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Slow Pre-Holiday for Bulls: Dave's Daily



Trading slowed which is typical before a long weekend without much news. Economic data featured the CPI (.2% vs .00% previous & 2.9% YOY which is above the Fed's target) and Leading Indicators (.4% vs .5% previous).

Active stocks included Intel (INTC and linked to ETF SOXX); and earnings reports from Campbell's Soup (CPB) and Heniz (HNZ with both linked to ETF XLP) which were well-received. The Dow Jones Industrial Average was pushed higher by the usual heavier weighted stocks (IBM, MCD, CVX, UTX and so forth.) As they say, this is window dressing for the tourists. Sure enough, a recent headline read: "Dow Closes at Highest Level Since May 2008". That was the spring, remember the fall?

The dollar was somewhat higher as investors hedged their bets against what should be an interesting Monday in the eurozone as a decision will be made about Greek deal...again. (How much Greek fatigue is there?) Speaking of defaults Americans and Europeans dissatisfied with bailing out banks and countries should examine what has happened with Iceland. The country defaulted, banks failed, bankers were prosecuted and jailed. This was in 2008 as you may recall. The country is now on the mend and Fitch just upgraded the country's credit rating to investment grade (BBB+) with a stable outlook. You see, you don't need bailouts and money printing. Iceland is the anti-Keynes Bernanke/Geithner/Paulson/Bush/Obama story.

Gold prices were basically unchanged, base metals were somewhat softer, crude oil was higher (Iranian warships sailed thru the Suez and into the Mediterranean) and agricultural prices were higher. Bond prices were flat.

Volume was light and breadth per the WSJ was mixed.

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