China cut rates and Draghi again promised to do whatever it takes. This boosted world markets on Friday.
Friday started off with a bang after China unexpectedly cut two rates and Mario Draghi repeated his "do whatever it takes" vow and suggested the ECB was close to buying sovereign bonds in an extension of its stimulus program. The twin central bank actions powered the European markets to gains of 2-3% on average.
China cut rates for the first time since July 2012 as economic conditions continue to weaken with the slowest growth since 1990. The one-year lending rate was lowered -0.4% to 5.6% and the one-year deposit rate were lowered by 0.25% to 2.75%. The deposit rate cap was raised from 110% to 120% of the benchmark rate. That allowed consumers to continue earning the same interest despite the drop in the deposit rate. This is really a managed economy where the government even controls how much interest banks can pay to individuals on deposits. The move by the PBOC to cut rates came as a big surprise to investors. The bank had been trying to micro manage the economy using non-standard methods but it was not working. The China EFT (FXI) spiked +3.68% on the news.
Draghi said Europe was teetering on the edge of a recession and "We will do what we must to raise inflation and inflation expectations as fast as possible, as our price-stability mandate requires. Some inflation expectations have been declining to levels that I would deem excessively low." The next policy meeting in less than two weeks away and analysts are speculating the ECB is moving closer to a full-fledged QE program of buying sovereign debt. With GDP at +0.2% and inflation at +0.4% the ECB is flirting with a major slowdown. The ECB has already indicated they will lower economic forecasts again at the Dec 4th meeting. The ECB began buying asset backed securities (ABS) on Friday.
The Dow spiked +176 points at the open and immediately began to fade to gain only +45 at midday. Buyers appeared late in the day to push it back over 17,806 with a +91 point gain. The S&P gained +11 points to close at 2,062. The S&P Energy sector gained +7.8%, Industrials +4.8%, materials +4% and financials +1.7%. The Nasdaq spiked more than +50 points at the open but gave back 40 to gain only 11 points for the day.
The economic calendar for the U.S. on Friday was lackluster. Leading the list was the Kansas City Fed Manufacturing Survey for November, which rose to 7.0 from 4.0 in October. This was the 11th consecutive month of gains for the index. However, new orders declined for the 4th month to only 1.0 after hitting 12.0 in July. Backorders rose from -8 to +4 and the first month in positive territory since June. Employment posted a six month high at 9, up from 6 in October. Over all it was a good report but that sharp drop in new orders is very troubling. That suggests it could be in negative territory next month.
We have a busy calendar for a holiday week as the majority of reports are squeezed into the first three days. The GDP revision will garner a lot of attention on Tuesday with the whisper number in the 2.9-3.1% range, down from +3.55% in the last reading. The Richmond Fed surveys also on Tuesday are of interest but rarely move the market. Wednesday has the two home sales numbers and that will be the highlight for the day.
Two of the biggest events of the week are not economic and not in the USA. The deadline on the Iranian nuclear negotiations is Monday. Early Friday Secretary John Kerry and Iran's counterpart Mohammad Javad Zariff both planned to leave the negotiations early because the talks were making no progress. Late Friday it was announced that both had cancelled plans to exit the negotiations and said they would meet again to try and salvage a last minute agreement.
The P5+1 nations have repeatedly said there would be no further extensions in the deadline. Iran is the master of the rope-a-dope with delaying tactics an art. These negotiations have been ongoing for the last ten years. Nothing constructive ever happens until the deadline arrives. If an agreement is reached we could see another 1.25 mbpd of oil come to market and that would further depress prices. If no agreement is reached we could see 1.0 mbpd cut off from the market by the resumptions of full sanctions.
A 45 page draft agreement has been prepared with a 5 page introduction and 30-40 pages of details according to an Iranian diplomat. Of course we don't know it that is a joint agreement or one that Iran drew up that is heavily weighted to their positions. The White House spokesman Eric Schultz said the U.S. will only approve a deal that "effectively cuts off all pathways to a nuclear weapon." Since there is a vocal majority in Iran that object to even participating in the talks and refuse to give up anything on the nuclear issue the odds of a comprehensive deal are slim.
On Thursday OPEC meets in Vienna to discuss production quotas. The outcome is far from certain. In a survey of 20 energy analysts by Bloomberg exactly half expected a production cut and half expected no cut. In the seven years since the surveys began this was the only one that was evenly divided. OPEC has to decide whether to cut production and lift prices from a four-year low and continue to empower the energy boom in the U.S. or leave production alone and possibly see prices decline into the $60s and cost them billions in revenue. Leaving production at the current levels will eventually pressure U.S. drillers to mothball some rigs and slow production growth but it won't stop U.S. production growth unless the price remains low for an extended period of time.
