Educate Yourself

Week in Review
For the week 11/20/2006 - 11/24/2006
Brian Trumbore
President/Editor, StocksandNews.com

It was another horrible week for planet Earth with zero cause for optimism the situation will improve anytime soon.

After Thursday's horrific attacks on the Baghdad Shia slum of Sadr City which killed over 200, radical cleric Moqtada Sadr told Iraqi Prime Minister Nouri al-Maliki that if he met with President Bush in Jordan on Monday, Sadr would pull his bloc out of parliament. Sadr went on to say that Americans kill his people at night and Sunnis kill them by day. I will forever maintain the Bush administration was right to take out Saddam and that somehow we had to begin to change the dynamic in the region. But through amazing incompetence and arrogance we have turned the Middle East into more of a seething cauldron of hate than it has ever been in modern history.

I have also been writing for years now that U.S. credibility was at stake and today America is increasingly irrelevant.

So what now? In Iraq, the government is under unbelievable pressure and we'll learn an awful lot in just the next 48-72 hours as to whether it will even survive to see 2007.

This week Syria established full diplomatic relations with Iraq, agreeing that U.S. troops should stay for now, but the biggest immediate issue is whether Syria will tighten its borders. Then Iran said it wanted to hold a conference with Iraq and Syria this weekend, leaving many to wonder why it is that Iran and Syria are setting the agenda and not the White House?

Of course all this maneuvering transpired before the assassination of Pierre Gemayel, a key member of Lebanon's fragile government. Gemayel was killed by Syria or its acolytes, namely Hizbullah, in an attempt to bring down the pro-West government of Prime Minister Fouad Siniora. So should Washington even be meeting with Syria in the first place?

I have steadfastly said it is criminal the way the Bush administration has treated Lebanon since the Cedar Revolution in the spring of 2005 that removed Syrian troops from Lebanon. The U.S. played an important role in installing a democratically elected representative government and then forgot about Lebanon the next day. President Bush allowed Israel to destroy the country under the guise of defeating Hizbullah and instead made Sheikh Nasrallah more powerful. Every freedom-loving person should shed a tear for Lebanon and it's sickening to hear Bush now say the country has "our unwavering commitment." In essence, you want a friend? Go buy a dog.

The United States hasn't been an honest broker in the Middle East since the first day of the Bush presidency and it's going to haunt Americans for decades to come.

Michael Young of the Daily Star (Beirut), in an op-ed for The Wall Street Journal.

"British Prime Minister Tony Blair recently sent a senior adviser, Sir Nigel Sheinwald, to Damascus for a chat. The visit, reportedly approved by Washington, aimed to see if Syria could be enticed away from Iran. If The Economist is correct, and the magazine spoke to Mr. Sheinwald upon his return, (Syrian President Bashir Assad) has four conditions: an end to the Hariri investigation, a guarantee that the U.S. would not undermine his regime, a return of Syrian influence in Lebanon, and the handing back of the Golan Heights, occupied by Israel in 1967. No doubt Mr. Assad would demand much the same from the U.S. if it ran to Damascus to 'engage' him on Iraq, assuming the Syrian leader would consider conceding to Washington in a moment of strength what he refused when he was weak."

Mr. Young wrote the above right before the Gemayel assassination, which obviously complicates matters further.

"There is no such thing as a routine political killing, but Tuesday's assassination of Lebanese Industry Minister Pierre Gemayel threatens repercussions - and signals intentions - that are nothing short of extraordinary?.

"There must be no surrender to either the demands of a shadowy enemy or the temptation to take revenge on him by targeting innocents with no connection to the crime. Those who truly want Lebanon to change for the better understand that this cannot happen unless they unequivocally endorse due process and the rule of law - especially on occasions when it is cruelly difficult to do so."

Druze leader Walid Jumblatt on the critical efforts to form an international tribunal to try suspects in the killing of former prime minister Rafik Hariri.

"Those who fear the implementation of justice will obstruct the creation of the tribunal, including (Syrian-backed President Emile) Lahoud, who wants to protect himself or some of his officers." Jumblatt called on Speaker Nabi Berri, a Hizbullah sympathizer, to convene a parliamentary session to approve a UN draft for the formation of the Hariri court, but had to acknowledge this is unlikely. Then Jumblatt said "I bluntly accuse the Syrian regime ?I expect more assassinations."

