As I see it, from my perch as an unbiased international observer, the Republicans, whom I occasionally refer to (perhaps unkindly) as "pigs at the trough" " the "get while the getting's good" crowd " were replaced in Washington by the trade protectionist crowd.

As a resident in a country that is America's biggest trading partner, I view the Dem's, not as a "tax and spender" " which (in the case of spending) the current President seems to have proven to be an unfair label -- but (perhaps unkindly) primarily as a committee wheel-spinner and an over-protective, anti free-trader.

Of course these are generalities, but due to the perceived if not real differences between these two political parties, there is now the need, I believe, to shift one's investment strategy. I believe that prior to the next Presidential election campaign season there will be attempts by the Democrats to show fiscal conservatism, and free themselves of the old labels.

While this week's change in political control ought to make for an interesting two years in business and finance, it's the next three to six months in the U.S. equity market I'm worried about. Regardless of which political party said or did this or that, I believe that the momentum of the market shifted to a negative bias ten days before the election.

It will be interesting now to see how the whole political drama plays out because, as I see it, "Trade War" is the next big thing the capital markets are going to be faced with.

The big armament in a global trade war is not WMD. It's protectionist negotiating bias and legislation on the one side and monetary policy changes and currency moves on the other side. That's WMED! The E stands for economic.

How this will play out is going to materially affect the equity market, and I believe that none other than Wal-Mart, the world's biggest importer and retailer, is probably going to be the star of the show.

I referred to a "starring" role for Wal-Mart now; I'm just not so sure it will be a winning performance. You see, I haven't yet decided whether these new Dem's are going to be like Clinton Dem's (ie, good for business and for Wal-Mart) or like old Dem's (ie, protectionist).

At least I do know that Wal-Mart stays in the Cara 100.

So, today, in the U.S. equities section, I will zero in on Wal-Mart " actually WMT (the stock) because this is a trading blog and we are traders. We may also be Wal-Mart shoppers, which is part of the story, but that's not what I want to talk about today.

Have a good week; I know I will. I'm sorry I couldn't spend more time on this WIR and could not get it out until 9pm ET Sunday evening (errors and all).

But I had places to go, people to meet, etc, and then I had to get some sleep. I'm not used to rushing so much.

So now you know my mind-set, let's see what happened in global capital markets this week.

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Global Market Summary

International Equities: Japan's Nikkei225 and Topix dropped -1.5 pct and -2.3 pct respectively this week. That means the annual YTD change is -4.1 pct for the TOPIX and absolutely flat for the Nikkei Dow. The South Korean Kospi gained +0.9 pct W/W, which gave it a YTD performance of a paltry +1.2 pct. Big movers on the upside this week and YTD are Hong Kong's Heng Seng (+0.8 pct /+27.0 pct YTD) and the Mexico Bolsa (+3.4 pct/+34.5 pct YTD). The Japanese equity market is the one you need to keep an eye on.

U.S. Equities : All four major market indexes (SP500, DJIA, Nasdaq and Russell 2000) were up 1.0 pct and 2.5 pct W/W, but after the first 9 trading hours until mid-day Tuesday, it was all downhill sliding. The question now is what will legislation in increased minimum wages do to corporate profitability and dividends, plus wage inflation. We don't know, but the market will soon take a position, which I think is going to be negative.

Dow 30 : There were 20 Dow stocks up, and 10 down. The election on Tuesday, with its incredible story-telling and cheerleading on Financial TV, made things very difficult to analyze.

U.S. Sector ETFs: There were 8 ETF's up and 2 down (healthcare and telco services). I suppose the negative trading spoke a lot about traders' fears that a Democrat controlled legislature will beat up these sectors.

First segment: most influenced by global commodities, forex and capex spending
10: Energy (XLE): #5 (+1.5 pct); peaked Thursday noon
15: Basic Materials (XLB): #6 (+1.3 pct); peaked Thurs. noon; DD up 4.9 pct
20: Industrials (XLI): #4 (+1.7 pct); A huge first 9 hours this week
Second segment: most influenced by U.S. consumer spending and economic growth
25: Cons. Discretionary (XLY): #1 (+2.0 pct); Holiday spending? AXP up +3.2 pct
30: Cons. Staples (XLP): #9 (+0.3 pct); WMT (-2.2 pct) & min. wage
35: Healthcare (IYH): #10 (-1.6 pct); Dems & healthcare controls
Third segment: most influenced by U.S. interest rates and general economic health
40: Financial (XLF): #3 (+1.9 pct); M&A deals galore
45: Tech (SMH chips): #2 (+1.9 pct); CSCO and HPQ doing well
50: Telecom Services (IYZ): #9 (-2.1 pct); VZ down -3.0 pct, T -2.0 pct
55: Utilities (XLU): #7 (+0.9 pct); but lower hi, lower low

Bonds: Bonds lifted 11-12bp, but yield curve very badly inverted this week.

Commodities: $CRB was up +0.3 pct W/W due to oil moving up +4.1 pct W/W.

Oil & Gas: $WTIC futures jumped +4.1 pct to $61.64 as $USD is falling.

Gold: $GOLD and $SILVER were up +0.1 pct and +3.8 pct W/W respectively. Gold had a bad day Friday, pulling down gains from another good week. Don't trade gold without considering the falling $USD.

Goldminers: $XAU was down -0.3 pct, but the GDX was up +0.5 pct and XGD (TSX) +1.8 pct. Bernanke took his money aggregates speech to Germany on Friday. He said that (per Econoday) "because the relationship between monetary growth and output and inflation has broken down, the Fed no longer set targets for monetary growth and does not place heavy emphasis on trends in monetary aggregates for policy decisions." Although Friday was a reactionary down day, Gold traders will continue to watch M3 regardless of who is running the Fed or what that person says in speeches.

Forex: $USD lost -0.8 pct W/W to close at 85.05, which is now well below the 50/200-day Moving Averages. Now that the election is over, the dubious timing of geopolitical "events" is likely to disappear from the radar screen. W/W the Euro was up +1.0 pct (to 128.47) and the Pound +0.6 pct (to 191.20).

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Sector ETF:

Eight of the ten sector ETF's I follow here were up this week, and by quite a bit, but all the bullish action took just 9 trading hours leading into the election. The rest of the week was a downer. I continue to warn: "Raise your stops. You'll need them."

There is little anyone can take away from this week's trading action. There were just too many influences to make much sense of what happened from Monday to Friday.

For the U.S. equity market, as you know, I study it top down by sector. Here is the weekly performance of my favorite ten Sector Index Funds (ETF's). The following table is sorted by price performance Week over Week (W/W), i.e. 1W%N.

Table 1: Cara ETF List

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
XLY	37.33	0.12	0.32%	1.99%	0.76%	1.91%	13.12%	16.51%	7.33%	13.43%
SMH	33.60	0.40	1.20%	1.94%	0.30%	-5.35%	-11.39%	5.86%	-8.70%	-7.08%
XLF	35.71	0.23	0.65%	1.85%	0.68%	0.62%	10.90%	9.17%	4.72%	13.37%
XLI	34.50	0.05	0.15%	1.71%	0.73%	-0.17%	9.07%	9.84%	-3.28%	13.23%
XLE	57.45	-0.55	-0.95%	1.50%	2.28%	6.43%	9.01%	-1.15%	-3.45%	22.00%
XLB	33.71	-0.32	-0.94%	1.29%	0.96%	2.93%	9.02%	8.36%	-3.71%	19.45%
XLU	35.91	0.27	0.76%	0.93%	0.39%	3.94%	12.22%	5.77%	12.54%	16.14%
XLP	25.55	0.01	0.04%	0.31%	-1.58%	0.99%	9.00%	2.65%	5.75%	8.86%
IYZ	28.29	-0.16	-0.56%	-0.60%	-2.68%	0.04%	23.16%	8.72%	9.82%	21.10%
IYH	64.50	0.20	0.31%	-1.63%	-3.28%	-1.81%	1.37%	2.89%	5.74%	4.12%

You can do this table yourself by entering the following string into the Summary window at Investertech.com and then clicking on the link for Performance. XLE XLB XLI XLY XLP IYH XLF SMH IYZ XLU . You can also add more ETF's " up to 30 in total.

For a list of components to any ETF, simply go to the AMEX.com web site, and click on ETF's. I do that frequently.

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10 (energy: XLE)

15 (basic materials: XLB)

20 (industrial: XLI)

25 (consumer discretionary: XLY)

30 (consumer staples: XLP)

35 (healthcare: IYH)

40 (financial: XLF)

45 (technology, semiconductor: SMH)

50 (telecom: IYZ)

55 (utilities: XLU)

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Sector 10 (energy: XLE, IYE, VDE, OIH, PBW and IXC)

XLE was up +1.50 pct to close at 57.45, which made it ETF performer #5 this week. But the price of $WTIC (West Texas Intermediate Crude) was up by +4.06 pct, for a second week of solid gains.

I think this is all about a falling $USD. Right now we have an 85 cent USD, a $61.54 $WTIC, and a 12,108 Dow. I suppose we could have a 50 cent USD, $100 oil and 15,000 Dow.

But who wins that game; other than those fortunate enough to receive a piece of $100 billion Wall Street bonuses? Certainly in America you'd have more homeless, more economic crime, very high interest rates, and much higher taxes on inflated asset prices.

Here's the XLE Monthly, Weekly, Daily and Hourly data charts:

XLE Monthly data:

XLE Weekly data:

XLE Daily data:

XLE Hourly data:

Table 2: Senior oil & gas equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
TOT	71.82	0.51	0.72%	6.09%	5.42%	9.28%	-44.78%	6.56%	-49.98%	-41.09%
IMO	37.06	-0.79	-2.09%	4.54%	-0.27%	15.78%	-64.37%	-6.53%	-65.48%	-56.62%
PBR	92.88	0.61	0.66%	4.43%	4.35%	7.97%	24.30%	-2.17%	-13.08%	46.52%
ECA	49.74	-1.05	-2.07%	3.56%	2.37%	8.37%	6.51%	-8.43%	-6.57%	17.34%
XOM	74.42	-0.19	-0.25%	3.15%	4.14%	8.80%	27.28%	7.28%	16.50%	31.83%
CEO	87.42	0.80	0.92%	3.04%	3.46%	5.33%	26.35%	-2.43%	3.77%	38.28%
SU	79.21	-1.61	-1.99%	2.68%	2.87%	9.26%	20.88%	-6.29%	-9.62%	52.68%
STO	27.01	-0.24	-0.88%	2.62%	5.22%	13.30%	11.94%	-6.60%	-16.56%	23.33%
CVX	69.54	-0.66	-0.94%	0.91%	2.75%	8.32%	17.70%	3.25%	10.59%	23.67%

All the oils had very big weeks. Total was up +6.1 pct W/W. But XLE dropped -1.0 pct on Friday, so watch it on Monday.

