Centaurus Financial® Presents:
WEEKLY ECONOMIC UPDATE – MARCH 21, 2011
March 21st, 2011
INFLATION PICKS UP
The Labor Department announced that the Consumer Price Index advanced 0.5% in February, following 0.4% advances in January and December. Energy prices climbed 3.4% in February and food prices rose 0.8%, the biggest monthly increase since July 2008. Annualized inflation now stands at 2.1% – a full percentage point higher than it was last November. The Producer Price Index climbed by 1.6% last month, the biggest monthly leap since June 2009; this puts annualized PPI at 5.6%. However, core CPI and core PPI did not advance so dramatically. In fact, core CPI and core PPI were both just +0.2% in February. 1,2
LEADING INDICATOR INDEX ADVANCES
The Conference Board index of leading indicators improved by 0.8% for February, which was below the 1.0% advance forecast by economists polled by Reuters but much better than the 0.1% gain for the previous month. The Conference Board’s report called the recent jump in food and energy prices a “headwind” in the face of the recovery. 3
FEBRUARY SEES PLUNGE IN NEW CONSTRUCTION
Housing starts plummeted by 22.5% in February to 479,000, a number marginally better than the historic low measured by the Commerce Department in April 2009. How much of this is attributable to weather, we don’t know. Building permits touched a record low of 517,000 units last month. 2
TWO DAYS OF RECOVERY ON WALL STREET
The major U.S. indexes rebounded strongly on Thursday and Friday from YTD lows touched on Wednesday. All three indices lost ground for the week, as these numbers show: DJIA, -1.54% to 11,858.52; S&P 500, -1.92% to 1,279.20; NASDAQ, -2.65% to 2,643.67. The CBOE VIX gained 21.81% on the week but fell 7.32% Friday. 4
G7 INTERVENES IN JAPAN
The crisis in Japan saw the Yen soaring to a record 76.25, and threat of a recession was looming. But that fear was at least partially reduced when the G7 agreed to intervene to weaken the currency. By Friday the Nikkei 225 index was able to recover some of the ground it lost, but still dipped about 10% on the week. 8, 9
THIS WEEK: Monday brings a report on February existing home sales; Fed chairman Bernanke addresses a conference of commercial bankers. Tuesday brings before-the-bell earnings from Walgreens and after-the-bell earnings from Adobe. Wednesday, we learn about new home sales in February; after the bell, we get earnings from General Mills. Thursday offers reports on last month’s durable goods orders and initial and continuing claims, and then after-the-bell earnings from Research in Motion and Oracle. Friday brings the final March reading for the University of Michigan’s consumer sentiment survey and the government’s final estimate of 4Q 2010 GDP.
Material prepared by Peter Montoya Inc. This information should not be construed as investment advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index.
Citations.
1-latimes.com/business/la-fi-cpi-20110318,0,1486304.story [3/18/11]
2-nytimes.com/2011/03/17/business/economy/17econ.html?_r=1 [3/17/11]
3-reuters.com/article/2011/03/17/us-usa-economy-index-idUSTRE72G47620110317 [3/17/11]
4-cnbc.com/id/42155882 [3/18/11]
5-bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F18%2F10&x=0&y=0 [3/18/11]
5-bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F18%2F10&x=10&y=18 [3/18/11]
5-bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F18%2F10&x=0&y=0 [3/18/11]
5-bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F17%2F06&x=0&y=0 [3/18/11]
5-bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F17%2F06&x=0&y=0 [3/18/11]
5-bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F17%2F06&x=0&y=0 [3/18/11]
5-bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F19%2F01&x=0&y=0 [3/18/11]
5-bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F19%2F01&x=0&y=0 [3/18/11]
5-bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F19%2F01&x=0&y=0 [3/18/11]
6-treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [3/18/11]
6-treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [3/18/11]
7-treasurydirect.gov/instit/annceresult/press/preanre/2001/ofm11001.pdf [1/10/01]
8-reuters.com/article/2011/03/18/japan-quake-markets-idUSL3E7EI0JO20110318 [03/18/11]
9-money.cnn.com/2011/03/17/markets/world_markets/index.htm?iid=EL [03/18/11]
10-montoyaregistry.com/Financial-Market.aspx?financial-market=common-mistakes-that-ira-heirs-make&category=1 [03/18/11]
Centaurus Financial® Presents:
WEEKLY ECONOMIC UPDATE – MARCH 7, 2011
