- ESV filled nicely. Energy stocks, especially oil drilling, are on a downward tear. If this one goes lower, we will use it as an opportunity to pick up more.
- The Dow flirted with 14,000, another record level. As the Dow gets into these uncharted territories, mathematical percentages will dictate that we start thinking in 5000 increments and not 1000 increments eventually. We are not there yet, but what a milestone that will be.
- In yet another sign on just how serious the subprime meltdown actually is, the Fed is hinting at making changes to banking practices to protect the consumer, likely through regulatory process. The Fed has the far reaching authority to prohibit banking practices it determines to be unfair and deceptive. This is an overlooked role as compared to the monetary / interest rate policies.
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