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Integrated Oil & Gas - Canada

Oil & Gas Exploration & Production -Canada

Imperial Oil was up +4.5 pct W/W and +15.8 pct over 4 weeks. EnCana was up +3.6 pct W/W and +8.4 pct over 4 weeks. Suncor was up +2.7 pct W/W and +9.3 pct over 4 weeks.

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Sector 15 (basic materials: IYM, XLB, IGE and VAW)

The Basic Materials ETF (XLB) gained +1.29 pct W/W to close at 33.71, which included a loss of -0.94 pct on Friday.

DuPont (DD) was very strong, up +4.9 pct W/W. Most of the base metals had a bad week due to crashing base metal commodity prices on Friday. So prices were all over the board.

Here's the XLB Monthly, Weekly, Daily and Hourly data charts:

XLB Monthly data:

XLB Weekly data:

XLB Daily data:

XLB Hourly data:

Table 3: Senior metals and steel equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
ACH	19.11	-0.42	-2.15%	12.02%	6.70%	11.89%	-75.93%	-70.88%	-80.22%	-71.07%
NUE	58.71	-1.40	-2.33%	2.10%	0.60%	7.17%	69.29%	14.51%	-1.28%	86.26%
RIO	26.84	-0.61	-2.22%	1.47%	5.17%	12.54%	24.84%	17.26%	-7.00%	29.98%
PKX	73.27	-0.22	-0.30%	1.23%	5.35%	7.80%	45.81%	20.41%	-0.99%	40.90%
GGB	15.21	-0.23	-1.49%	0.66%	1.06%	4.90%	-12.64%	-3.43%	-12.59%	4.39%
AA	28.51	-0.50	-1.72%	0.07%	0.74%	6.90%	-4.65%	-1.45%	-21.29%	8.49%
N	75.57	-0.53	-0.70%	-0.64%	-1.56%	0.48%	74.65%	-1.49%	9.76%	73.37%
BHP	42.31	-0.66	-1.54%	-0.75%	-0.12%	4.60%	20.89%	2.50%	-13.95%	38.00%
RTP	219.45	-7.41	-3.27%	-1.68%	0.38%	8.43%	16.23%	6.84%	-11.07%	37.88%
PD	96.70	-4.49	-4.44%	-2.89%	-3.86%	1.44%	29.50%	9.30%	-2.48%	54.30%

A week ago I wrote: "China may have an amped alumina market, with current production running close to +60 pct Y/Y, but the shares of China Aluminum were crushed (-4.8 pct W/W)." This week shares of China Aluminum (ACH) were up +12.0 pct.

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Sector 20 (industrial: IYJ, XLI, VIS, and IYT)

The Industrials and Transport sector ETF (XLI), aka capital goods producers, was up +1.71 pct W/W to 34.50. But, for those looking for confirmation from the Dow Transports, I still don't see it.

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The Dow Transports Average ETF is IYT. That's a chart you have to watch.

At the Amex.com website, you can see the list of IYT holdings. Fedex (FDX) is the key player. Several weeks ago, I asked you to keep an eye on it.

The Daily price action for FDX shows a clear top back on October 16 at $117.00, and I see an awful lot of gap higher opens followed by distribution. The stock has gone nowher for four weeks and yet the TH's tell you this Dow transport index is being led higher by Fedex. The Transports did have a great week, but as for Fedex leading the pack...Ain't true.

But in the pre-election build-up, the CEO's of Fedex and UPS were spouting their stuff on CNBC. I guess everybody is in somebody's pocket.

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As the saying goes, "You can fool some of the people some of the time;"

I said this before: "The only thing that is going to save the Dow Transports at this point is economic expansion. Maybe in Europe, but America has lost its Tickee."

Here's the XLI Monthly, Weekly, Daily and Hourly data charts:

XLI Monthly data:

XLI Weekly data:

XLI Daily data:

XLI Hourly data:

Table 4: Senior capital goods makers and transportation

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
BA	85.62	0.51	0.60%	7.07%	7.37%	3.92%	21.72%	12.36%	-3.73%	29.53%
CBE	92.19	0.45	0.49%	3.24%	2.43%	2.34%	24.78%	10.54%	-2.22%	26.39%
TYC	29.64	0.29	0.99%	2.35%	1.58%	1.75%	0.00%	16.37%	6.50%	11.64%
HON	42.54	0.34	0.81%	1.99%	0.57%	-0.16%	13.56%	14.23%	-2.90%	18.36%
UTX	65.06	0.15	0.23%	1.70%	0.18%	-2.17%	15.09%	7.63%	-1.65%	23.03%
ERJ	41.37	-0.52	-1.24%	1.52%	-0.93%	-3.07%	5.37%	20.79%	6.93%	6.08%
GE	35.17	-0.12	-0.34%	1.15%	-0.11%	-2.25%	-0.57%	7.65%	1.35%	1.94%
MMM	79.19	0.29	0.37%	0.78%	0.30%	5.03%	0.10%	15.76%	-9.65%	2.60%
CAT	59.60	0.40	0.68%	-1.37%	-2.73%	-13.72%	3.11%	-12.76%	-26.39%	8.98%

Boeing had a huge week, going up +7.1 pct, but GE continues to have a lousy year. The Nov 20 article in BusinessWeek seems to say that CNBC is a drag on GE because TV commercials are way down since 2002.

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(GE: Value Line Report Oct. 13: next one is due Jan. 12)

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(BA: Value Line Report Sep. 22: next one is due Dec. 22)

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Sector 25 (consumer discretionary: XLY, IYC and VCR)

The Consumer Discretionary sector ETF (XLY) was up +1.99 pct W/W to close at 37.33. That almost makes up for the -2.2 pct loss of the prior six sessions.

A lot of retailers pay minimum wage, which will hurt them when the Dems raise the wage rate.

Here's the XLY Monthly, Weekly, Daily and Hourly data charts:

XLY Monthly data:

XLY Weekly data:

XLY Daily data:

XLY Hourly data:

Table 5: Senior consumer discretionary equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
JCP	80.85	1.30	1.63%	6.26%	6.03%	9.43%	43.22%	23.28%	20.83%	49.92%
WHR	89.55	1.05	1.19%	5.51%	3.84%	0.81%	8.32%	18.69%	-2.84%	13.28%
SBUX	37.79	0.87	2.36%	3.62%	-0.60%	-0.37%	22.42%	26.13%	-1.07%	26.09%
TM	121.82	-0.57	-0.47%	3.54%	2.34%	4.84%	14.01%	11.38%	0.80%	34.02%
CCL	48.28	0.11	0.23%	1.92%	-1.09%	0.69%	-11.53%	27.35%	0.31%	-9.91%
NKE	94.07	1.31	1.41%	1.62%	2.41%	4.99%	9.45%	23.45%	14.26%	7.73%
DIS	32.40	-1.18	-3.51%	1.60%	2.11%	4.15%	32.79%	9.53%	7.61%	26.02%
BC	31.20	0.26	0.84%	1.60%	-3.88%	-4.62%	-23.57%	6.74%	-21.13%	-22.00%
EBAY	32.81	0.51	1.58%	1.30%	2.31%	10.14%	-26.20%	32.09%	0.68%	-24.24%

JC Penny (JCP) and Whirlpool (WHR) had huge weeks.

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Sector 30 (consumer staples: XLP, VDC, RTH and IYK)

This week the Consumer Staples sector ETF (XLP) gained just +0.31 pct to close at 25.55.

Here's the XLP Monthly, Weekly, Daily and Hourly data charts:

XLP Monthly data:

XLP Weekly data:

XLP Daily data:

XLP Hourly data:

Table 6: Senior consumer staples equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
WFMI	48.97	0.27	0.55%	5.86%	-24.37%	-21.97%	-36.49%	1.53%	-30.82%	-29.87%
ABV	45.72	0.68	1.51%	3.60%	7.00%	-2.18%	18.63%	11.11%	-5.60%	21.27%
DEO	76.13	0.44	0.58%	2.70%	1.62%	6.62%	27.82%	7.85%	12.50%	26.82%
BUD	47.29	0.06	0.13%	0.72%	-0.86%	-1.50%	8.29%	-1.91%	1.18%	9.82%
PG	63.70	-0.10	-0.16%	0.47%	0.22%	2.53%	8.37%	5.71%	13.06%	13.00%
KO	46.47	-0.18	-0.39%	-0.06%	-0.85%	5.57%	13.62%	5.85%	6.63%	9.29%
MO	80.93	0.07	0.09%	-0.31%	-1.12%	1.63%	7.94%	0.46%	11.34%	8.62%
WAG	42.37	0.26	0.62%	-1.05%	-1.10%	-4.53%	-6.65%	-12.62%	2.44%	-10.23%
PEP	62.55	-0.14	-0.22%	-1.09%	-1.56%	0.16%	4.67%	-1.03%	6.31%	6.21%
WMT	46.47	0.08	0.17%	-2.23%	-8.40%	-4.11%	0.52%	3.52%	-2.74%	-5.24%

Most of the big name staples were down on the week, including Coke and Pepsi, Wal-Mat and Walgreens, and Altria.

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Sector 35 (healthcare: IYH, XLV, VHT, IXJ, and IBB)

A week ago I wrote: "The healthcare ETF (IYH) was down -1.68 pct W/W. Same old, same old. "Democrats coming." Actually I also wrote: "Besides, the RSI is too high, and the sector looked like it topped out on Monday after being goosed from the 18th of the month. Need I say more?""

This week IYH dropped -1.63 pct.