March 7th, 2011
JOBS REPORT (NEARLY) LIVES UP TO EXPECTATIONS
Wall Street had high hopes for the February unemployment report. Would it show that more than 200,000 new jobs had been created? Well, it came close – the data revealed 192,000 net new jobs, the best increase in nearly a year. The jobless rate ticked down to 8.9% last month, and the number of underemployed Americans (those either without work or working part-time) dropped to 15.9% from 16.1% in January. On the downside, the Labor Department data showed that just 64.2% of the working-age population was either employed or seeking employment last month. You have to go back to 1985 to find a labor force participation rate that low.1
WAGES UP 1.0% IN JANUARY
The payroll tax holiday promoted a dramatic increase in personal incomes last month. Additionally, the Commerce Department said that the personal savings rate improved by 0.4% in January to 5.8%. Yet personal spending increased by only 0.2% in January and actually slipped 0.1% in inflation-adjusted terms.2
SERVICE & MANUFACTURING SECTORS KEEP GROWING
According to new Institute for Supply Management surveys, the expansion of both sectors continued in February: the service sector reading improved by 0.3% to 59.7 and the manufacturing sector reading went up 0.6% to 61.4.3
OIL, GOLD & SILVER PRICES LEAP NORTH AGAIN
Gold cracked a new ceiling last Wednesday, hitting an intraday high of $1,440.10 per ounce. Friday, U.S. gold futures settled at $1,428.60 an ounce. Gold prices have climbed 6.53% over the last five weeks. Silver hit yet another 31-year high on Friday, with futures hitting $35.32 per ounce. Oil prices rose 6.68% last week alone, settling Friday at $104.42 a barrel; oil futures are up 14.27% YTD on the NYMEX.4,5
A WINNING WEEK (BELIEVE IT OR NOT)
After five rather volatile trading days, the DJIA, S&P 500 and NASDAQ had all managed weekly advances. Their performances for the week: DJIA, +0.33% to 12,169.88; NASDAQ, +0.13% to 2,784.67; S&P 500, +0.10% to 1,321.15.6
THIS WEEK: No major economic releases on Monday or Tuesday. Wednesday brings a report on January wholesale inventories plus 4Q earnings from H&R Block. Thursday offers new initial and continuing claims data. Friday brings the initial March survey on consumer sentiment from the University of Michigan, Census Bureau data on retail sales in February, and a report on January business inventories. (In tech news, the iPad 2 is scheduled to ship Friday.)
Material prepared by Peter Montoya Inc. This information should not be construed as investment advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index.
Citations.
1 – nytimes.com/2011/03/05/business/economy/05jobs.html [3/4/11]
2 – marketwatch.com/story/income-of-workers-climbs-10-in-january-2011-02-28 [2/28/11]
3 – ism.ws/ISMReport/NonMfgROB.cfm [3/3/11]
4 – cnbc.com/id/41897407 [3/4/11]
5 – blogs.wsj.com/marketbeat/2011/03/04/data-points-energy-metals-466/ [3/4/11]
6 – cnbc.com/id/41907885 [3/4/11]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F04%2F10&x=0&y=0 [3/4/11]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F04%2F10&x=10&y=18 [3/4/11]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F04%2F10&x=0&y=0 [3/4/11]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F03%2F06&x=0&y=0 [3/4/11]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F03%2F06&x=0&y=0 [3/4/11]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F03%2F06&x=0&y=0 [3/4/11]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=3%2F05%2F01&x=0&y=0 [3/4/11]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=3%2F05%2F01&x=0&y=0 [3/4/11]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=3%2F05%2F01&x=0&y=0 [3/4/11]
8 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [3/4/11]
8 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [3/4/11]
9 – treasurydirect.gov/instit/annceresult/press/preanre/2001/ofm11001.pdf [1/10/01]
10 – Financial-Market.aspx?financial-market=financial-planning-where-do-you-begin&category=5 [3/6/11]
Centaurus Financial® Presents:
WEEKLY ECONOMIC UPDATE – FEBRUARY 7, 2011
February 8th, 2011
A JOBS REPORT MUCH LIKE THE LAST ONE
Unemployment fell dramatically in January: the Labor Department reported a second straight .4% monthly drop, resulting in the largest two-month reduction of the jobless rate since 1958. While the decrease puts unemployment at 9.0% (the lowest figure since April 2009), just 36,000 net new jobs were created. The implication: due to the weather or discouragement, many job seekers didn’t look for work. “The thumbprints of the weather were all over this report,” Bank of America Merrill Lynch economist Neil Dutta told the Associated Press. “We know the job market is recovering.”1,2