Not cutting production will hurt the finances of OPEC countries that depend on high oil prices to fund their budgets. With Brent crude prices down -31% since June that means a -30% cut to export revenue and that is a huge blow to countries like Algeria, Nigeria and Venezuela. If OPEC does not cut production and claim they are ok with the lower rates the market will test them almost immediately. Sellers will appear in volume until a bottom appears. OPEC knows this and they have to take this into account when they meet. They may be ok with Brent at $80 but are they ok with it at $65? It may be better to take the smaller dose of pain now and cut production rather than play games with the market and see oil trade significantly lower and still have to cut production later. This is one of the most important OPEC meetings in the last ten years.
Retailers continue to disappoint and the recent trend is to guide lower for Q4. Apparently they are not expecting big holiday sales despite the falling gasoline prices. Let the discounting begin! Weak expectations for holiday sales is the signal for retailers to start slashing prices before the shopping hysteria even begins.
Ann Inc (ANN) reported earnings of 72 cents, which beat estimates of 68 cents. Revenue of $646.8 million did not meet estimates of $653.1 million. For the current quarter ANN guided lower for sales of $630 million and analysts were expecting $633 million. I thought it was strange that they are guiding for lower sales in Q4 than Q3. That is a clear signal they are planning to cut prices to the bone. Shares fell fractionally on the news.
Gap stores (GPS) warned that Q4 earnings would now be $2.73 to $2.78 compared to earlier estimates of $3.95-$3.00 and analyst consensus of $2.91. The CEO said sales were sluggish and they were forced to slash prices to clear out slow moving merchandise. Same store sales at Gap stores fell -5% in the last reporting period. Not a good sign for the holiday shopping season. Shares fell -4% on the news.
Williams-Sonoma (WSM) parent of the Pottery Barn beat Q3 earnings but then guided lower for Q4. The CEO said "There's no question the holiday season will be even more competitive than last year." Shares gapped higher on the earnings beat but faded on the guidance warning.
GameStop (GME) shares fell -13% after reporting earnings of 57 cents that missed estimates of 62 cents and were a penny lower than the year ago quarter. Revenue of $2.092 billion also missed estimates of $2.214 billion. Same store sales fell -2.3%. New video game sales fell -34.4% but mostly due to a strong release of games in the year ago quarter. GameStop operates 6,664 stores. The company said same store sales for Q4 would be in the range of -5% to +2% and much lower than the 6-12% increase in prior forecasts. Full year earnings are now expected to be $3.40-$3.55 down from $3.40-$3.70. Analysts were looking for $3.73.
Ross stores (ROST) reported earnings of 93 cents that beat estimates of 87 cents. Revenue of $2.6 billion also beat. Same store sales rose +4% and twice company guidance. They expect same store sales of 1-2% in Q4 and earnings of $1.05-$1.09, up from $1.02 in the year ago quarter. Total revenue growth was projected in the 5-6% range. Full year earnings guidance was raised from $4.18-$4.26 to $4.28-$4.32. Shares spiked +7% on the news.
The Maxim Group upgraded Ross from sell to hold. Deutsche Bank reiterated a buy rating and Wedbush reiterated an outperform rating.
There were a lot of analyst upgrade/downgrades on Friday and some were on major stocks. Lockheed Martin (LMT) was upgraded from sell to neutral at UBS. Jefferies initiated coverage on Microsoft (MSFT) with an underperform (sell) rating and $40 price target. Aruba Networks (ARUN) was downgraded to underperform at Bank of America. The bank also downgraded Dillards (DDS) from buy to neutral. Evercore downgraded Ebay from hold to sell. Jefferies initiated coverage of Adobe (ADBE) with a buy rating and Checkpoint (CHKP) with a buy rating. Nomura initiated coverage of Amazon with a buy rating and $410 price target. Stifel Nicolaus initiated coverage of Caterpillar (CAT) with a buy rating.
CAT soared +4% on the rate cut news from China. This is positive for future sales in the country and the stock was responsible for about 35 Dow points on Friday.
Intel shares faded after a strong rally of +5% on Thursday on raised guidance. Revenue in 2015 is now expected to grow in mid single digits compared to prior expectations of 1-2%. The company also raised guidance on gross margin and raised the dividend 6.7%. Stifel Nicolaus reiterated a buy rating and Imperial Capital reiterated an outperform rating.