Here's the IYH Monthly, Weekly, Daily and Hourly data charts:

IYH Monthly data:

IYH Weekly data:

IYH Daily data:

IYH Hourly data:

Table 7: Senior healthcare equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
BMET	39.07	1.18	3.11%	2.14%	7.87%	16.18%	5.94%	17.47%	3.96%	4.33%
DNA	81.59	0.24	0.30%	0.64%	-3.40%	-1.39%	-13.20%	1.83%	2.10%	-14.01%
BMY	24.42	-0.16	-0.65%	-0.45%	-1.09%	-0.53%	5.08%	17.23%	-2.12%	12.28%
AET	40.24	1.17	2.99%	-0.74%	-3.22%	2.42%	-14.44%	13.77%	2.24%	-10.56%
AMGN	73.46	-0.07	-0.10%	-1.88%	-2.73%	0.20%	-8.59%	9.79%	8.77%	-10.21%
JNJ	66.29	0.14	0.21%	-2.24%	-2.76%	2.65%	7.56%	4.31%	13.67%	7.95%
NVS	59.36	0.10	0.17%	-2.40%	-2.06%	3.98%	11.02%	6.90%	4.05%	10.40%
GSK	51.96	0.46	0.89%	-2.51%	-2.48%	-3.78%	1.96%	-5.70%	-9.11%	-2.64%
PFE	25.71	-0.13	-0.50%	-3.16%	-5.55%	-6.81%	8.12%	-1.00%	2.68%	15.76%
UNH	46.11	0.84	1.86%	-3.60%	-6.68%	-5.42%	-25.30%	-2.72%	-0.13%	-22.23%

A week ago, prior to the Democrat victory in both the House and Senate, I wrote: "Merck (MRK -2.2 pct), Pfizer (PFE -2.5 pct), United Health (UNH -3.2 pct), Aetna (AET -2.5 pct) and Genentech (DNA -4.0 pct) all lost big. Under a Democrat-controlled House, the generic drug makers ought to shine, but most of the rest in the healthcare sector will be facing negative political "issues" as Congress struggles with budgetary overspending problems."

This week, Merck dropped -4.39 pct, Pfizer -3.16 pct, JNJ -2.24 pct and UNH -3.60 pct.

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Sector 40 (financial: IYG, IYF, XLF, VFH, IXG, VNQ, RWR, IYR, and ICF)

The Financials ETF (XLF) gained +1.85 pct W/W to close at 35.71.

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Here's the XLF Monthly, Weekly, Daily and Hourly data charts:

XLF Monthly data:

XLF Weekly data:

XLF Daily data:

XLF Hourly data:

Table 8: Senior financial company equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
MS	76.68	1.83	2.44%	3.23%	0.31%	0.14%	31.19%	17.55%	17.59%	0.00%
CSR	59.15	-0.11	-0.19%	2.76%	6.25%	7.66%	10.87%	15.73%	-1.00%	40.13%
MER	89.00	1.52	1.74%	2.63%	2.33%	6.46%	30.00%	21.70%	16.32%	33.41%
UBS	61.06	0.43	0.71%	2.59%	-2.85%	-2.51%	23.73%	14.84%	-0.10%	34.85%
DB	126.07	0.30	0.24%	2.13%	0.79%	1.92%	26.75%	15.65%	-0.63%	32.57%
C	50.63	0.02	0.04%	2.10%	0.54%	0.50%	2.72%	5.55%	0.66%	6.08%
JPM	47.61	0.37	0.78%	1.54%	0.68%	-1.14%	18.46%	8.08%	3.68%	24.24%
HBC	97.16	-0.23	-0.24%	0.35%	2.01%	2.33%	18.95%	7.30%	5.52%	20.76%
GS	187.06	2.28	1.23%	-0.04%	-0.85%	1.75%	45.15%	23.37%	14.00%	43.79%
LEH	72.18	0.79	1.11%	-3.02%	-5.72%	-7.14%	11.15%	11.03%	-2.75%	15.49%

Morgan Stanley, Merrill Lynch, Lehman Brothers and Goldman Sachs were strong on Friday, but on the week Lehman Brothers and Goldman Sachs were losers. Citigroup had its first good week in a month.

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Sector 45 (technology: IGM, IGV, IGW, XLK, VGT, IYW, IGN, IXN, MTK and SMH)

The semi-conductor ETF (SMH) gained +1.94 pct W/W to close at 33.60.

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Here's the SMH Monthly, Weekly, Daily and Hourly data charts:

SMH Monthly data:

SMH Weekly data:

SMH Daily data:

SMH Hourly data:

Table 9: Senior technology equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
CSCO	26.74	0.02	0.07%	12.49%	12.73%	9.01%	53.24%	36.71%	28.87%	55.92%
ORCL	18.78	0.24	1.29%	5.62%	3.76%	-1.62%	49.05%	24.12%	31.88%	47.87%
INFY	53.53	-0.08	-0.15%	5.27%	3.98%	2.88%	-33.46%	29.55%	-34.02%	-25.15%
ADBE	39.38	-0.31	-0.78%	4.32%	2.10%	0.97%	2.23%	22.30%	17.97%	20.58%
SAP	50.60	-0.25	-0.49%	3.18%	2.26%	-2.09%	10.12%	13.76%	-8.33%	18.67%
CTSH	76.24	0.29	0.38%	2.56%	-2.22%	-1.29%	50.40%	15.08%	11.15%	66.28%
INTC	20.58	0.16	0.78%	0.34%	-2.46%	-4.94%	-19.52%	15.94%	5.11%	-18.46%
SNDK	45.75	-0.38	-0.82%	-2.97%	-4.77%	-22.67%	-32.42%	-2.68%	-27.58%	-23.28%
QCOM	35.24	0.41	1.18%	-3.37%	-5.12%	-11.55%	-19.91%	3.95%	-31.78%	-22.82%
ADSK	34.68	-0.06	-0.17%	-3.69%	-4.23%	-0.60%	-18.88%	4.62%	-11.10%	-26.59%

CSCO was the big story this week. Solid business results shot CSCO up over +12 pct on the week. Download UBS Nov 9 report on Cisco.

UBS says the positive Cisco results ought to have a positive impact on Netlogic (NETL) but this 3-month comparison chart shows nothing happening (NETL is in blue).

I'm not convinced yet that a Bull market is still in place, and I continue to advise selling into rallies based on high Daily RSI-7 values.

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---

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Cisco Systems [GICS 45]
(CSCO: Yahoo Finance file)
(CSCO: StockChart chart)
(CSCO: Investertech chart)
(CSCO: ADVFN Financial Data)
(CSCO: ADVFN Financial Data)

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Netlogic Microsystems [GICS 45]
(NETL: Yahoo Finance file)
(NETL: StockChart chart)
(NETL: Investertech chart)
(NETL: ADVFN Financial Data)
(NETL: ADVFN Financial Data)

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Sector 50 (telecom: IYZ, VOX and IXP)

The U.S. telco sector ETF (IYZ) dropped -0.60 pct W/W to close at 28.29.

I have been negative about all the pre-election hype in this sector. This week Verizon (VZ) and AT&T (T) lost -3.0 pct and -2.0 pct respectively.

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Here's the IYZ Monthly, Weekly, Daily and Hourly data charts:

IYZ Monthly data:

IYZ Weekly data:

IYZ Daily data:

IYZ Hourly data:

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Sector 55 (utilities: IDU, XLU, and VPU)

The Utilities ETF (XLU) gained +0.93 pct W/W to close at 35.91. But most of the gain was made on Friday.

What I have noted is, like Telco (IYZ), the XLU has encountered technical weakness with a lower high and a lower low.

Here's the XLU Monthly, Weekly, Daily and Hourly data charts:

XLU Monthly data:

XLU Weekly data:

XLU Daily data:

XLU Hourly data:

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Bonds:

A lot happened in the U.S. Treasury's again this week—for the third week in a row! The cross currents in this market are awesome.

T-Bond yields dropped sharply this week as bond prices lifted. The 30-year T-Bond yield dropped -11 basis points from 4.80 to 4.69 pct. The 10-year and 5-year dropped -12 bp to 4.59 and 4.56 pct respectively. The yield on the 2-year dropped -8 bp to 4.73, while the 3-month T-Bill yield moved up +2 bp from 4.93 to 4.95 pct.

The big story was that while bond prices lifted a lot, the yield curve inversion worsened a lot. It's the worst I have seen it for a couple years, and it's happening in other countries as well.

The Fed's Wright Model is now pointing to a greater than 50 pct probability of economic recession in the U.S.

This is a big week for econ data in the U.S. The PPI and CPI data is out at 8:30am on Tuesday and Thursday morning. I suspect the data will give the Bulls something to chew on.

Bull or Bear on bonds, I think more data needs to be reviewed at this point.

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Interest rates and bond yields.

Weekly data charts:

Daily data charts:

Hourly data charts:

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US Treasury Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
3 Month	4.95	4.95	4.93	4.85
6 Month	4.94	4.95	4.97	4.90
2 Year	4.73	4.74	4.81	4.84
3 Year	4.62	4.63	4.74	4.76
5 Year	4.56	4.59	4.68	4.73
10 Year	4.59	4.63	4.71	4.77
30 Year	4.69	4.73	4.80	4.90

Municipal Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
2yr AA	3.51	3.51	3.49	3.53
2yr AAA	3.49	3.50	3.48	3.51
2yr A	3.50	3.56	3.55	3.61
5yr AAA	3.54	3.56	3.56	3.59
5yr AA	3.54	3.57	3.57	3.59
5yr A	3.60	3.62	3.59	3.62
10yr AAA	3.67	3.68	3.65	3.75
10yr AA	3.66	3.67	3.65	3.74
10yr A	3.78	3.80	3.82	3.87
20yr AAA	4.08	4.10	4.10	4.18
20yr AA	4.12	4.09	4.10	4.14
20yr A	4.10	4.10	4.16	4.25

Corporate Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
2yr AA	5.09	5.10	5.18	5.26
2yr A	5.13	5.14	5.22	5.32
5yr AAA	5.15	5.13	5.25	5.27
5yr AA	5.13	5.15	5.23	5.32
5yr A	5.20	5.22	5.32	5.40
10yr AAA	5.57	5.55	5.63	5.63
10yr AA	5.35	5.38	5.48	5.57
10yr A	5.42	5.45	5.54	5.64
20yr AAA	5.78	5.82	5.88	5.92
20yr AA	6.03	6.04	6.02	6.10
20yr A	5.87	5.90	5.98	6.08

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Interest rates and bond yields.

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US Bond Funds -- Monthly Data Charts

SHY Monthly data series chart:

IEF Monthly data series chart:

TLT Monthly data series chart:

AGG Monthly data series chart:

LQD Monthly data series chart:

TIP Monthly data series chart:

US Bond Funds -- Weekly Data Charts

SHY Weekly data series chart:

IEF Weekly data series chart:

TLT Weekly data series chart:

AGG Weekly data series chart:

LQD Weekly data series chart:

TIP Weekly data series chart:

US Bond Funds -- Daily Data Charts

SHY Daily data series chart:

IEF Daily data series chart:

TLT Daily data series chart:

AGG Daily data series chart:

LQD Daily data series chart:

TIP Daily data series chart:

US Bond Funds -- Hourly Data Charts

SHY Hourly data series chart:

IEF Hourly data series chart:

TLT Hourly data series chart:

AGG Hourly data series chart:

LQD Hourly data series chart:

TIP Hourly data series chart:

Table 11: Interest-sensitive securities

Sorted by 1-Week Price Performance.