With the recent resignation of six ministers, plus Gemayel's death, the Lebanese Cabinet is down to 17 ministers from its original roster of 24. Under the constitution, if one more minister is killed or resigns Siniora's government loses its quorum and the government falls. Jumblatt and the democracy forces in Lebanon know Syria could easily gun for that final minister. It's in Assad's interests to do so and prevent the tribunal that will undoubtedly implicate him in one form or another.

But what of Hizbullah and Sheikh Nasrallah, who until the assassination was prepared to take to the streets in an attempt to overthrow the government? Due to the period of mourning and the show of support for the democracy forces, he has told his followers to stay put until this coming week at the earliest. Nasrallah, like Syria's Assad, is afraid the UN's tribunal will implicate Hizbullah as well.

Back to Iraq?former leader Iyad Allawi is making himself available as a strong man. At this point this could be our best alternative. He has vowed to crush the militias if given the chance, calling for an entirely new chain of command for the Iraqi security forces.

As for the White House, it will be receiving suggestions from the Pentagon, James Baker's study group, and a third view from administration insiders.

The Pentagon leaked three choices, among which was "Go long," meaning the U.S. boosts troops short-term while stepping up training for the long term; but this requires patience, now in short supply among the American public.

Other defenders of the original policy, such as Henry Kissinger and Senator John McCain, continue to weigh in. Kissinger said military victory was now "impossible" while both are in agreement an early withdrawal would be "catastrophic." McCain at least gets high marks for acting like a true leader, even if many view his ideas as misguided.

Lastly, it becomes clearer by the day that if there is to be any stability in Baghdad, the road leads through Jerusalem. But again, it's about U.S. credibility, of which there is none these days. Can the White House recapture some of it? It would take an amazing leap of faith to believe this can be so.

After months of dithering, and with talks on Iran's nuclear ambitions now stalled because of Russia's ongoing intransigence in protecting its economic interests, Israel's own confidence in the White House preventing Tehran from coming up with the bomb is bordering on nil these days. At the same time, when it comes to the Palestinian issue all Israel sees is a green light from President Bush.

Of course the Palestinians don't make it any easier on themselves, as once again unity talks between Hamas and Fatah have broken down. President Mahmoud Abbas wants to handle diplomacy while Hamas would be in charge of day-to-day governing, but unless economic sanctions are lifted this arrangement is untenable, especially when Hamas continues to refuse to recognize Israel's right to exist.

It was also interesting this week that an Israeli advocacy group issued a report that found 39% of land used by Jewish settlers in the West Bank is private Palestinian property, a clear violation of international and Israeli law. Many of the key settlements are sitting on Palestinian land. The Israeli government has long contended the settlements sat on "state land."

And as if we don't already have enough to worry about, French soldiers in Lebanon are being told they can shoot down Israeli jets should they feel threatened. Israel cannot continue to violate the ceasefire with impunity, but the White House just looks the other way.

This is one of those weeks when we can keep the commentary brief. There was no economic news of consequence and bond traders were off Thursday and Friday. The biggest story, perhaps, was the plight of the U.S. dollar and I have a few words on that below. Otherwise, it's all about retail the next four weeks and the consensus of Wall Street economists is that we will see holiday sales in the 5% range. These same economists also believe real estate is close to a bottom, but I'm going to give this topic a rest for a week.

As for 2007, the White House has lowered its expectations for GDP growth to 2.9%, though it forecasts an inflation rate of 2.3%. That is the perfect goldilocks scenario, sports fans. 2.5%- 3.0% growth, 2% inflation. But some of us, such as PIMCO's Bill Gross, see GDP in '07 more in the 1%-2% range, which if true means corporate earnings will increasingly disappoint.

Globally, however, until the popping of the real estate bubble hits in earnest, the picture continues to look pretty good. Growth in Asia, ex-China and Vietnam, is increasing at a 4%-6% clip (Hong Kong just raised its '06 full year forecast to 6.5% from 4.5%), while the outlook for Europe is still generally good. But Europe's trade deficit with China is as much an issue as China's with the U.S. and calls for protectionism increase daily.

Meanwhile, I might as well use the time to expound on the topic of the haves vs. the have nots. There was a rather telling table in the New York Times the other day looking at growth in income (adjusted for inflation) for the period 1990-2004.