CLSA cut Intel to sell on a difference in Intel's PC chip forecast compared to expectations for PC sales. CLSA said Intel is expecting volume in the PC segment to grow +9% but CLSA expects overall PC sales to decline -2%. The company said they expect Intel's PC chip revenue to decline -6% in 2015.
It was a sunny day for SolarCity. The company announced it has entered into a contract with Walmart (WMT) to install new solar systems at facilities in 36 states over the next four years. The company has already completed more than 200 systems for Walmart since 2010. Walmart is testing different battery storage configurations to use stored electrical power to run the stores after the sun goes down. Walmart will test ten new configurations in 2015 using a 400 kilowatt hour battery. Walmart has asked for a quote for 400 more stores and fully expects to upgrade all its stores to solar over the next decade.
Alibaba's (BABA) Jack Ma caused investors some worries last week when he said Alibaba is facing its most dangerous moment. Coming only two months after the IPO that could be a little unnerving. He said people may be expecting too much from Alibaba. "Two months before the IPO people did not think we could make money. Now the problem is people think we are too good - we can do anything. This is the most dangerous moment."
A Chinese analyst said this is Jack Ma's speech style. He tries to be provocative instead of routine. The company announced last week it was going to sell $8 billion in debt to refinance its existing credit lines and loans. The offering was extremely oversubscribed with more than $57 billion in bids. The company said it may raise the offering to $10 billion thanks to the record demand. This would be the biggest dollar denominated bond sale ever in Asia. The bonds have been rated A+ by S&P. Alibaba has $11 billion in existing debt.
Alibaba is already the top online shopping site in Russia and Brazil and is working on cornering other markets as well.
One commentator said this was a Taylor Swift "Shake it Off" market. Regardless of the economic or geopolitical events the market just keeps shaking it off and moving higher. While that may be true it is not doing it in a very convincing fashion. The Dow spike to +176 at the open was pure short covering and then the decline to only +46 intraday was investors taking profits at the highs and shorts setting up new positions.
On the positive side we did close higher ahead of the Thanksgiving week and the indexes posted decent gains for the week with the exception of the Russell 2000. However, it was a fight. Every point gained was in the three steps forward, two steps back method. Last week is normally choppy and we definitely had a choppy market. Next week is typically bullish but the average gain is less than 1%.
The market has plenty to be happy about with the S&P 500 components posting more than $30 in earnings in Q3 and that is a record. Q4 is expected to be even higher. Unfortunately 59% of companies missed on revenue and nearly every company that reported this week or issued guidance, warned on Q4 revenue.
The biggest complaints are the higher dollar and its impact on overseas sales and the weakness in Europe. There is a real fear that the weakness will migrate to the U.S. and throw us back into recession. At the same time the economics while mixed have been improving. The Philly Fed Manufacturing Survey on Thursday soared from 20.7 to 40.8 and only 3 points below a 30 year high at 43.4 from March 2011. This reading came after two months of declines and was totally unexpected. New orders doubled from 17.3 to 35.7 and employment nearly doubled from 12.1 to 22.4. This was a very strong report but it is just one section of the country.
Despite the Philly Fed report we are still lagging behind optimal growth with GDP in the +3% range. The worries over Europe have put the Fed rate hikes on hold for the foreseeable future. Citigroup changed their expectations for the first rate hike from September to December 2015. As long as China, Japan and Europe are pouring stimulus on the fire because of slowing economies the Fed is not going to raise rates or halt the process of reinvesting matured QE securities. That process of reinvesting matured securities is a stealth QE program that is still supporting our markets. With $3.5 trillion in securities about $5 billion a week mature and new securities are purchased. That is a significant amount of continuing stimulus.
The S&P has now closed over its 5-day average for a record 26 days. The S&P has now posted its best five week gain since April 2009. Obviously this is evidence the bulls are in control but it also suggests we are stretching our luck. All streaks eventually come to an end and this one may end not with a whimper but with a bang. I am not saying the market is going to roll over next week but every day this streak continues brings us a day closer to some serious profit taking.
The S&P breakout last week freed it from more than a week of consolidation and in theory that consolidation phase should provide decent support on any market weakness. For three days the 2,050 level provided resistance and after Friday's spike to close over 2,060 that prior resistance should now be support. Overhead resistance is slim until just below 2,100. However, the Friday high at 2,071 could be a speed bump on any further rally. Support should be 2,050 and 2,040.