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
CFC	39.88	1.06	2.73%	5.53%	4.13%	9.68%	14.07%	17.64%	-4.84%	20.34%
FNM	60.38	-0.65	-1.07%	3.57%	1.62%	3.67%	23.88%	25.92%	17.24%	30.16%
FRE	69.48	-0.53	-0.76%	2.22%	0.55%	1.61%	6.40%	18.38%	10.02%	12.41%
TLT	89.86	0.36	0.40%	1.63%	1.11%	3.10%	-2.09%	4.77%	7.30%	0.47%
TIP	100.56	-0.04	-0.04%	0.98%	0.31%	1.23%	-2.41%	-0.42%	0.97%	-2.29%
IEF	83.10	0.18	0.22%	0.86%	0.29%	1.33%	-0.95%	2.11%	3.50%	0.31%
AGG	100.32	0.22	0.22%	0.77%	0.28%	1.24%	-0.32%	1.70%	2.51%	0.33%
SHY	80.12	0.06	0.07%	0.23%	-0.21%	0.18%	-0.25%	0.35%	0.62%	-0.06%

All the interest-sensitive securities gained on the week. I think the extensive economic data to come this week (inflation and retail sales and industrial production) and some additional speeches and TV interviews by the Democrats is needed to have a better feel for how this will play out.

Consumer Finance -USA -- Weekly Data Charts

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Consumer Finance -USA -- Daily Data Charts

Consumer Finance -USA -- Hourly Data Charts

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Commodities:

The $CRB index had a modest gain of +0.27 pct W/W to close at 310.74, but this was after a loss of -2.26 pct on Friday as base metal prices came crashing down.

I suspect the latter has something to do with the Yen carry trade reversal that up until now had been a boost for risk-taking hedge funds that may not have been dabbling just in high-yield non-Japanese bonds.

On Saturday, MarketWatch reported: " Bank of Japan Governor Toshihiko Fukui said the central bank is concerned about the risk of a rapid unwinding of the yen-carry trade and its potential impact on asset markets. The yen carry trade is a popular strategy used by speculators who take advantage of Japan's low interest rate to dabble in higher-yielding investments outside the country. Fukui also said the central bank would adjust interest rates slowly, but added no decision on a possible rate move had been made."

The 50-day Moving Average is presently 307.79, so the prior Friday's upward move crossed the current index level up through it and it has stayed there.

As I noted, however, the more important 200-day MA is at 332.01, and I don't think we're likely to see $80 oil any time soon, so I just forget this index. I also wrote a blog about how even other major Wall Street firms can't make head or tail of the constant re-adjustments to these commodities indexes.

Weekly CRB Commodities Index:

Daily CRB Commodities Index:

Oil:

$WTIC had a very strong week, up +4.06 pct, closing at $61.54. The 50-Day Moving Average is 61.72, while the 200-Day MA is 67.71. This is the technical resistance (the old support level when prices were higher) level to watch.

The 50-day MA really dropped a lot this week, for those who took note, and now is actually close again to the current price, which will give the oil Bulls something to yatter about.

As I say, I am sticking to my Stagflation/Reflation perspective until the econ data tells me otherwise. That means I expect to see Crude Oil stay in the 55-65 trading range. Periodically it will look like it will break-out above and then below this range, but I have to think this is the new trading range.

However, like I said earlier, if we see a 50 cent $USD (presently 85 cents), oil will be trading at $100 or more. Remember my story about those 10 cent cokes? Same thing.

Weekly Crude Oil:

Daily Crude Oil:

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Gold:

$GOLD was having a good day until Friday, when it dropped -1.1 pct on the day to close the week at $630.10. It was up +0.14 pct W/W.

Today, the 50-day MA for $GOLD is 598.59 and the 200-day MA is at 606.28. So, the current price ($631.10) is still well above these technically important levels thanks to a boost of $28.20 this previous week.

A week ago $GOLD had been well below the 200-day MA and traders seemed to be indifferent. Now they are hearing the $USD is in crisis, and the tune has changed.

Watch for the piling on to come in the precious metals (a relatively small market btw) as the $USD falls apart.

A couple weeks ago, with $GOLD under immense pressure, I wrote: "But, if I'm right, the secular and cyclical Bull phase will soon extend and push prices further north. While the bullion/futures battle goes on, I "continue to believe that the next Bull phase in the gold market will be on the back of a sliding $USD, and that $GOLD will move back over $700, and probably (as I see it) over $800. I also see that happening sooner than later " say within 12 months. That's because of demand-supply economics, as I have explained in previous WIR's."

Last week I added: "You see, gold miners produce much less supply that people want for investment (paper money hedging) and jewellery manufacturing purposes. And do you know the killer here, it's only a matter of time before the few central banks that have much physical gold left come to realize that 2.5 billion middle-class Chinese and Indian people want more than these banks can sell. Unfortunately, central banks keep printing money at a much faster rate than real wealth is created. Ergo, precious metal prices will go north. Not straight up, but this was a week where some people were starting to think that way."

It takes an appetite for risk to hang in to the precious metals story, but fundamentally it's the right play. I stick with it because I believe I'm doing the right thing. Periodically, though, I have to say "be careful; the RSI shows an over-bought short-term condition".

In any case, most of the central banks of the world will now be raising rates faster than the Fed (due to the U.S. housing crisis). So, hang in; if you are losing some temporary value in your house, try to make it back in precious metals.

Weekly Gold EOD Continuous Contract Index:

Daily Gold EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Gold Bullion index.

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$SILVER had another very good week, rising +3.80 pct to $13.11. A week earlier it had been up +4.59 pct to 12.64.

The 50-day MA $SILVER is now 11.79 and the 200-day MA is 11.56. So the current price (13.11) is WELL ABOVE both the 50/200-day MA.

Four weeks ago, I pointed out it had moved above the 200-day MA, which I said was clearly important, and I put several silver miners (Silver Wheaton my favorite) under the microscope.

I think you'll see $SILVER at $15 and later $18 in this cycle, and the prices of these silver miners will be giving you very impressive gains.

60-minute data

SLW is now $11.65. I handed it to you on a silver platter Oct 19 at $9.85 (and at much lower prices before that). But just since Oct 19, (15.5 trading sessions if you are counting), it's up +18.3 pct.

Did you get my point when I wrote in that article: "It seems the more I publish, the higher the price goes!"?

Well nobody could say I was mincing words when I also wrote: "The best precious metals play in the second half of the commodity Bull is going to be silver, I believe, and Silver Wheaton is my favorite. My target is well above any Wall Street analyst's, to my knowledge."

Now here's a fun story.

This past week, on Monday evening, Pat and I were invited by Rob and Cheryl McEwen to attend the Tiffany Mark Award celebration. It was held at the Tiffany Toronto store at 85 Bloor West. Fabulous time (Hello Magazine says our photo's are going to make the magazine), which ended with gift bags of silver key rings.

Meanwhile my 24-y.o. daughter Stef is in NYC for her first ever trip, and of course she goes to Tiffany's. Back in Toronto, she tells us all about her "best trip ever" to the "best city ever" and how she went out for four straight nights unescorted to the club scene with the "best men ever" " you get the picture.

So I decided to give her my engravable silver key ring (Pat adores hers) so I could hear her gush that I'm the "best Dad ever".

Anyway, Stef is now waiting for the day she returns to New York, where she says "I've been invited to the Hamptons, and to this, and to that;" Unfortunately, I'm not "the best listener ever."

Maybe I'll have to set up a New York office for "my best (and only) daughter". Do you think?

I have to give a lot of credit to New Yorkers though. Stef, who lives in the Toronto downtown, says she felt much safer in NYC, the cab drivers were "terrific," there were no homeless people panhandling and laying in the streets, and everybody stops to help you with directions. It was good to hear that she saw New York that way.

I knew she would.

Now for a not-so-fun story -- just in case you missed it in the charts above.

Hecla (HL) crapped out on Thursday because they pulled out of Venezuela " NOT BECAUSE OF CHAVEZ BUT BECAUSE OF NO MORE SILVER. Their deep program there found zip. That's life in the mining business.

Now I don't know if this was reported but a fly on a tree in a jungle in South America told me a week ago Friday.

That too is life in the mining business.

Weekly Silver EOD Continuous Contract Index:

Daily Silver EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Silver Bullion index.

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$PLAT didn't have a great week (losing -0.02 pct, which is just 30 cents), but that is ENTIRELY because the prior week (as I said) "it had a Whole Foods Markets week in reverse, going up $129.80 (+12.02 pct) W/W to 1209.40."

So merely time to settle down. Traders call this: consolidating the move.

But Friday, $PLAT jumped +$8.40 (+0.70 pct), so maybe the Chinese are buying again. (smiley goes here)

The Chinese love the investment value " jewellery " but also see that platinum is used in electrolytic converters for controlling carbon emissions from automobiles. For a country moving from a billion environmentally-friendly bicycles to a billion exhaust-emitting cars and trucks, everybody there can see the destruction to clean air, and hence the need for platinum.

India will deal with the same issue. This really is a no-brainer.

In Shanghai, lengthy periods of sunny days leave smog hanging over the city like L.A. once was, or worse. California was forced to take action, and so too will Shanghai and other major cities in China. So, remember the platinum story.

The time you really want to be alert is when you hear China unlinking the Yuan and USD. A higher Yuan will mean a lower $USD, which means a higher precious metal price. BUT, and here's the rest of the story, a higher Yuan makes it easier for the Chinese to buy those precious metals.

Preciousss.

The 50-Day MA for $PLAT is now 1145.53 and the 200-Day MA is 1157.22, so the current price (1209.10) is WELL ABOVE both the 50/200-day MA.

When technical resistance was taken out a couple weeks ago, it was like a hot knife through butter.

Weekly Platinum EOD Continuous Contract Index:

Daily Platinum EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Platinum metal index.

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This week, $PALL lost $3.73 (-1.11 pct W/W) to 333.15. But, most of the prior week's huge gain was made on the Friday (+2.53 pct), so over the past six sessions, $PALL has been very strong, and it would have ben even stronger had this Friday not turned into a disaster (-2.36 pct) as nervous traders were watching the base metal commodity and related miner share prices get hammered on the day.

The 50-day and 200-day Moving Averages for $PALL are 323.42 and 328.42 respectively, so $PALL (333.15) is ABOVE both the 50/200-day MA.

Weekly Palladium EOD Continuous Contract Index:

Daily Palladium EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Palladium metal index.

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$COPPER has been trading erratically. This week the near futures contracts lost a small bit (-0.23 pct) to close at $331.50. Friday was actually up a bit (+0.18 pct).

The 50-day MA is 341.00, and the 200-Day MA is 313.65, so $COPPER (331.50) is in a technical No Man's Land (a tennis term for a difficult place for players to stay).