CONSUMER SPENDING IMPROVES 0.7% IN DECEMBER
This beat the 0.5% gain forecast by economists polled by Reuters – and it was the sixth straight positive month for the indicator. The Commerce Department also noted that personal wages increased 0.4% in December. The core Personal Consumption Expenditures price index (PCE) was flat for the month; in 2010, core PCE only increased 0.7%.3
ISM: MANUFACTURING, SERVICE SECTOR GROW 2.3%
The Institute for Supply Management’s manufacturing and service sector indices both jumped 2.3% in January. (It was the best month for the non-manufacturing index since August 2005.) The manufacturing index is now at 60.8, and the service sector index is at 59.4. Additionally, the Commerce Department said that December brought a 0.2% improvement in factory orders.4,5,6
STOCKS LEAP NORTH, EVEN WITH UNCERTAINTY
The market largely turned its attention away from Egypt toward 4Q results and domestic economic indicators last week. The weekly gains were the best since early December: DJIA, +2.27% to 12,092.15; S&P 500, +2.71% to 1,310.87; NASDAQ, +3.07% to 2,769.30. As for fear in the marketplace, one measure of it – the CBOE VIX – dropped 20.66% for the week. Gold ended the week at $1,348.30 an ounce and NYMEX crude at $89.03 per barrel, and copper prices hit an all-time peak Friday.7
THIS WEEK: Monday brings 4Q results from Humana and Hasbro; also, President Obama addresses the U.S. Chamber of Commerce. Tuesday brings earnings from UBS and Toyota. Wednesday, we have earnings reports from Cisco, MetLife, Nissan, Prudential and Coca-Cola plus Ben Bernanke testifying before Congress. Thursday we get weekly unemployment figures and 4Q earnings from PepsiCo, Philip Morris and Sprint; it will also be “opening day” for Verizon iPhone sales. Friday offers the initial January consumer sentiment survey from the University of Michigan.
Material prepared by Peter Montoya Inc. This information should not be construed as investment advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index.
Citations.
1 – usnews.com/opinion/articles/2011/02/04/does-the-unemployment-rate-drop-mean-economic-improvement [2/4/11]
2 – dailyfinance.com/article/unemployment-falls-to-9-percent-lowest/1252302/ [2/4/11]
3 – nytimes.com/2011/02/01/business/economy/01econ.html [1/31/11]
4 – theatlantic.com/business/archive/2011/02/ism-service-sector-activity-strongest-since-august-2005/70723/ [2/3/11]
5 – ism.ws/ISMReport/NonMfgROB.cfm?navItemNumber=12943 [2/3/11]
6 – marketwatch.com/story/dec-factory-orders-up-stronger-than-expected-02-2011-02-03 [2/3/11]
7 – cnbc.com/id/41430183 [2/4/11]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=2%2F4%2F10&x=0&y=0 [2/4/11]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=2%2F4%2F10&x=0&y=0 [2/4/11]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=2%2F4%2F10&x=0&y=0 [2/4/11]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=2%2F3%2F06&x=0&y=0 [2/4/11]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=2%2F3%2F06&x=0&y=0 [2/4/11]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=2%2F3%2F06&x=0&y=0 [2/4/11]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=2%2F5%2F01&x=0&y=0 [2/4/11]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=2%2F5%2F01&x=0&y=0 [2/4/11]
8 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=2%2F5%2F01&x=0&y=0 [2/4/11]
9 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [2/4/11]
9 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [2/4/11]
10 – treasurydirect.gov/instit/annceresult/press/preanre/2001/ofm11001.pdf [1/10/01]
11 – http://montoyaregistry.com/Financial-Market.aspx?financial-market=the-financial-security-rulebook-5-crucial-steps&category=3 [2/7/11]
Centaurus Financial® Presents:
WEEKLY ECONOMIC UPDATE – JANUARY 3, 2011
January 4th, 2011
MAJOR INDICES POST DOUBLE-DIGIT GAINS IN 2010
For the second year in a row, bulls ruled Wall Street. When the closing bell sounded on December 31, the S&P 500 was at 1,257.64, having gained 12.78% for 2010. The Dow finished 2010 at 11,577.51, representing an 11.02% year-over-year advance. The NASDAQ wrapped up 2010 at 2,652.87, posting a 16.91% yearly gain. The Russell 2000 also had a terrific year, finishing +25.31% after going +7.79% for December.1
FEWER INITIAL CLAIMS … AND LESS CONFIDENCE?