The Dow surged through resistance at 17,725 to 17,894 at the highs. The decline to close at 17,806 sets it up for a relatively easy test of the 18,000 level but it still faces uptrend resistance from 2011 at 17,860. That level was tested on Friday and was immediately sold. Caterpillar and Visa were the main drivers of the Friday gains.
The Nasdaq 100 sprinted well above resistance to a new 14 year high but gave back -35 of those points to close at 4,250 and a +9 point gain. That level was resistance earlier in the week and should be support as we start off on Monday. However, it may be weak support with the real support level well back at 4,200 which has held all tests since Nov 13th. I still believe the Nasdaq big caps are the stocks to watch for market direction over the next few weeks.
The Nasdaq Composite blew through resistance at 4,725 at the open to touch 4,751 but the hang time was measured in minutes rather than hours. The index was immediately sold and retreated back below that resistance to close at 4,711. It was clearly a short squeeze and the speed at which everyone already long took profits and those shorts that were squeezed reinstituted short positions was amazing. Friday was one of those days where an active trader could have made money in both directions very easily.
For next week that 4,725 resistance is still intact and the speed of the decline on Friday suggests it may be a battle to get over that area in a normal market. Support is well below at 4,657.
For the Russell 2000 the major resistance at 1,180 is still intact after a spike through to 1,182 at the open. Like the other indexes the Russell stocks were immediately sold and the index barely managed to end the day with a +1.66 gain. As I have reported before there is something in the trading pattern of fund managers that favors big caps in late November and small caps tend to fade. Everything is proceeding according to that historical trend.
The smallest of the small, the Russell Microcaps ($RUMIC) have an even bigger challenge. They peaked for the year in March and are now in a clearly defined bearish channel. They failed at the upper resistance last week and could be poised to retest downtrend support. ANY move over 464 would be a breakout of this pattern and could trigger significant short covering.
Friday's volume was just slightly over 7.0 billion shares and for an expiration Friday that was very tame. The average for the prior four days was low at about 5.9 billion shares. There is still no conviction in the market and everyone seems content to just hold the cards they have and wait for the next catalyst to appear. However, any deviation from neutral in either direction is immediately bought or sold depending on the direction. There are plenty of investors taking profits on every spike and just as many buying the dips whenever they appear. The markets appear to be evenly balanced ahead of a historically bullish period.
Like last week I would not complain about a 2-3 day decline but I also intend to profit from any continued rally. We are in buy the dip mode until proven wrong.
You may have heard that President Obama and Chinese President Xi Jinping agreed to a radical environmental program. China has the world's worst pollution. For the seven days prior to the APEC summit China closed factories and limited traffic in Beijing so that the air would not be poisonous to the dignitaries attending the conference. More than 140 factories in Beijing were ordered to close and operational limits were placed on 3,900 plants in Hebei province and 1,953 firms in Tianjin city.
China has reached the point where pollution is so bad it is causing social discontent and you don't want to make 1.2 billion people angry about your disregard about their health. As part of the environmental agreement the U.S. has to cut emissions to 27% below 2005 levels by 2025 with a target of a 17% reduction by 2020.
China has agreed to "cap" its carbon emissions by 2030 and get 20% of its energy from renewable sources. Note that the U.S. has to "cut" emissions to 27% of 2005 levels while China only has to cap emissions or halt their climb by 2030. Who got the better deal there?
To put China's task into perspective they will need to add about 1,000 nuclear reactors, 500,000 wind turbines and 50,000 solar farms to meet those goals. They will need to produce about 67 times more nuclear energy than they have today, 30 times more solar and 9 times more wind power. Those additions amount to the current generating capacity of the entire USA today.
Part of China's problem comes from their developing economy. Electricity demand will rise 46% by 2020 and double by 2030. They currently depend on coal for two-thirds of their electricity. That is the most of any G20 country other than South Africa.
China will have to spend more than $4.5 trillion upgrading its power industry by 2040. Nuclear, wind and solar alone will cost nearly $1.8 trillion. China currently has 22 nuclear reactors, 26 under construction and 159 currently proposed. Globally there are slightly over 415 reactors in operation and 91 under construction. Japan has 19 that have been shut down for the last two years and are in the long restart approval process to boost the global operating number to 434. For China to expand its fleet to 1,000 by 2030 or even 2040 would seem to be an insurmountable task even for a country with 1.2 billion people. The amount of money and manpower required is astronomical. This is going to be a windfall for companies like Cameco (CCJ) and General Electric (GE) but the time horizon is very long. China would have to accelerate the process and build at least 45 per year to reach their goal. A typical nuclear plant takes ten years to permit and build in the U.S. but I am sure that time can be shortened considerably in China to possibly 5 years.