Last Sunday Senator-elect Jim Webb, D-VA, was on "Meet the Press" and Tim Russert quoted from an op-ed Webb had written the week before for the Journal that I failed to get to last time. Webb is bang on.

"The most important - and unfortunately the least debated - issue in politics today is our society's steady drift toward a class- based system, the likes of which we have not seen since the 19th century. America's top tier has grown infinitely richer and more removed over the past 25 years. It is not unfair to say that they are literally living in a different country. Few among them send their children to public schools; fewer still send their loved ones to fight our wars. They own most of our stocks, making the stock market an unreliable indicator of the economic health of working people. The top 1% now takes in an astounding 16% of national income, up from 8% in 1980. The tax codes protect them, just as they protect corporate America, through a vast system of loopholes.

"Incestuous corporate boards regularly approve compensation packages for chief executives and others that are out of logic's range?.When I graduated from college in the 1960s, the average CEO made 20 times what the average worker made. Today, that CEO makes 400 times as much?.

"This ever-widening divide is too often ignored or downplayed by its beneficiaries. A sense of entitlement has set in among elites, bordering on hubris. When I raised this issue with corporate leaders during the recent political campaign, I was met repeatedly with denials, and, from some, an overt lack of concern for those who are falling behind. A troubling arrogance is in the air among the nation's most fortunate. Some shrug off large- scale economic and social dislocations as the inevitable byproducts of the 'rough road of capitalism.' Others claim that it's the fault of the worker or the public education system, that the average American is simply not up to the international challenge, that our education system fails us, or that our workers have become spoiled by old notions of corporate paternalism?.

"America's elites need to understand this reality in terms of their own self-interest?.

"If it remains unchecked, this bifurcation of opportunities and advantages along class lines has the potential to bring a period of political unrest. Up to now, most American workers have simply been worried about their job prospects. Once they understand that there are (and were) clear alternatives to the policies that have dislocated careers and altered futures, they will demand more accountability from the leaders who have failed to protect their interests."

--The major averages finished mixed on the shortened trading week, with the Dow Jones losing 0.5% to 12280, while Nasdaq picked up 0.6% to close at 2460 and the S&P 500 lost a fraction of a point. Once again Merger Monday powered the market higher, initially, as Freeport McMoran Copper took a run at Phelps Dodge, a reported $26 billion deal, Blackstone Group is seeking to acquire Sam Zell's Equity Office Properties for $36 billion, and Russian steelmaker Evraz Group is looking to swallow Oregon Steel Mills in a $2.5 billion transaction. Russia's attempt at acquiring a U.S. producer should receive particular scrutiny.

Little news worth passing on regarding the bond market, specifically, particularly as it was closed Thursday and Friday. But there was a lot of news overseas that impacted the U.S. dollar, which in turn of course influences interest rates. The euro, for example, rose to $1.30 for the first time since April 2005 as traders believe the European Central Bank will be hiking rates throughout 2007 due to the threat of inflation.

Not only is the European economy chugging along at its best pace in years, but the extra yield investors once got investing in U.S. bonds vs. European ones is narrowing significantly, thus making U.S. investments less attractive. Of course most traders feel the Federal Reserve is finished raising rates and that the next move will be to lower them; yet at the same time China is making waves about diversifying its currency holdings out of the dollar.

The flipside is that in the case of European manufacturers, the stronger euro hits exports, while the downside for the U.S. is more expensive European goods mean higher inflation here. But for the second time in three weeks, Treasuries did not act in the manner you'd expect, choosing to rally this week as thoughts of a slowdown and Fed easing trumped the idea of needing higher rates to offset the impact of a falling dollar, higher inflation and the need to keep our securities attractive, especially in light of our humongous government debts.

--Economist David Hale was interviewed for Barron's and had the following take on the private-equity boom.

"It is spinning out of control. We are raising so much money there is bound to be an accident at some point. We are talking now about literally tens of billions of dollars. Nobody knows what the accident will be, but when you have this much money chasing deals, the odds are very high."

That's the same refrain so many of us have. We know it doesn't smell right, but no one can tell when it will end, as opposed to the Nasdaq Bubble where I was writing how it was pretty obvious the end was nigh when once responsible Wall Street strategists started saying price/earnings multiples didn't matter.

The Nov. 27 issue of Business Week has a good example of the private-equity scene in the case of Freescale Semiconductor, recently acquired by Blackstone Group for about $18 billion.