Long term, as I say, "Generally, I think the enormous growth in the emerging markets will continue to place more demand on the copper market than the miners can meet with supply. So I am a long-term Bull on copper." But there are some major Wall Street houses that take a much different view " probably due to their take on inventory levels, forward trading prices, and a bursting U.S. debt bubble affecting the housing market.

But I'm guessing; you'll have to ask them.

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Weekly Copper EOD Continuous Contract Index:

Daily Copper EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Copper metal index.

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Table 12: Senior gold equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
GLG	45.07	1.09	2.48%	6.78%	16.97%	23.75%	51.50%	19.08%	11.56%	116.37%
MDG	27.50	-0.37	-1.33%	6.63%	13.97%	13.54%	14.77%	-1.93%	-25.66%	47.22%
GG	28.03	-0.64	-2.23%	4.67%	12.08%	23.32%	15.83%	-7.43%	-31.08%	43.74%
GFI	17.93	-0.62	-3.34%	2.63%	7.17%	2.11%	-6.95%	-16.14%	-29.41%	26.80%
AEM	38.63	-1.33	-3.33%	1.44%	8.36%	20.34%	75.27%	5.43%	-4.48%	178.11%
BVN	27.23	-0.51	-1.84%	0.93%	5.42%	4.13%	-7.88%	-6.17%	-12.86%	0.15%
LIHRY	40.75	0.34	0.84%	0.02%	-10.54%	-7.20%	17.50%	0.59%	-13.85%	70.64%
NEM	45.77	-1.08	-2.31%	-0.82%	3.27%	5.88%	-19.90%	-13.43%	-21.49%	5.17%
ABX	29.42	-0.62	-2.06%	-4.70%	-1.64%	-1.24%	2.08%	-7.77%	-16.49%	15.10%
KGC	12.14	-0.32	-2.57%	-8.45%	-4.56%	-1.94%	22.75%	-4.11%	-4.18%	80.39%

Table 12 shows some huge price moves, with stocks of major companies like ABX and KGC way down and GLG/GG and MDG way up.

This is silly season, so when companies go elephant hunting (NovaGold and Bema in the case of Barrick and Kinross respectively), with elephant gun sized premiums dancing in their heads, shareholders of the hunter companies use their smarts and head for the hills. Of course, the massive premiums paid for the hunted, makes for a "friendly" kill.

A week ago I wrote: "Other than the fact that Goldcorp-Glamis shares will likely to continue lifting now that the Ontario court has rejected the McEwen appeal for a shareholder vote, I don't have much to add. I suspect these shares will continue to rise, giving Rob McEwen the opportunity to sell his 1.5 pct holding into strength."

Glamis was up +6.8 pct W/W and Goldcorp +4.7 pct. Meridian btw was up +6.6 pct W/W.

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To watch the moves in precious metal miners, you will have to monitor the individual stock charts, preferably in real-time, as follows:

NEM ABX AU GFI GG HMY GLG KGC BVN
15-minute data
60-minute data
Daily data
Weekly data

MDG LIHRY AEM BGO IAG EGO PAAS GOLD CDE GRS
15-minute data
60-minute data
Daily data
Weekly data

CBJ SSRI RGLD SIL NG KRY HL TSE_HRG TSE_GUY TSE_AGI
15-minute data
60-minute data
Daily data
Weekly data

NXG GSS MNG DROOY MFN RNO RANGY MRB CLG GRZ
15-minute data
60-minute data
Daily data
Weekly data

Here are the key Silver miners and the SLV ETF:

SLV SIL CDE HL PAAS SSRI SLW MGN

15-minute data
60-minute data
Daily data
Weekly data

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Here are the Weekly and Daily Data charts of the indexes:

Weekly U.S. Goldminers Index:

Weekly U.S. Goldminers Index:

Daily U.S. Goldminers Index:

The U.S. goldminer share trust ETF trades under the ticker symbol GDX.

Here are the U.S. Goldminer ETF (GDX) index Weekly, Daily and Hourly data charts:

GDX Weekly data:

GDX Daily data:

GDX Hourly data:

The Toronto Exchange-listed goldminer iUnits S&P/TSX Capped Gold Index ETF trades under the ticker symbol TSE:XGD.

Here are the Weekly and Daily data charts for the TSX Goldshares (XGD) index:

XGD Weekly data:

XGD Daily data:

Two weeks ago, $XAU popped from 128.79 to 133.02, which is a gain of +3.28 pct W/W. One week ago, it went a further +4.76 pct to close at 139.35. This week it dropped back a bit (-0.29 pct) to 138.95, mostly because it dropped -2.40 pct on Friday, which happened because gold dropped -1.05 pct in sympathy with a shake-up in base metals.

The 50/200-day MA's are 131.73 and 139.45, so the miners' shares (138.95) are now marginally below their 200-day MA. But the real lesson here is that even a rocket sputters occasionally.

A week ago, GDX was up +5.3 pct W/W after a week of being up +3.0 pct. This week GDX closed at 39.01 (+0.54 pct W/W). On Friday, GDX fell -2.23 pct on the day.

A week ago, XGD was up +6.4 pct W/W after a week of being up +3.1 pct. This week XGD closed at 78.20 (+1.81 pct W/W). On Friday, XGD jumped +3.03 pct on the day. There's no miner like a Cdn miner. (lol)

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Forex:

As I say, "Traders are wondering how the $USD can hold up when other central banks are raising, and the Fed looked certain to start lowering."

Answer, the Fed hints it will now raise too, but that still doesn't fool us because we know the Treasury has a Housing market problem " even if the Fed brings in the heavy guns like ex-Fed head Greenspan to say "What, me worry? No housing problem, Mon."

Do you believe he is actually suggesting that there is no longer a serious housing inventory issue in America?

Al must be smokin stuff and picking up the lingo from the Caribbean where some pundits are suggesting his booty is kept.

Man, when that guy goes Rasta, we just know it's gotta be a wig. But isn't that what life's come down to; too much make-believe?

Bloomberg has reported this weekend, what is the developing BIG STORY in the forex market " something I have been alerting you to for a while: "Central banks in Russia, Switzerland and New Zealand are increasing holdings of yen, anticipating the currency will rebound from a 20-year low on rising interest rates and the longest economic expansion since World War II. People's Bank of China Governor Zhou Xiaochuan said last week that the world's fastest-growing economy will re-allocate its $1 trillion reserves, more than two-thirds of which are held in dollars, spurring a two-day rally in the yen. Officials in Thailand also said they want to reduce their dollar holdings."

A week ago there was a turnaround in the $USD and I warned it was just an anomaly in the bigger picture ("Dollar goes down; dollar goes down!"). This week, the $USD dropped -0.77 pct to 85.05.

The 50-Day MA is now 85.91 and the 200-Day MA is 86.84. So, the $USD is now well below the 50-day and 200-day MA technical resistance, as I have been saying all along it would.

Ben Bernanke delivered his money aggregates speech at the Fourth ECB Central Banking Conference in Frankfurt, where (according to Econoday):

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His presentation, "Monetary Aggregates and Monetary Policy at the Federal Reserve: A Historical Perspective" focused more on generalities of how the Fed views data on U.S. monetary aggregates rather than specifics for the current economic outlook. Specifically, Bernanke noted that because the relationship between monetary growth and output and inflation has broken down, the Fed no longer set targets for monetary growth and does not place heavy emphasis on trends in monetary aggregates for policy decisions.

He did emphasis that such data do still play a role, however. "Despite these difficulties, the Federal Reserve will continue to monitor and analyze the behavior of money. Although a heavy reliance on monetary aggregates as a guide to policy would seem to be unwise in the U.S. context, money growth may still contain important information about future economic developments. Attention to money growth is thus sensible as part of the eclectic modeling and forecasting framework used by the U.S. central bank."

Key reasons for the breakdown in the relationship between monetary aggregates growth and output and inflation were cited as innovations in financial markets and institutions and the increase in the share of the U.S. money supply that is held abroad. It is estimated that one-half to two-thirds of U.S. dollars are held abroad.

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As I think that's all a crock, I'm looking forward to Wall Street's assessment of these statements.

Weekly U.S. Dollar Index:

Daily U.S. U.S. Dollar Index:

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The Euro (priced in USD) gained a healthy +1.01 pct W/W to close at 128.47, up from

I continue to say: "I still think the Euro will get to 130 and beyond. The European Central Bank did not raise this (month), but the guidance it gave was unmistakeable. It is likely to raise in December."

The British Pound was up again, and the Bank of England did raise.

The Pound gained a further +0.56 pct to close at 191.20.

The CAD lost a bit (-0.15 pct W/W) to close at 88.44. the whole loss was Friday, which had zero to do with loss of faith in the Cdn government after they took the gold and gave everybody else the shaft.

The JPY had a good week, after a losing one. This week it was up +0.34 pct to 85.02 U.S.
Can talk of parity be far off?

Weekly Euro Dollar Index, priced in USD:

Daily Euro Dollar Index, priced in USD:

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Weekly British Pound Index:

Daily British Pound Index:

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Weekly Japanese Yen Index:

Daily Japanese Yen Index:

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Weekly Canadian Dollar Index:

Daily Canadian Dollar Index:

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International Equities:

As I wrote previously, "Traders can take a Bullish action with a Bearish attitude, you know. At times, it is needed, so you don't become complacent. This is one of those times."

The international markets are the key to your confidence level. If, as and when they fall through technical support, along with the U.S. equity markets, then you are going to have to face some serious decisions: Hold or Sell.

Most people cannot bring themselves to sell, so I'm trying to build a case for helping all traders to get over the psychological hump.

I have also been pointing readers to the Weekly International Perspective at Econoday, which is a good read " just not as good after the excellent Evelina Tainer departed.

Table 13: International equities perspective

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
TRF	71.89	1.99	2.85%	5.92%	5.33%	3.44%	33.13%	3.44%	-22.78%	45.53%
IFN	47.75	0.55	1.17%	4.10%	0.95%	4.03%	15.70%	17.29%	-26.20%	26.99%
FXI	89.70	0.18	0.20%	3.20%	6.22%	6.66%	42.40%	12.14%	8.86%	50.05%
QQQQ	43.03	0.20	0.47%	2.62%	1.94%	1.41%	4.16%	16.96%	3.26%	5.99%
IEV	102.61	0.34	0.33%	2.53%	2.31%	4.20%	22.93%	10.33%	6.35%	30.08%
EWU	23.33	0.08	0.34%	1.57%	2.19%	4.20%	21.76%	7.66%	5.23%	24.10%
SPY	138.24	0.06	0.04%	1.25%	0.24%	1.18%	9.11%	8.53%	4.29%	12.08%
EWC	25.16	-0.30	-1.18%	1.00%	0.84%	5.76%	12.07%	4.05%	-1.14%	24.99%
EWZ	43.17	-0.17	-0.39%	0.65%	3.15%	3.87%	23.94%	7.87%	-7.36%	31.82%
EWJ	13.44	-0.02	-0.15%	-1.97%	-3.45%	-1.54%	-3.66%	-1.03%	-12.33%	9.98%

Japan's Nikkei225 and Topix dropped -1.5 pct and -2.3 pct respectively this week. That means the annual YTD change is -4.1 pct for the TOPIX and absolutely flat for the Nikkei Dow.

