The Mess That Greenspan Made - Part 4

The latest issue of the Iacono Research Weekend Update has been posted to the website and is now available for subscribers here.

There will be no changes to the model portfolio or the buy ratings this week, but the ongoing covered call sales are reviewed in the following discussion topic:

The executive summary is as follows:

As second quarter earnings season gets underway, a sharp sell-off for equity markets early in the week was partially reversed on Wednesday after the release of meeting minutes from the Federal Reserve’s June gathering. Fresh banking fears in Europe led to renewed risk aversion and the broad stock market ended the week lower as safe haven assets such as bonds and precious metals gained.

Prices for both energy products and agricultural goods tumbled, falling for the third week in a row, and related shares were bid sharply lower as well, but precious metals prices rose for the sixth straight week with mining stocks seeing more outsized gains. REITs moved higher and long-term Treasuries surged as the model portfolio rose 0.7 percent, now up 10.0 percent for the year.

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Bowman Lake

As one might imagine from the picture below taken by the missus earlier in the week at Bowman Lake in the North Fork section of Glacier National Park, it’s been difficult getting back into the swing of things here on a Friday in July.

We had never been to this area before and were glad we finally ventured up that way. As detailed here, it’s in one of the more remote parts of the park and it’s meant to be kept that way, something that comes fairly easily when the roads are kept as they are.

Friday Morning Links

MUST READS
Portugal seeks to calm bank fears – BBC
Portuguese bank says it’s healthy, markets recover – AP
Carl Icahn says ‘time to be cautious’ on U.S. stocks – Reuters
Germany’s Choice: Will It Be America or Russia? – Spiegel
Fed’s Fischer sees little benefit in breaking up too-big banks – Reuters
Fossil industry is the subprime danger of this cycle – Telegraph
Berkeley’s latest entitlement program is free medical marijuana – Vox
Is Religion ‘Old-Fashioned’ and ‘Out of Date’? – Atlantic
Average Stock Market Returns Aren’t Average – Marginal Revolution
Employers say they can’t fill jobs—and here’s why – CNBC
Obamacare Is Working. Unless You’re Black. – Bloomberg
Uninsured rate plummets under Obamacare – CNN/Money
Watch Obamacare Implode – Krugman, NY Times

MARKETS/INVESTING
Stock futures up, but indexes on track for worst week in months – Reuters
Stocks will end 2014 even higher, experts say – CNN/Money
Signs Of The Apocalypse – Sigmund Holmes
Why Cyclically-Smoothed Earnings Make Sense – Comstock Funds
Treasuries Set for Biggest Weekly Gain Since March on EU Stress – Bloomberg
Gold steadies near 3-1/2-month high, set for 6th weekly gain – Reuters
Gold stock rally ‘foreshadows a trend’ for the metal – MarketWatch
Gold ETFs Ride Thursday’s Portugal Bank Woes Higher – Barron’s
Gold smuggling into India hits record highs – Mining.com
No Indian gold import policy change explains RBI gold swap – Gold Chat
India’s gold imports plummet 34% YOY – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
US wholesalers slow restocking as sales weaken – AP
America’s economy: Waiting for inflation – Economist
U.S. Has Reason to Be Fed Up With China’s Economic Policy – Time
Japan economics minister warns of premature QE exit – Reuters
China’s yuan ‘a growing force in global finance’ – AFP
Market eventually will ‘decide rate’ of yuan exchange – China Daily
London Seeks New Spenders as Russians Skip $719 Champagne – Bloomberg
Piggy Banks Being Raided Signal Swedish Housing Dilemma – Bloomberg
The Costs of Obama’s Housing Mistakes Keep Piling Up – Fiscal Times
Watching for signs of US housing market activity – Sober Look
Janet Yellen Chimes in on the Bubble Question – Acting Man
Is the Fed Behind the Curve? – Money and Banking

 

Back In a Few…

We’re off to Glacier National Park for the next few days – whatever this is, I hope we see it.

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