"The most pressing question for the buyout firms is whether Freescale can thrive despite the $9.5 billion in debt it must take on for its owners to pay for the deal. Freescale's interest expense payments are expected to zoom to more than $750 million, vs. $105 million paid in the 12 months ended in September. 'Because this is funded with so much debt, it is one of the riskier deals in tech land,' said one analyst?.

"Right now it looks as though the buyers have some breathing room; Freescale generated $780 million in cash last year. But the firms are expected to cart off all but $600 million of the $3 billion of cash on the balance sheet to pay for the deal. Moody's Investors Service estimates that Freescale will generate only $350 million in free cash in 2007. Value Line reckons net income will shrink to $860 million, from $930 million?.

"The debt load also leaves precious little room for error in the event of an industry downturn. In the semiconductor industry's last severe bust, in 2001, Freescale, then Motorola's chip division, lost $2.2 billion."

When does the whole private-equity craze end? It's really pretty simple?the next recession.

--Americans currently have 148 million cars, China 19 million and India 9 million. But Goldman Sachs projects that by 2050, the U.S. will have 233 million, China 514 million, and India 610 million.

Of course the above is but one important example of human activity and the prospective impact on global warming. But in a survey for Harris Interactive in Germany, France, the UK, Italy and Spain, while 68% said they would either strongly or somewhat support restrictions on their behavior and purchases in order to reduce the threat, only 43% strongly or somewhat supported a charge on airline passengers to pay for environmental damage.

At the same time, there are some on the continent who say Europe is already moving too fast on climate change. The Financial Times reported the EU's industry commissioner has warned "We have to recognize that?our environmental leadership could significantly undermine the international competitiveness of part of Europe's energy-intensive industries and worsen global environmental performance by redirecting production to parts of the world with lower environmental standards." [The commissioner is obviously targeting China, India and other Asian nations.]

--Shares in Google exceeded the $500 mark, finishing the week at $505. It was Aug. 2004 when the stock went public at $84. Congratulations if you've been in it since the beginning, or $400 for that matter. I do not believe that the stock is necessarily overvalued at these levels, if you can convince me the projected growth rate will hold. But I'm just more and more convinced that revenue models dependent to a large extent on online advertising are doomed to fail.

--General Motors tanked after it was revealed investor Kirk Kerkorian cut his stake by 25% or 14 million shares. Despite the decline in the stock price, the sale was viewed as a victory for GM CEO Rick Wagoner, who has refused to form an alliance with Nissan Motors Co. and Renault, which was what Kerkorian sought through his substantial position in GM that peaked at close to 10%. But the 89-year-old Kerkorian didn't just sell the GM position; at the same time he sought to increase his share in MGM Mirage to 62%.

--Motor Trend's 2007 Car of the Year award goes to?.Toyota's Camry! No surprise then that thus far in '06 the Camry is the leader in sales in the U.S. [Last year's Motor Trend selection was the Honda Civic, with Corgi's Porsche Carrera tops in the toy car category.]

--Dell finally released results for its third quarter and Wall Street celebrated as Dell handily beat earnings estimates. But at the same time Dell announced it wouldn't file its 10Q for either the 2nd or 3rd quarter due to the SEC's ongoing investigation into its accounting, management offered no explanation, and there was no conference call for analysts to question the company. Dell added it may have to restate some of what it told investors. The shares rose 10% anyway. That's today's Wall Street.

--Investigators in Germany and Italy are trying to get a handle on the scope of a bribery scandal at Siemens AG, Europe's largest engineering company. What was once thought to be a $25 million scheme has now turned into at least a $250 million one, with two employees already jailed and 30 offices and residences of employees searched, including the offices of Klaus Kleinfeld, CEO. According to Italian authorities and the Wall Street Journal, "Consulting contracts were signed by senior Siemens officials for work that was never done, (with) payments then transferred through shell companies registered in offshore locations such as the Channel Islands and Puerto Rico." What is it that we always say around here? Corruption makes the world go 'round.

--A survey by The Chronicle of Higher Education has found that the number of college and university presidents earning at least $500,000 increased by 53 percent in just the past year. Amazingly, the top earner at a public university was David Roselle, president of the University of Delaware, who earned $979,000 in pay and benefits. Nothing against Delaware, where my Uncle Conrad taught for decades, but you don't see Delaware competing for the NCAA football or basketball titles, do you? I mean that's all that really matters, right? Or am I revealing too much about my shallow self?