The South Korean Kospi gained +0.9 pct W/W, which gave it a YTD performance of a paltry +1.2 pct.

Big movers on the upside this week and YTD are Hong Kong's Heng Seng (+0.8 pct /+27.0 pct YTD) and the Mexico Bolsa (+3.4 pct/+34.5 pct YTD).

But, the Japanese equity market is the one you need to keep an eye on.

Follow the Nikkei 225 index with a close eye on the Colin Twiggs charts. I'm not saying this could be anything more than a short-term correction on the basis of traders unhappy with the end of the Yen carry trade (with rising domestic rates), but it could also be the Niagara Falls, and you stuck in a barrel.

Don't get caught.

And don't under-estimate the size and importance of the Japanese economy and its debt and equity markets. To North and South Americans and Europeans, out of sight should not mean out of mind. Asia Pacific is not all about China and India.

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Japanese equity market ETF: EWJ

The Japanese equity market ETF (EWJ, priced in USD), closed at 13.44, down -1.97 pct this week after being down -1.51 pct the previous week.

Here is the Japanese (EWJ) equity market ETF Monthly, Weekly, Daily and Hourly data charts:

EWJ Monthly data:

EWJ Weekly data:

EWJ Daily data:

EWJ Hourly data:

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U.K. equity market ETF: EWU

EWU (priced in USD) was up +1.57 pct on the week to 23.33.

Here is the United Kingdom (EWU) equity market ETF Monthly, Weekly, Daily and Hourly data charts:

EWU Monthly data:

EWU Weekly data:

EWU Daily data:

EWU Daily data:

EWU Hourly data:

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Canadian equity market ETF: EWC

The EWC of Canada was up +1.00 pct W/W to 25.16.

A reader sent me this note tonight about a Canadian stock I recently wrote up: "Hi Bill, I think that this week Bombardier (BBD.b.TO) may see 4.25 " 4.50 and this might be a good idea for your readers to review your post dated Oct 26th. The company's progress in refinancing was facilitated by the prudent decision by BBD this weekend to give Alstom about a third of their large French Railway contract, avoiding a punishing lawsuit. During the problems of recent years BBD has been able to move away from the localization policy where rolling stock was to be built in the purchaser's country. Several inefficient plants have been closed, creating future operating efficiencies and European operations will benefit greatly from this. Naturally, those who own the securities market want theirs so in recent weeks HB&B has put out the call to downgrade BBD and bring in the stock. Accordingly, the volume has gone up but so has demand for the stock, so we are about to see some interesting times. Daily volumes over 20M are not to be unexpected, particularly if and when good earnings news is fed into the market."

We'll be watching.

Unfortunately, like Bombardier (Canadians call it the Bomber " it makes corporate and airline jets among other modes of transport), I too am trying to fly. A day away in Mississauga and the afternoon sleeping it off, has left me far behind schedule. Sorry but I'm rushing.

Here is the Canadian (EWC) equity market ETF Monthly, Weekly, Daily and Hourly data charts:

EWC Monthly data:

EWC Weekly data:

EWC Daily data:

EWC Hourly data:

(Japan, Taiwan, Hong Kong, Singapore)

(U.K., Germany, France, Italy)

(Canada, Mexico, Brazil, Australia).

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U.S. Equities:

The S&P500, DJIA, NASDAQ and Russell 2000 were all up, +1.22 pct, +1.02 pct, +2.53 pct, and +2.18 pct respectively, but this was a split week. A huge pre-election move up and then a stumble.

As I wrote two weeks ago: "We always have to keep our eye on where the most solid ground is. In technical trading jargon, that happens to be the support lines. Maybe they are the 50 and 200-day Moving Average lines, and maybe they are other patterns used by technical analysts.

But if, as and when the major MA lines and chart pattern lines get violated, you have to seriously consider selling out of pre-selected long positions that are most vulnerable to a major market pullback, or at least hedging those positions."

Remember, we trade prices. Watch the tape. Watch the technical support. You have to do that in addition to watching the economic news and changes to the corporate fundamental and quantitative pictures. You have to put it all together, bt at times when market trends might be in a stage of reversal, you really do have to look closer at the technical indicators and trading patterns.

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Here is the Monthly data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

Here is the Weekly data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

Here is the Daily data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

Here is the Hourly data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

Table 14: Dow 30 List

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
BA	85.62	0.51	0.60%	7.07%	7.37%	3.92%	21.72%	12.36%	-3.73%	29.53%
DD	47.30	0.05	0.11%	4.92%	3.84%	4.92%	9.85%	19.38%	3.48%	11.93%
HPQ	39.99	0.43	1.09%	4.63%	3.98%	2.91%	39.00%	21.15%	20.89%	41.46%
AIG	69.63	1.59	2.34%	4.21%	3.32%	3.51%	0.01%	15.43%	4.64%	3.63%
AXP	58.86	-0.05	-0.08%	3.15%	2.78%	1.45%	11.94%	13.24%	9.77%	18.05%
XOM	74.42	-0.19	-0.25%	3.15%	4.14%	8.80%	27.28%	7.28%	16.50%	31.83%
C	50.63	0.02	0.04%	2.10%	0.54%	0.50%	2.72%	5.55%	0.66%	6.08%
HON	42.54	0.34	0.81%	1.99%	0.57%	-0.16%	13.56%	14.23%	-2.90%	18.36%
MSFT	29.24	0.00	0.00%	1.78%	3.14%	2.99%	8.94%	19.54%	23.01%	7.94%
MCD	41.97	-0.12	-0.29%	1.77%	1.21%	-0.33%	25.21%	20.36%	16.71%	26.30%
UTX	65.06	0.15	0.23%	1.70%	0.18%	-2.17%	15.09%	7.63%	-1.65%	23.03%
DIS	32.40	-1.18	-3.51%	1.60%	2.11%	4.15%	32.79%	9.53%	7.61%	26.02%
JPM	47.61	0.37	0.78%	1.54%	0.68%	-1.14%	18.46%	8.08%	3.68%	24.24%
GM	34.67	0.13	0.38%	1.29%	2.18%	5.09%	83.44%	13.26%	30.39%	47.47%
GE	35.17	-0.12	-0.34%	1.15%	-0.11%	-2.25%	-0.57%	7.65%	1.35%	1.94%
MMM	79.19	0.29	0.37%	0.78%	0.30%	5.03%	0.10%	15.76%	-9.65%	2.60%
PG	63.70	-0.10	-0.16%	0.47%	0.22%	2.53%	8.37%	5.71%	13.06%	13.00%
IBM	91.76	-0.66	-0.71%	0.38%	1.10%	6.60%	11.82%	21.15%	10.69%	9.25%
INTC	20.58	0.16	0.78%	0.34%	-2.46%	-4.94%	-19.52%	15.94%	5.11%	-18.46%
AA	28.51	-0.50	-1.72%	0.07%	0.74%	6.90%	-4.65%	-1.45%	-21.29%	8.49%
KO	46.47	-0.18	-0.39%	-0.06%	-0.85%	5.57%	13.62%	5.85%	6.63%	9.29%
MO	80.93	0.07	0.09%	-0.31%	-1.12%	1.63%	7.94%	0.46%	11.34%	8.62%
CAT	59.60	0.40	0.68%	-1.37%	-2.73%	-13.72%	3.11%	-12.76%	-26.39%	8.98%
HD	36.64	-0.21	-0.57%	-1.51%	-1.16%	-0.70%	-11.15%	9.02%	-11.09%	-12.22%
T	33.05	-0.37	-1.11%	-1.99%	-3.42%	-1.64%	33.75%	9.36%	26.29%	38.34%
WMT	46.47	0.08	0.17%	-2.23%	-8.40%	-4.11%	0.52%	3.52%	-2.74%	-5.24%
JNJ	66.29	0.14	0.21%	-2.24%	-2.76%	2.65%	7.56%	4.31%	13.67%	7.95%
VZ	35.59	-0.52	-1.44%	-3.02%	-8.37%	-3.94%	17.15%	4.86%	10.05%	14.29%
PFE	25.71	-0.13	-0.50%	-3.16%	-5.55%	-6.81%	8.12%	-1.00%	2.68%	15.76%
MRK	43.12	0.24	0.56%	-4.39%	-6.44%	-0.16%	31.66%	4.33%	24.37%	43.59%

You can do this table yourself by entering the following string into the Summaries window at www.investertech.com and then clicking on the link for Performance.

AA AIG AXP BA C CAT DD DIS GE GM HD HON HPQ IBM INTC JNJ JPM KO MCD MMM MO MRK MSFT PFE PG T UTX VZ WMT XOM

Here are the links to interactive Dow charts from Investertech.com that I broke into groups of ten, which you can add technical indicators for as well. (list one) (list two) (list three)

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This week Value Line analyzed just Wal-Mart. They recommend WMT ("The stock's appreciation potential to 2009"2011 is slightly above Value Line's median" but give a warning.

With a lower $USD and the majority of its purchases abroad, WMT shares are hurt by a falling $USD. Who in America (other than industrial and tech manufacturing exporters) isn't?

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Wal-Mart [GICS 30, Dow 30, Cara 100](WMT: Yahoo Finance file) (WMT: StockChart chart) (WMT: Investertech chart) (WMT: ADVFN Financial Data) (WMT: ADVFN Financial Data) (WMT: Value Line Report Nov. 10: next one is due Feb. 9)

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Exactly six months ago, on Friday May 12, I wrote a mid-day report on WMT. Value Line reported on Wal-Mart that day and I wanted to do a little teaching to my fellow students (ie, readers). The price at the time was $47.25, and I had just called for a Bear to follow the May 10 FOMC meeting.

I said then, basically, I'd wait til the price dropped to the low 40's before buying, and that would happen at RSI low values (30 or below). The RSI was too high on May 12, although I don't recall exactly what it was. I said that if you could buy WMT at 41 and sell it at 66 in two years, the total return (including dividend) would be +28.3 pct per annum, which I said was Better Than Buffett " or at least as good " and would put you into the top 2 percentile of all professional traders running OPM (note I didn't say their own $$).

