in the mode of the tax and spending reforms we (I?) had been led to believe would occur. 
           
                Cracks in Ponzi finance land (medium):
            http://www.acting-man.com/?p=49200
           
            My thought for the day: fundamentals generally explain a good deal of price action in first 60-80% percent of a move, but the last 20-30% of a bull market is typically a blow-off, where the mania runs wild and prices go parabolic.

       Investing for Survival
   
            What is ‘enough’?

      

    News on Stocks in Our Portfolios

United Technologies (NYSE:UTX) declares $0.66/share quarterly dividend, in line with previous. 

Genuine Parts Company (NYSE:GPC) declares $0.675/share quarterly dividend, in line with previous.
Canadian National Railway (NYSE:CNI): Q1 EPS of C$1.15 in-line.
Revenue of C$3.21B (+8.4% Y/Y) misses by C$10M.

Canadian National Railway (NYSE:CNI) declares CAD 0.4125/share quarterly dividend, in line with previous.

McDonald's (NYSE:MCD): Q1 EPS of $1.47 beats by $0.14.
Revenue of $5.68B (-3.7% Y/Y) beats by $160M.

T. Rowe Price (NASDAQ:TROW): Q1 EPS of $1.18 misses by $0.02.
Revenue of $1.12B (+12.7% Y/Y) beats by $10M.

Caterpillar (NYSE:CAT): Q1 EPS of $1.28 beats by $0.66.
Revenue of $9.82B (+3.8% Y/Y) beats by $550M.

3M (NYSE:MMM): Q1 EPS of $2.16 beats by $0.10.
Revenue of $7.69B (+3.8% Y/Y) beats by $220M.

Coca-Cola (NYSE:KO): Q1 EPS of $0.43 misses by $0.01.
Revenue of $9.13B (-11.6% Y/Y) beats by $240M.


Economics

   This Week’s Data

            The April Dallas Fed manufacturing index came in at 16.8 versus estimates of 15.0.

   Other

            More on student loans (medium):

Politics

  Domestic

Rolling back regulations (medium):

  International War Against Radical Islam


Visit Investing for Survival’s website (http://investingforsurvival.com/home) to learn more about our Investment Strategy, Prices Disciplines and Subscriber Service.