Actually, the pay at our institutions of higher learning is a function of fundraising and with huge budgets come responsibility.

--Treasury Secretary Henry Paulson gave what was supposed to be an "important" speech on market regulation and ended up saying a lot of nothing. While criticizing the nation's "ever- expanding rulebook" and burdensome legal system, when questioned after his prepared remarks he stood behind Sarbanes- Oxley while expressing confidence it would be made more flexible.

"I don't think there is a single principle in [Sarbanes-Oxley] that is ill-founded," he said. But if the treasury secretary, who came from Wall Street, doesn't rail against the egregious aspects of Sarbox that are leading to a precipitous drop in corporate listings in the United States, then who the heck is going to force the change?

[Separately, Paulson and Fed Chairman Bernanke are taking a trip to China together to get the Chinese to let their currency appreciate more. But the Chinese will feed them some shark fin soup and the two will forget why they were there.]

--And now the latest episode on "CSI: Wall Street." Just last week we learned KB Home CEO Bruce Karantz was canned for backdating stock options. But since he wasn't really 'fired,' officially, and chose to resign instead, it has been revealed that he will leave with cash and prizes of $175 million. $175 million! when you add in the $80 million he receives under his negotiated severance agreement, a special pension plan, and vested options that aren't in dispute. [LA Times]

--Forget silicon gel implants, there is a severe global shortage of poly-crystalline silicon that is the basic material used to manufacture materials for solar power. Because of the demand for silicon chips with the booming semiconductor industry, it's increasingly difficult to find enough silicon for solar panels, which could lead to higher prices for the material and thus make investments in the solar industry less attractive.

--According to the Financial Times, $1.3 billion in art has been sold in the past two weeks during New York's auction season. As one expert said, "It's not just a few hedge fund managers buying: it's the growth of the high net worth sector over the past five years, which has been dramatic." I really should sell my Lew Alcindor rookie card, come to think of it.

--My portfolio: I haven't been doing anything the past few months, thus no chatter in this space. I am, however, ticked off at my carbon fiber holding for being so late in releasing its third quarter earnings. The company is falling back on the excuse the quarter represents their fiscal year end, but that's no reason not to at least give shareholders an idea of just when the information is forthcoming. Otherwise, I'm preparing my concession speech for year end; the one acknowledging that my model portfolio of 80% cash, 20% stocks failed to beat the market by a sizable margin.

North Korea: President Bush had his opportunity to pressure his counterparts at the 21-nation Asia Pacific Economic Cooperation forum on the issue of North Korea and its nuclear weapons ambitions and what happened? All Bush got was an oral statement, read by Vietnam's president, calling for the implementation of UN Security Council Resolutions on the topic. That's it. And, further, in talks with South Korean President Roh, Bush was unable to gain Seoul's cooperation in boarding North Korean ships. Later in the week, North Korea's deputy foreign minister, on a visit to Beijing, said "Why would we abandon nuclear weapons? Are you saying we conducted a nuclear test in order to abandon them?" It's final exam time for the White House. Can they ace it and pull the final grade up to C from F?

Russia: What a nasty country. While the history of the place is the most fascinating in the world, it remains a nation of devious, scheming and corrupt people, with a leadership that is both paranoid and constantly suffering from an inferiority complex.

And now we have another example in the death of former KGB agent Alexander Litvinenko, poisoned in some fashion in London as he was investigating the recent death of Russian journalist Anna Politkovskaya. Scotland Yard is now focusing on a radioactive compound, polonium-210, probably placed in his tea as he sat down with a shady Russian character back on November 1. Before he took ill, an Italian associate had presented him with a list of Kremlin targets that included Litvinenko.

After his death, an associate read a statement that Alexander had dictated, addressing Russian President Vladimir Putin directly.

"You have shown yourself to be as barbaric and ruthless as your most hostile critics have claimed.

"The howl of protest from around the world will reverberate, Mr. Putin, in your ears for the rest of your life."

