Continue to buy on weakness
Steve Cook on Disciplined Investing

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Economics

   This Week’s Data

    The International Council of Shopping Centers reported sales of major retailers fell .4% versus the prior week and 1.4% on a year over year basis; Redbook Research reported month to date retail chain store sales dropped 1.3% versus the comparable period in 2008.  These numbers were heavily influenced by the timing of the Easter holiday.

    February durable goods orders rebounded by 3.4% versus estimates of a 1.6% decline;  ex transportation, the number was up 3.4%.  This is the first increase in six months; however, orders are still down versus February 2008.

   Other

    More on the risk of inflation:
    http://www.forbes.com/2009/03/23/inflation-deflation-fed-opinions-columnists-ppi-cpi.html

    Volcher on inflation:
    http://www.calculatedriskblog.com/2009/03/volcker-on-inflation-dollar-and-china.html

    The deficit in perspective:
    http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/

Politics

  Domestic

George Will on the political class:
http://www.jewishworldreview.com/cols/will032409.php3

    Shouldn’t politicians that accepted campaign contributions for AIG be forced to give them back? Turn around is fair play.
    http://www.connpost.com/ci_11959016?source=most_emailed

    The latest data on global warming from the Heartland Institute:
    http://www.powerlineblog.com/archives/2009/03/023144.php

    Speaking of healthcare:
    http://corner.nationalreview.com/post/?q=YzMxMzY3NDUxMTAxN2RhNDkyOGI4NzgwNmQ0YTk1NTU=
    http://mjperry.blogspot.com/2009/03/10-surprising-facts-about-american.html
       
  International War Against Radical Islam

The Market
    
    Technical

    TraderFeed looks at the recent pin action:
    http://traderfeed.blogspot.com/2009/03/stock-market-new-highs-and-new-lows.html

    The latest chart on gold:
    http://bespokeinvest.typepad.com/bespoke/2009/03/gold-testing-downside-support.html

******************************************

    Yesterday, the indices closed in the same technical position as they did Monday, that is, the DJIA (7660) remained below its October 2008 to present down trend, while the S&P (806) finished above that resistance level.  Volume was unimpressive (good) though the volatility index is still elevated (bad).  Furthermore, if recent history had repeated itself, then Geithner’s and Bernanke’s testifying before congress could have potentially been a disaster for stock prices.  Net, net, after Monday’s Titan III shot, I wouldn’t have been surprised if stocks had declined twice as much as they did; so I read nothing into yesterday’s performance.

   Fundamental
   
    Our Portfolios will continue to buy on any weakness.





Posted 03-25-2009 8:20 AM by Steve Cook