The Daily data chart (below) shows my case.

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In July the RSI-7 for the WMT Daily dropped to a jaw-dropping 10. Every Talking Head was slamming the company. Cramer was calling the stores dowdy former Soviet era type places that couldn't match up with his favorites Target and Sears.

That was the time to buy. Pro managers were throwing away the stock of this Cara 100 favorite, and the low at the time was $42.31.

Say you bought the WMT stock in mid-July at 43 (with the RSI under 15) and took in the dividend of $0.168 on Aug 16, then sold it in two months at 48 after the RSI-7 on the Daily had hit an eye-popping 91. That was a +12 pct gain.

So the question becomes: Do I take +12.0 pct in 60 days (with possibly heavy tax implications) or do I wait out my two-year long-term strategy of seeking +28.3 pct p.a.?

The market forces you to make decisions like this all the time and you have to be prepared.

Being an extremely defensive trader, especially after I opine that general market conditions have turned long-term bearish (which I called May 13 in the WIR " after the May 10th Fed meeting), I would have sold, probably between $48 and $48.50 on its way to 50 two weeks later. (Note: I'm not saying exactly what I did or didn't do because this is a teaching lesson).

But if I missed that trade, surely the time a month later when the RSI-7 on the Daily data hit 88, with the stock at $52, would have set off alarm bells in my head.

Say I could get the average of $51.50 (the stock traded at a high of over $51.75 for four straight days), my TR (total return) over 90 days would then have been +20.0 pct (ie, over +80 pct simple annual rate). Would I have waited eight times as long (ie, 2 years) to try to hit my target TR of +28.3 pct on this conservative stock? NEVER.

There is another lesson, just as important as the first.

There was a quarterly Value Line report on Wal-Mart on August 11 that was very conservative. Then on August 16 in my blog, I took note of a statement that the Wal-Mart CEO had made about buying stock in retailers (like his) when gas prices came down at the pump.

Do you recall how in mid-summer, WMT shares and the company were being trashed by Talking Heads? That happened right after the Wal-Mart CEO had laid the groundwork for buying his stock, and just before fuel pump sticker shock was about to disappear.

DO YOU REALLY THINK THIS IS A COINCIDENCE? I DON'T.

And then later, after the Dem's were leading in the pre-election polls, which was a prelude to trade protection and a lower $USD, do you really think the sharp two or three-day spike from $48 to $52 followed by a three-week sell-off (to a current $46.47) was also a coincidence? I don't.

The lesson here is (i) Trust RSI, (ii) don't trust THs, and (iii) trade your portfolio like it's a business you manage, with costs and revenues, budgets, and so forth.

All that was up to the end of last week when I opined in the lead paragraph to WIR #44: "Momentum has clearly shifted this week to a negative bias in the leading U.S. market. The prospects of prices moving higher by say +500 points on the DJIA versus -500 points down are probably not more than 1 in 10."

The only problem I have with that statement is that my WIR is a Weekly and there was still a day where campaigning would reach its nastiest level, when all the political chips were being called in a last ditch effort to at least save the battle over Senate control.

I was going to write about the nil prospects of a further +200-300 Dow points, but I thought to myself: "these turkeys think they can fly like eagles," so I opted for +500 Dow points as a point we would more likely see on the downside.

What happened was a debacle. The total value of the U.S. equity market gained +1.74 pct (11986 to 12195) in nine (9) hours " an all-time record high right before voters went to the polls.

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And what did the TH NYSE floor traders do? They peered right into the television cameras and mugged: "THIS HAS NOTHING TO DO WITH THE ELECTION!"

If you believe that crapola, I advise you to stop reading this blog immediately because there is no hope. There is no hope for traders suffering terminal credulity syndrome.

When I heard that statement, I thought to myself: "Two things are obvious " the speaker is not trading his own money and/or he is trying to deceive the audience."

Note that I said two things were obvious.

Post-election, WMT continued its journey south. The 10-minute data chart shows that just prior to noon on election day, the Rangers couldn't hold back the flood. WMT peaked at about $47.90 with the RSI-7 at 75. Boom, boom, boom for the rest of the week, WMT got distributed; down to a Friday close of $46.47, which was a last 45-minute bump from under $46.40 (just to put some lipstick on the pig).

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The last 45 minutes are interesting as vested interests were struggling to apply that lipstick. From the 2-minute data chart below, note the wide swings at the end of the day.

But also look at what happened earlier in the day. Traders had pushed the RSI-7 to just 10 (it doesn't get much worse), which is usually a case where shakers and movers are involved. They shake you out right before they move the stock.

Shaking and moving is the same technique as pulling back on a slingshot further to get more pop when you release. It's a deceptive move " just the opposite of moving and shaking, which transparent people do.

Nothing's changed in 40, 60, 80 years. Forty years ago, the same tactics were used in penny stock trading. Now it's done in all stocks, including super large cap.

The worst offender is the NYSE or any floor where a wink of an eye, a glance at an order book go untraceable, unlike e-mail or squawk boxes. But it's collusion and price manipulation all the same.

Think about a tiny 25-cent move in WMT (ie, one-half of 1 pct of the share price); that's a move of $1 billion in capitalization.

Note on the chart below, how far out of the day's trading range the MACD had fallen by 11:50am. Then SNAP -- from $46.35 at 11:50am to 12:30pm at $46.55 with the RSI=70 (there's that 70 again!), before the 40-minute action was hit with a selling wave.

The final 15 minutes of the day was time to apply make-up before the week-end.

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Right now, the Monthly-Weekly-Daily RSI-7 is 46.4/41.8/22.6 so the Daily is well down, which makes it appear to me there will be another attempt to rally WMT (not for long) before more distribution is going to take place.

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The Value Line analyst David Cohen in his Wal-Mart report on Friday (WMT: Value Line Report Nov. 10) concluded: "These timely shares have rebounded by about 10% over the past three months. Investors' positive response to the decreased capital budget appears to be the main catalyst."

What Mr. Cohen is saying is that after the company issued such a statement on Oct 23 (not three month's ago) rocketed in a couple days from just under $48 to just over $52.

As I see it, that corporate IR (investor relations) gesture was a campaign boost (ie, political card played) to hype the stock, but it ran into immediate problems with smart traders who were figuring the Dem's would win the House and possibly spark a Trade War with China. Ergo selling wave from Oct 24 through this week (ending Nov 10).

So the lesson here is that you don't trust anything you read. It's just more grist for the mill, and a lot of it crapola by terrible research and analysis. Even the highly respected Value Line is vulnerable.

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Dow 30 list:

Alcoa [GICS 15, Dow 30]
(AA: Yahoo Finance file)
(AA: StockChart chart)
(AA: Investertech chart)
(AA: ADVFN Financial Data)
(AA: ADVFN Financial Data)
(AA: Value Line Report Oct. 20: next one is due Jan. 19)

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Altria Group Inc [GICS 30, Dow 30]
(MO: Yahoo Finance file)
(MO: StockChart chart)
(MO: Investertech chart)
(MO: ADVFN Financial Data)
(MO: ADVFN Financial Data)
(MO: Value Line Report Nov. 3: next one is due Feb. 2)

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American International Group [GICS 40, Dow 30]
(AIG: Yahoo Finance file)
(AIG: StockChart chart)
(AIG: Investertech chart)
(AIG: ADVFN Financial Data)
(AIG: ADVFN Financial Data)
(AIG: Value Line Report Aug. 25: next one is due Nov. 24)

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American Express [GICS 40, Dow 30]
(AXP: Yahoo Finance file)
(AXP: StockChart chart)
(AXP: Investertech chart)
(AXP: ADVFN Financial Data)(AXP: ADVFN Financial Data)
(AXP: Value Line Report Aug. 25: next one is due Nov. 24)

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AT&T [GICS 50, Dow 30]
(T: Yahoo Finance file)
(T: StockChart chart)
(T: Investertech chart)
(T: ADVFN Financial Data)
(T: ADVFN Financial Data)
(T: Value Line Report Sep. 29: next one is due Dec. 29)

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Boeing Co [GICS 20, Dow 30. Cara 100]
(BA: Yahoo Finance file)
(BA: StockChart chart)
(BA: Investertech chart)
(BA: ADVFN Financial Data)(BA: ADVFN Financial Data)
(BA: Value Line Report Sep. 22: next one is due Dec. 22)

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Caterpillar [GICS 20, Dow 30]
(CAT: Yahoo Finance file)
(CAT: StockChart chart)
(CAT: Investertech chart)
(CAT: ADVFN Financial Data)(CAT: ADVFN Financial Data)
(CAT: Value Line Report Oct. 27: next one is due Jan. 26)

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Citigroup [GICS 40, Dow 30, Cara 100]
(C: Yahoo Finance file)
(C: StockChart chart)
(C: Investertech chart)
(C: ADVFN Financial Data)(C: ADVFN Financial Data)
(C: Value Line Report Aug. 25: next one is due Nov. 24)

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Coca Cola [GICS 30, Dow 30]
(KO: Yahoo Finance file)
(KO: StockChart chart)
(KO: Investertech chart)
(KO: ADVFN Financial Data)
(KO: ADVFN Financial Data)
(KO: Value Line Report Nov. 3: next one is due Feb. 2)

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Disney [GICS 25, Dow 30, Cara 100]
(DIS: Yahoo Finance file)
(DIS: StockChart chart)
(DIS: Investertech chart)
(DIS: ADVFN Financial Data)(DIS: ADVFN Financial Data)
(DIS: Value Line Report May 19: next one is due Aug. 18)

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Dupont [GICS 15, Dow 30]
(DD: Yahoo Finance file)
(DD: StockChart chart)
(DD: Investertech chart)
(DD: ADVFN Financial Data)(DD: ADVFN Financial Data)
(DD: Value Line Report Oct. 20: next one is due Jan. 19)

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ExxonMobil [GICS 10, Dow 30, Cara 100]
(XOM: Yahoo Finance file)
(XOM: StockChart chart)
(XOM: Investertech chart)
(XOM: ADVFN Financial Data)
(XOM: ADVFN Financial Data)
(XOM: Value Line Report Sep. 15: next one is due Dec. 15)

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General Electric [GICS 20, Dow 30, Cara 100]
(GE: Yahoo Finance file)
(GE: StockChart chart)
(GE: Investertech chart)
(GE: ADVFN Financial Data)(GE: ADVFN Financial Data)
(GE: Value Line Report Oct. 13: next one is due Jan. 12)