While the University of Michigan’s final December consumer sentiment survey showed consumer confidence at a 6-month peak, the Conference Board’s December poll declined to a 52.5 reading. Perhaps as RBS Securities Inc. economist Omair Sharif noted at Bloomberg.com, “we should watch what consumers do and not what they say.” Here’s a development that might improve consumer sentiment: weekly jobless claims dropped to a 2-year low in the week that ended Christmas Day. The 388,000 initial claims filed that week were the smallest number since July 2008.2,3
IMPROVED PENDING HOME SALES
The National Association of Realtors reported a 3.5% increase in the category for November. NAR’s pending home sales index still came in 5.0% below its November 2009 mark, but this was the second straight monthly improvement.4
CASE-SHILLER: HOME PRICES DOWN 0.8%
The latest Standard & Poor’s/Case-Shiller home price index shows an 0.8% decline in housing prices across 20 cities from October 2009 to October 2010. A 1.0% overall decline in prices last October contributed to the year-over-year retreat.5
OIL, GOLD & COPPER OUTPACE STOCKS
Gold prices rose 29.76% on the COMEX in 2010. That is the best year for gold since 2007; the precious metal climbed $41.10 last week to finish December at $1,421.10 per ounce. Oil futures went +14.27% in the fourth quarter to finish the year up 15.15% at $91.38 a barrel. Copper gained 33.42% in 2010, concluding the year at $4.44 per pound.6
COMING THIS WEEK: Monday brings the Institute for Supply Management’s December manufacturing report and data on November construction spending. Tuesday, we get data on November factory orders, the most recent FOMC minutes and new estimates of auto and truck sales. Wednesday brings the ISM December service sector report. Thursday, we have new initial and continuing claims numbers. Friday, we get the December unemployment report from the Labor Department.
Markets, year-to-date returns, 12-31-10
This material was prepared by Peter Montoya Inc., and does not necessarily represent the views of Centaurus Financial, Inc. This information should not be construed as investment advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. www.petermontoya.com
Citations.
1 – cnbc.com/id/40865401 [12/31/10]
2 – bloomberg.com/news/2010-12-28/consumer-confidence-in-u-s-unexpectedly-falls-on-outlook-for-job-market.html [12/28/10]
3 – marketwatch.com/story/weekly-jobless-claims-drop-below-400000-2010-12-30?dist=afterbell [12/30/10]
4 – realtor.org/press_room/news_releases/2010/12/pending_gradual [12/30/10]
5 – reuters.com/article/idUSN2824569820101228 [12/28/10]
6 – blogs.wsj.com/marketbeat/2010/12/31/data-points-energy-metals-430/ [12/31/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=12%2F31%2F09&x=0&y=0 [12/31/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=12%2F31%2F09&x=0&y=0 [12/31/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=12%2F31%2F09&x=0&y=0 [12/31/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=12%2F30%2F05&x=0&y=0 [12/31/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=12%2F30%2F05&x=0&y=0 [12/31/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=12%2F30%2F05&x=0&y=0 [12/31/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=12%2F22%2F00&x=0&y=0 [12/31/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=12%2F22%2F00&x=0&y=0 [12/31/10]
7 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=12%2F22%2F00&x=0&y=0 [12/31/10]
8 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [12/31/10]
8 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [12/31/10]
9 – treasurydirect.gov/instit/annceresult/press/preanre/2000/ofm11200.pdf [7/12/00]
Centaurus Financial® Presents:
ECONOMIC UPDATE FOR THE WEEK OF DECEMBER 20, 2010
October 11th, 2010
OBAMA SIGNS TAX DEAL INTO LAW
President Obama signed the 2010 Tax Relief Act into law on December 17 after overwhelming passage in the House and Senate. The Bush-era tax cuts are thereby extended. Through 2012, the federal income tax tops out at 35% and taxes on dividends and capital gains top out at 15%. Next year, the estate tax returns at 35% with a $5 million dollar exemption, effectively permitting couples to pass estates as large as $10 million to heirs; tax-free charitable IRA donations also come back in 2011. Employee payroll taxes will drop from 6.2% to 4.2% next year.1,2,3,4,5
