Economics
This Week’s Data
The International Council of Shopping Centers reported weekly sales of major retailers up 0.9% versus the prior week and up 3.3% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 4.6% on a year over year basis.
Weekly mortgage applications plummeted 7.4% though purchase applications were only off 1.0%.
Other
Still lots of cash on the sidelines (medium):
http://scottgrannis.blogspot.com/2012/03/mountains-of-cash-are-still-on.html
And:
http://www.zerohedge.com/news/3-charts-money-sidelines
But there is trouble in mortgage bond land (medium):
http://www.zerohedge.com/news/mortgage-settlement-not-so-fast
Are we facing a period of declining corporate profit margins (medium and today’s must read):
http://www.zerohedge.com/news/no-record-profits-old-assets-jim-montier-unsustainable-parabolic-margin-expansion-dummies
The simple problem of too much debt (short and also a must read):
http://www.zerohedge.com/news/simple-problems-too-much-us-debt
Update on the Baltic Dry Index (short):
http://www.bespokeinvest.com/thinkbig/2012/3/20/baltic-dry-index-up-19-days-in-a-row-but-still-down-49-ytd.html
Politics
Domestic
Obama’s Edsel (medium):
http://www.nationalreview.com/articles/293885/sad-plight-obama-s-edsel-rich-lowry
A more in depth look at Obama’s energy policy (medium):
http://www.powerlineblog.com/archives/2012/03/issas-oversight-committee-rips-secretary-chu.php
More unintended consequences of rent seeking (medium):
http://www.jewishworldreview.com/cols/will031812.php3
International
Promising signs of EU growth (short):
http://scottgrannis.blogspot.com/2012/03/eurozone-recovery-is-in-sight.html
On the other hand, rising oil prices are helping (medium):
http://www.telegraph.co.uk/finance/comment/tom-stevenson/9150415/The-oil-price-is-the-new-eurozone-crisis.html
News on Stocks in Our Portfolios
Earnings per share reports:
Reported Expected
Tiffany’s $1.39 $1.42
Oracle .62 .56
General Mills .55 .55
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.
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