Morning Journal -- Why are we apologizing to the Afghans?

Economics
This Week’s Data

January pending home sales rose 2.0% versus expectations of a 1.5% increase.

The Dallas Fed’s February manufacturing index came in at 17.8 versus estimates of 15.0.

January durable goods orders fell 4.0% versus forecasts of down 1.5%; ex transportation, the number was up 2.2% versus an anticipated advance of 2.1%.
http://www.calculatedriskblog.com/2012/02/durable-goods-orders-decline-4-in.html


Other

The delinquency rate on business loans is falling (short):
http://mjperry.blogspot.com/2012/02/delinquency-and-charge-off-rates.html

The delinquency rate on consumer loans is too (short):
http://scottgrannis.blogspot.com/2012/02/consumers-get-control-of-their-finances.html

Spending on energy (short):
http://mjperry.blogspot.com/2012/02/spending-on-energy-in-2011-was-lowest.html

The FASB sell out (short):
http://www.ritholtz.com/blog/2012/02/fasb-sells-out-unsurprising-results-follow/

The death of banking privacy (medium):
http://www.zerohedge.com/news/guest-post-guess-who-folded-now

Deconstructing the ECRI founder’s most recent defense of its recession call (short):
http://advisorperspectives.com/dshort/guest/Georg-Vrba-120227-Rebutting-the-ECRI-recession-call.php

Politics

Domestic

The energy lie (short):
http://www.powerlineblog.com/archives/2012/02/obamas-energy-lie-exposed.php

International War Against Radical Islam

What in the world are we doing apologizing the Afghan’s (medium):
http://www.nationalreview.com/articles/291925/why-apologize-afghanistan-andrew-c-mccarthy


News on Stocks in Our Portfolios

More earnings per share reports:

Reported Expected

Lowe’s $.26 $.23
HollyFrontier Oil 1.06 1.40

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 40 years of investment experience includes institutional portfolio management at Scudder, Stevens and Clark and Bear Stearns. Steve's goal at Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.