A POSITIVE SIGNAL FOR THE FUTURE
The Conference Board’s leading economic indicators index (designed to be a gauge of economic momentum or lack thereof) jumped by 1.1% in November – the biggest gain in eight months. This follows a revised 0.4% advance in the index for October.6
PRODUCER PRICES OUTPACE CONSUMER PRICES
Consumer prices inched up 0.1% in November according to the Labor Department’s Consumer Price Index. The core CPI rose 0.1%. The Producer Price Index, on the other hand, rose by 0.8% last month. Consensus polls of economists at Briefing.com had projected a 0.2% rise in the CPI and a 0.5% gain in wholesale prices.7
HOUSING STARTS TURN NORTH
They improved for the first time in three months. The Commerce Department said November’s housing starts were up 3.9% from October levels. The 555,000 annual pace topped the 559,000 consensus projected in a Bloomberg News survey.8
STOCKS ADVANCE
It was a pretty quiet week on Wall Street, and major index performance across the five trading days was as follows: Dow, +0.72% to 11,491.91; S&P 500, +0.28% to 1,243.91; NASDAQ, +0.21% to 2,642.97. As of Friday, the DJIA had traded within a range of 100 points for six straight market days – that hadn’t occurred since January 2006. All three indices ended the week at +10% or better for 2010.9
COMING NEXT WEEK:
No notable releases on Monday or Tuesday. Wednesday, we have the latest existing home sales figures and the final estimate of 3Q GDP. Thursday, we get data on consumer spending and durable goods orders for November, new home sales figures for November, the final University of Michigan consumer sentiment survey for December, and the latest initial and continuing claims numbers. That’s it for the week.
This material was prepared by Peter Montoya Inc., and does not necessarily represent the views of Centaurus Financial, Inc. This information should not be construed as investment advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. www.petermontoya.com
Citations.
1 edition.cnn.com/2010/POLITICS/12/17/tax.deal/ [12/17/10]
2 – online.wsj.com/article/SB10001424052748703296604576005430598327972.html [12/7/10]
3 –tax.cchgroup.com/downloads/files/pdfs/legislation/bush-taxcuts.pdf [12/16/10]
4 – businessweek.com/ap/financialnews/D9K5IEN81.htm [12/17/10]
5 – npr.org/2010/12/10/131969824/some-worry-payroll-tax-cut-threatens-social-security [12/17/10]
6 – bloomberg.com/news/2010-12-17/u-s-leading-indicators-index-gains-most-in-eight-months-in-recovery-sign.html [12/17/10]
7 – thestreet.com/story/10947594/1/inflation-remains-subdued-in-november.html [12/15/10]
8 – bloomberg.com/news/2010-12-16/u-s-futures-fluctuate-starbucks-bank-of-america-climb-freeport-slides.html [12/16/10]
9 – cnbc.com/id/40722779 [12/17/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=12%2F17%2F09&x=0&y=0 [12/17/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=12%2F17%2F09&x=0&y=0 [12/17/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=12%2F17%2F09&x=0&y=0 [12/17/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=12%2F16%2F05&x=0&y=0 [12/17/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=12%2F16%2F05&x=0&y=0 [12/17/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=12%2F16%2F05&x=0&y=0 [12/17/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=12%2F18%2F00&x=0&y=0 [12/17/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=12%2F18%2F00&x=0&y=0 [12/17/10]
10 – bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=12%2F18%2F00&x=0&y=0 [12/17/10]
11 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [12/17/10]
11 – ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield_historical.shtml [12/17/10]
12 – treasurydirect.gov/instit/annceresult/press/preanre/2000/ofm11200.pdf [7/12/00]
13 – montoyaregistry.com/Financial-Market.aspx?financial-market=8-retirement-tips&category=3 [12/18/10]
