We are looking healthy in the economic side of things. I was expecting a pull back this morning, instead DOW gained quite a few points this morning. AIG and FNM are still on the rise, makes you wonder how wrong you are predicting this market. Some one is manipulating the market. It does not make any sense if you look at the whole market. It was a good week and weekend overall. I was pleased to get some rest.
I sold all my MGM and C shares. I made a few dollars. I just Hope that I am right that the market will pull back this week and I
will be able to get in cheap next week. OIL prices are at a record price this morning for the year but I am not too optimistic that it will stay there or rise. It will come down again.
- HOUSTON (AP) -- Oil prices approached $75 a barrel Monday for the first time in 10 months amid growing optimism that the world's economies are on the mend. Benchmark crude for October delivery rose 73 cents to $74.62 a barrel on the New York Mercantile Exchange. Oil last topped $75 in October. Natural gas rebounded strongly from new seven-year lows Monday, though prices remained well below $3 per 1,000 cubic feet.
Expectations that demand for energy will grow were spurred Friday by Federal Reserve Chairman Ben Bernanke, who said the U.S. economy is reviving. Bernanke's remarks and signs of improvement in the U.S. housing market sent stock markets higher, and that carried over into the new week. Even before Bernanke spoke, however, prices had already begun to rise on a large and unexpected drawdown in U.S. oil supplies last week.
Equities appeared to follow energy prices, which took off midweek. Asian and European markets were higher Monday, and the Dow Jones industrial average rose moderately in early trading.
- EDINBURGH, Scotland – Scotland's justice minister on Monday doggedly defended his much-criticized decision to free the Lockerbie bomber but said Libya had broken a promise by giving the convicted terrorist a hero's welcome. Britain, meanwhile, scrapped a trade visit to Libya by Prince Andrew amid controversy over the release of convicted bomber Abdel Baset al-Megrahi and Scottish lawmakers came back from summer vacation a week early to debate the issue. Scottish Justice Secretary Kenny MacAskill said the warm homecoming welcome for al-Megrahi breached assurances from Libyan authorities that "any return would be dealt with in a low-key and sensitive fashion." "It is a matter of great regret that Mr. (al-) Megrahi was received in such an inappropriate manner," MacAskill told the Scottish parliament. "It showed no compassion or sensitivity to the families of the 270 victims of Lockerbie."
I sold all my MGM and C shares. I made a few dollars. I just Hope that I am right that the market will pull back this week and I
will be able to get in cheap next week. OIL prices are at a record price this morning for the year but I am not too optimistic that it will stay there or rise. It will come down again.
- HOUSTON (AP) -- Oil prices approached $75 a barrel Monday for the first time in 10 months amid growing optimism that the world's economies are on the mend. Benchmark crude for October delivery rose 73 cents to $74.62 a barrel on the New York Mercantile Exchange. Oil last topped $75 in October. Natural gas rebounded strongly from new seven-year lows Monday, though prices remained well below $3 per 1,000 cubic feet.
Expectations that demand for energy will grow were spurred Friday by Federal Reserve Chairman Ben Bernanke, who said the U.S. economy is reviving. Bernanke's remarks and signs of improvement in the U.S. housing market sent stock markets higher, and that carried over into the new week. Even before Bernanke spoke, however, prices had already begun to rise on a large and unexpected drawdown in U.S. oil supplies last week.
Equities appeared to follow energy prices, which took off midweek. Asian and European markets were higher Monday, and the Dow Jones industrial average rose moderately in early trading.
- EDINBURGH, Scotland – Scotland's justice minister on Monday doggedly defended his much-criticized decision to free the Lockerbie bomber but said Libya had broken a promise by giving the convicted terrorist a hero's welcome. Britain, meanwhile, scrapped a trade visit to Libya by Prince Andrew amid controversy over the release of convicted bomber Abdel Baset al-Megrahi and Scottish lawmakers came back from summer vacation a week early to debate the issue. Scottish Justice Secretary Kenny MacAskill said the warm homecoming welcome for al-Megrahi breached assurances from Libyan authorities that "any return would be dealt with in a low-key and sensitive fashion." "It is a matter of great regret that Mr. (al-) Megrahi was received in such an inappropriate manner," MacAskill told the Scottish parliament. "It showed no compassion or sensitivity to the families of the 270 victims of Lockerbie."
- KUALA LUMPUR, Malaysia – The first woman in Muslim-majority Malaysia to face caning for drinking beer was reprieved Monday because of the holy month of Ramadan. Her family said she would rather get the thrashing with a rattan cane now and put the ordeal behind her. Islamic officials had taken Kartika Sari Dewi Shukarno, a 32-year-old mother of two, into custody and were driving her to a women's prison for the caning when they abruptly turned around and sent her back to her family home in northern Malaysia. "She feels like a football being kicked around," Kartika's father, Shukarno Abdul Muttalib, told The Associated Press. "She's so exhausted and unhappy with the delay. She would prefer to just receive the six strokes and have everything finished."
- WASHINGTON (AP) -- Wall Street may have discovered a way out from under the bad debt and risky mortgages that have clogged the financial markets. The would-be solution probably sounds familiar: It's a lot like what got banks in trouble in the first place. In recent months investment banks have been repackaging old mortgage securities and offering to sell them as new products, a plan that's nearly identical to the complicated investment packages at the heart of the market's collapse. "There is a little bit of deja vu in this," said Arizona State University economics professor Herbert Kaufman. But Kaufman said the strategy could help solve one of the lingering problems of the financial meltdown: What to do about hundreds of billions of dollars in mortgages that are still choking the system and making bankers reluctant to make new loans.
- WASHINGTON (AP) -- Wall Street may have discovered a way out from under the bad debt and risky mortgages that have clogged the financial markets. The would-be solution probably sounds familiar: It's a lot like what got banks in trouble in the first place. In recent months investment banks have been repackaging old mortgage securities and offering to sell them as new products, a plan that's nearly identical to the complicated investment packages at the heart of the market's collapse. "There is a little bit of deja vu in this," said Arizona State University economics professor Herbert Kaufman. But Kaufman said the strategy could help solve one of the lingering problems of the financial meltdown: What to do about hundreds of billions of dollars in mortgages that are still choking the system and making bankers reluctant to make new loans.
- Kabul, Afghanistan – The top two candidates in Afghanistan's presidential race both claimed to be on their way to victory after Thursday's vote. Meanwhile, the Electoral Complaints Commission (ECC) has received roughly 150 official allegations of election fraud and expects a significantly larger number to arrive in the coming days. With preliminary vote-count results days away, each camp is working to influence public perceptions and gather legal ammunition for appealing a possible loss.
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