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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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SPY - The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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IWM - The iShares Russell 2000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the small capitalization sector of the U.S. equity market as represented by the Russell 2000 Index. The index represents the approximately 2,000 smallest companies in the Russell 3000 Index.
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QQQ - PowerShares Capital Management LLC is passionate about our goal of delivering the highest quality investment management available through one of the more benefit-rich investment vehicles ever created, the exchange-traded fund. PowerShares QQQ¿, formerly known as "QQQ" or the "NASDAQ- 100 Index Tracking Stock®", is an exchange-traded fund based on the Nasdaq-100 Index®. The Fund will, under most circumstances, consists of all of stocks in the Index. The Index includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization. The portfolio is rebalanced quarterly and reconstituted annually.
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HNZ $72.49 0.00%
CPB $61.71 0.00%
GLD $123.65 0.00%
INTC $30.28 0.00%
SOXX $87.38 0.00%


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