Back in 2003, Litvinenko, an outspoken critic of Putin who was forced into exile in Britain, had written a book on the 1999 apartment bombings in Moscow. In this very column, 12/12/99, I first raised the issue, before it had appeared anywhere else that I could ascertain, certainly not the mainstream press, that perhaps the KGB had blown up the apartments, killing 300, so that it could blame Chechen militants as part of the Kremlin's war on Chechnya at that time. Vladimir Putin was about to come to power and Putin needed the cover in order to blast Chechnya to kingdom come?which he then proceeded to do?a most popular action in Russia. Litvinenko later came to the same conclusion, as did the New York Times' William Safire. It is one of the great unsolved murder cases in history, with obviously incredibly ominous implications, and yet many in the West continue to treat Vladimir Putin, who clearly ordered the bombings himself, on his own people, as a civilized member of the G-8. Shame on all of us.

Meanwhile, last Wednesday Putin warned Poland and other East European nations they risked creating fresh divisions by treating Russia as an enemy, this while he wields the gas weapon.

But speaking of natural gas and behemoth Gazprom, there is increasing concern Gazprom won't even be able to meet the energy needs of Russia itself. The director of gas research at the Oxford Institute for Energy Studies told the International Herald Tribune that "The issue is not about Russia's reputation as a reliable supplier of gas to Europe. The fact is that there is a limit over how much gas Russia can sell to Europe. I don't think Europe realizes it, but we are reaching the limit of Russian exports. Russia needs the gas for themselves."

China: President Hu Jintao traveled to New Delhi for meetings with a variety of Indian officials, including Prime Minister Singh, but while the discussions generated a lot of press, and it's good the two are talking, there was really little progress on substantive issues such as the ongoing border dispute and the relationship each has with Pakistan and the United States. India is concerned Pakistan is receiving Chinese nuclear know-how, and China is concerned about the new U.S./India agreement on the nuke front.

Separately, President Hu announced he would travel to Japan early next year and this is a genuine positive. Hu refused to meet with Prime Minister Koizumi because of Koizumi's visits to the controversial war shrine. But Koizumi's successor, Shinzo Abe, has vowed to focus on improving relations with China.

Japan: In a survey for Yomiuri newspaper, 80% of the people polled support maintaining the country's three-pronged policy of not possessing, developing or allowing the introduction of nuclear weapons on its territory. Kind of surprising, to yours truly, in light of the recent North Korean detonation.

Pakistan: A London Times investigation found 30 Taliban commanders, recovering from wounds suffered in Afghanistan, in the Pakistani city of Quetta, just lounging around, perfectly willing to talk to the reporter. President Musharraf wasn't available for comment.

Turkey: Pope Benedict is visiting the nation Tuesday thru Friday. Security forces are on the highest alert after his recent anti-Islam remarks. I don't need to state the obvious.

Canada: Prime Minister Stephen Harper stunned Parliament in introducing a motion recognizing Quebec as a nation within Canada, a pre-emptive strike against Bloc Quebecois, the separatists who have long advocated Quebec break away.

Harper told the House of Commons, "Do Quebecers form a nation within a united Canada? The answer is yes. Do Quebecers form an independent nation? The answer is no - and it will always be no." Harper is trying to stave off another referendum in Quebec.

As for Canada's efforts in Afghanistan, it is sending more special ops forces to the Kandahar region where 2,500 Canadian troops are stationed. 34 Canadian soldiers have died in Afghanistan this year.

Colombia: President Alvaro Uribe is facing a crisis of mammoth proportions as it has emerged members of Congress have been collaborating with right-wing death squads. Two senators are in custody as well as a congressman and former congresswoman. Other local officials have been arrested. An investigation revealed that lawmakers rigged elections and planned assassinations. The scandal has raised questions on just how tough Uribe's crackdown on paramilitaries has been. Some of those arrested are among his staunchest supporters and helped change the law to allow him to run for a second four-year term. Uribe has been a shining star to many of us and it would be a disaster if he's toppled as a result of the ongoing inquiry. Neighbor Hugo Chavez must be licking his chops.

Dow Jones -0.5% [12280]
S&P 500 -0.0% [1400]
S&P MidCap +0.7%
Russell 2000 +0.5%
Nasdaq +0.6% [2460]

Dow Jones +14.6%
S&P 500 +12.2%
S&P MidCap +10.0%
Russell 2000 +17.7%
Nasdaq +11.6%

Bulls 58.5 [Danger?danger?.]
Bears 22.3 [Source: Chartcraft / Investors Intelligence]

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