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General Motors [GICS 25, Dow 30]
(GM: Yahoo Finance file)
(GM: StockChart chart)
(GM: Investertech chart)
(GM: ADVFN Financial Data)(GM: ADVFN Financial Data)
(GM: Value Line Report Sep. 1: next one is due Dec. 1)

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Hewlett-Packard [GICS 45, Dow 30]
(HPQ: Yahoo Finance file)
(HPQ: StockChart chart)
(HPQ: Investertech chart)
(HPQ: ADVFN Financial Data)(HPQ: ADVFN Financial Data)
(HPQ: Value Line Report Oct. 13: next one is due Jan. 12)

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Home Depot [GICS 25, Dow 30]
(HD: Yahoo Finance file)
(HD: StockChart chart)
(HD: Investertech chart)
(HD: ADVFN Financial Data) (HD: ADVFN Financial Data)
(HD: Value Line Report Oct. 6: next one is due Jan. 5)

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Honeywell [GICS 20, Dow 30]
(HON: Yahoo Finance file)
(HON: StockChart chart)
(HON: Investertech chart)
(HON: ADVFN Financial Data)(HON: ADVFN Financial Data)
(HON: Value Line Report Oct. 27: next one is due Jan. 26)

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IBM [GICS 45, Dow 30]
(IBM: Yahoo Finance file)
(IBM: StockChart chart)
(IBM: Investertech chart)
(IBM: ADVFN Financial Data)(IBM: ADVFN Financial Data)
(IBM: Value Line Report Oct. 13: next one is due Jan. 12)

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Intel [GICS 45, Dow 30, Cara 100]
(INTC: Yahoo Finance file)
(INTC: StockChart chart)
(INTC: Investertech chart)
(INTC: ADVFN Financial Data)
(INTC: ADVFN Financial Data)
(INTC: Value Line Report Oct. 13: next one is due Jan. 12)

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Johnson & Johnson [GICS 35, Dow 30, Cara 100]
(JNJ: Yahoo Finance file)
(JNJ: StockChart chart)
(JNJ: Investertech chart)
(JNJ: ADVFN Financial Data)
(JNJ: ADVFN Financial Data)
(JNJ: Value Line Report Sep. 1: next one is due Dec. 1)

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JP Morgan [GICS 40, Dow 30]
(JPM: Yahoo Finance file)
(JPM: StockChart chart)
(JPM: Investertech chart)
(JPM: ADVFN Financial Data)
(JPM: ADVFN Financial Data)
(JPM: Value Line Report Aug. 25: next one is due Nov. 24)

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McDonalds [GICS 30, Dow 30]
(MCD: Yahoo Finance file)
(MCD: StockChart chart)
(MCD: Investertech chart)
(MCD: ADVFN Financial Data)
(MCD: ADVFN Financial Data)
(MCD: Value Line Report Sep. 8: next one is due Dec. 8)

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3M Company [GICS 20, Dow 30, Cara 250 June 25-06]
(MMM: Yahoo Finance file)
(MMM: StockChart chart)
(MMM: Investertech chart)
(MMM: ADVFN Financial Data)
(MMM: ADVFN Financial Data)
(MMM: Value Line Report May 19: next one is due Aug. 18)

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Merck [GICS 35, Dow 30]
(MRK: Yahoo Finance file)
(MRK: StockChart chart)
(MRK: Investertech chart)
(MRK: ADVFN Financial Data)
(MRK: ADVFN Financial Data)
(MRK: Value Line Report Oct. 20: next one is due Jan. 19)

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Microsoft [GICS 45, Dow 30]
(MSFT: Yahoo Finance file)
(MSFT: StockChart chart)
(MSFT: Investertech chart)
(MSFT: ADVFN Financial Data)
(MSFT: ADVFN Financial Data)
(MSFT: Value Line Report Aug. 25: next one is due Nov. 24) >

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Pfizer [GICS 35, Dow 30]
(PFE: Yahoo Finance file)
(PFE: StockChart chart)
(PFE: Investertech chart)
(PFE: ADVFN Financial Data)
(PFE: ADVFN Financial Data)
(PFE: Value Line Report Oct. 20: next one is due Jan. 19)

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Procter & Gamble Co. [GICS 30, Dow 30, Cara 100]
(PG: Yahoo Finance file)
(PG: StockChart chart)
(PG: Investertech chart)
(PG: ADVFN Financial Data)
(PG: ADVFN Financial Data)
(PG: Value Line Report Oct. 6: next one is due Jan. 5)

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United Technologies [GICS 20, Dow 30, Cara 100]
(UTX: Yahoo Finance file)
(UTX: StockChart chart)
(UTX: Investertech chart)
(UTX: ADVFN Financial Data)
(UTX: ADVFN Financial Data)
(UTX: Value Line Report Oct. 27: next one is due Jan. 26)

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Verizon [GICS 50, Dow 30]
(VZ: Yahoo Finance file)
(VZ: StockChart chart)
(VZ: Investertech chart)
(VZ: ADVFN Financial Data)
(VZ: ADVFN Financial Data)
(VZ: Value Line Report Sep. 29: next one is due Dec. 29)

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Wal-Mart [GICS 30, Dow 30, Cara 100]
(WMT: Yahoo Finance file)
(WMT: StockChart chart)
(WMT: Investertech chart)
(WMT: ADVFN Financial Data)
(WMT: ADVFN Financial Data)
(WMT: Value Line Report Nov. 10: next one is due Feb. 9)

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Wrap up:

I slept all afternoon, so now I'm likely to start tomorrow at 3:00 AM.

As you know, I spent yesterday afternoon through this morning in the City of Mississauga. Pat and I attended the Mayor's 20th Emerald Gala at the Living Arts Centre, a stunning world-class facility.

Mississauga (which includes Toronto Intl Airport) is Canada's 6th largest city -- soon to be 1 million people. The city is famous for Hazel McCallion who is something else " a truly remarkable person. Her nickname is "Hurricane" because she's sharp-minded, sharp-tongued and always on the move.

Elected Mayor for the first time in 1978 at the age of 57, Hazel has never come close to losing" often winning by acclamation. Tomorrow (municipal voting day) she'll win her 11th consecutive Mayoralty term and her vote will exceed 90 pct! In all those years, she's handled every crisis with complete authority, and flawlessly. She's never had a controversy.

Ontario Premier Dalton McGuinty and his wife also attended this black tie affair (and for the entire evening) and Tom Jones and his 12 person band put on a remarkable show, easily exceeding people's expectations. In a huge multi story auditorium, we sat a few feet from the Mayor and Premier and even closer to the singer than he was to his band.

This social event of the year " the Mayor's Emerald Gala to support Arts and Culture -- raised the remarkable sum of $2.35 million.

To indicate how the evening went, one of the items in the live auction was a Harley Davidson motorcycle, driven onstage by one of the city's finest. When the bidding finally stopped at $13,000, the auctioneer asked the donor if he'd put up a second vehicle, which, amazingly, he agreed to do. The woman who was second highest bidder then said she too would bid $13,000 if they'd throw in the cop. The host then started to sing the "Good morning, good morning" Viagra commercial as the crowd of 1100 howled.

As for the entertainment, Tom Jones sang many of his early hits, like "She's a Lady," "Delilah," and "It's Not Unusual," plus a few new ones. The overt sexuality (unmentionable here except maybe for flashing his chest) and his rendition of "You Need Love Like I Do" had most of the women screaming.

As we left the room, I overheard a man saying: "I don't get it -- a 70-year old wowing hundreds of women half his age." Well, that entertainer may be 66, but he looks, sings and dances like someone half his age.

As for the star of the evening, the Mayor, she clearly operates at the pace of people a third her age. And she's all business, all the time, even when she's supposed to be having a good time.

Can you imagine a Mayor of a city this size that never had a limo? For 28 years, she drove herself to all events until she recently had a traffic accident. The police said that was due to her exhausting schedule. Now 85, she routinely puts in 15 hour days.

Yesterday she was working the room when we got there just after 5:00 pm and I last saw her at ten past one in the morning. During the evening, she spent 4 or 5 hours with the Premier, probably prodding him for money. And it was his wedding anniversary!

Despite some of the lowest taxes in the region, this city has earned a surplus every single year since she took office almost 29 years ago. To the Mayor's credit, the city has no debt and close to $1 billion in the bank.

According to Wiki: Mayor McCallion's "principles are grounded in the belief that a city should be run like a business; thus, she encourages the business model of governance. Her family's business background, her education and prior career in a corporation prepared her to approach government with a business model."

That's exactly what I say about trading: run your portfolio like a business. And let them call you names like "cynic", but never let them take advantage of you.

During the evening, I spoke with the Mayor twice " she says "Just call me Hazel" -- once reminding her of our having crossed paths years ago and the other time mentioning the blog. She asked several questions about my career in finance, seemingly genuinely interested.

I ran across Hazel once 15 years ago. She was departing the office of then Minister of Finance Michael Wilson (presently Canada's Ambassador to the U.S.). As I walked past her, about six feet from the Minister who was beaming, the Mayor (70 years old at that point) screeched (that's her normal voice, which I say endearingly) with a feigned poke to my shoulder, "Don't let that guy take advantage of you. He'll try you know."

I imagine they all try with Hazel, but she is just too fast on her feet.

As for this blog, I intend to write more this coming week about the Canadian Income Trust situation because it is an important topic that affects about 20 pct of my readers. I'll say this, though; if Hazel had been Minister of Finance, the owners of those trusts would still be trusting. She'd have found a way to make the income tax legislation a win-win.

On Saturday, I answered one letter from a reader who asked me to review a list of his income trusts:

"The flow-through trust structure has been permanently altered. The one-time valuation effect is a done deal because the legislation will get approved. From this point fwd, the individual companies will trade on their own merits. Some will be take-over candidates, which ought to help bring the price back close to what it had been. The rest need interest rates to fall in order to improve the share price. I think rates are likely to lift or at least stay flat in Canada for a while. So I don't think they are coming back any time soon. If oil prices go down, then the current valuations will also go down. If, however, there is a price spike this winter, that may give the income trust owners time to exit. But each situation is unique. Some companies will increase their payout (if possible) in order to give owners a chance to get out. I can't look at single ones, I'm afraid. They are all different cases."

Not much of an answer, but on Saturday I had places to go, people to see.

Final point:

The first occasion I ever remember in primary school was standing in an auditorium listening to a trumpeter play Last Post and Reveille. I was just six or seven years of age, but I'll never forget the occasion.

As I grew older I gained an understanding of what it's all about. It's clearly about paying one's final respects to those who fought and died for their country's values, but it's also about respecting moral ethics, like the honor and duty of our soldiers.

We need to do that. Not just on this one day (Veteran's/Remembrance Day), but everyday.

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BCara@BillCara.com