The real question for me is the environmental agreement. In the U.S. cutting emissions by 27% from 2005 levels is going to mean significant pain for the consumer and for manufacturers. Your utility bill is going to triple or quadruple as companies are forced to install wind, solar or natural gas to replace coal fired plants. I am in favor of reducing emissions but not at any expense. Building new plants to be energy efficient and environmentally friendly is one thing but forcing the shut down or remodeling of every existing plant at enormous cost to the consumer is not a viable alternative. Secondly, why should the U.S. cut emissions 27% in just over ten years and China has 15 years just to stop increasing emissions? There are 620 coal fired plants in China and they build ten new coal fired plants every month with more than 570 currently in planning or construction stages. There are just over 2,300 coal fired power plants worldwide and China has 25% and they consume 50% of global coal production. I think the deal stinks and American consumers are going to be paying the bill for a very long time.
In 2010 VP Joe Biden proclaimed the U.S. military would be out of Afghanistan by the end of 2014 come "hell or high water." Apparently the administration has decided it does not want another Iraq because the president signed an order last week extending the mission there at least through 2015. Also, it authorizes a more expansive mission with troops authorized to attack the Taliban as well as Al Qaeda and their offshoots. This also authorizes American fighter jets, bombers and drones to support Afghan troops on combat missions.
In May President Obama proclaimed in a Rose Garden speech that American would not have a combat presence in Afghanistan after 2014. The 9,800 troops remaining in country would be limited to training Afghan forces. Apparently that proclamation has evolved in order to avoid a repeat of Iraq. It was interesting that the president announced this just two weeks after the election despite the decision being made in "recent weeks" as the announcement stated. Clearly political forces were in play. Announcing before the election may have cost the democrats even more seats just as announcing the executive order on immigration would have prompted an even bigger election landslide against democrats since exit polls showed 74% of voters were against amnesty. More than 20 times in recent years the president has said in his speeches he did not have the authority to make the immigration changes by executive order. Immediately after the election he suddenly decided he had the authority. Coincidence, right?
In the Ukraine the Russian army has gone on the offensive launching 78 artillery attacks on Ukrainian positions and multiple mortar attacks on Ukrainian villages this weekend. VP Biden was visiting Ukraine this weekend and condemned the Russian attacks. Russian foreign minister Sergei Lavrov again denied they were in the Ukraine or were helping the rebels. Apparently as long as you deny something it is not true.
Google (GOOGL) has been targeted by the EU for what they consider anti-competitive behavior. They are considering an action to split up companies that focus on web search. The EU is considering forcing an "unbundling" of search engines from other "commercial services" in order to aid Europe's digital industry. Google has a 90% market share in many European countries. The EU is considering a "copyright levy" against companies with excessive market share. Lawmakers are demanding the EU antitrust regulators act "immediately and unequivocally" to prevent Google from discriminating against its rivals. They want the search engines to display searches that are best for the user not best for Google. In other words paid search results would no longer be allowed.
It was not a good week for the Affordable Care Act otherwise known as Obamacare. Back in May regulators said there were 8.1 million people enrolled in the program. In September the revised number was 7.3 million. Last week the number dropped again to 6.7 million. Part of the initial decline was 1.1 million people enrolled into dental plans that were counted by mistake as Obamacare enrollees. Basically they were double counted. Last week another 400,000 people in dental plans were discovered and removed from the rolls leaving 6.7 million supposedly enrolled in the program. This is in comparison to the administrations claims that 50.7 million people would have access to high quality medical care when the program was inaugurated.
HHS secretary Sylvia Burwell also disclosed that more than a million enrollees dropped out during the year and either quit paying or defaulted on payments.
OK, so Obamacare actually had 6.7 million enrollees at the end of October according to HHS. However, another study found that 71% of the people enrolled in Obamacare were actually pushed into Medicaid instead of a paid healthcare program. Actually the number was 6.07 million and that 71% number was using the September claimed total enrollment of 8.5 million. So, if 6.07 million are in Medicaid and the new total enrolled is 6.7 million does that mean only 630,000 people are actually enrolled in Obamacare?
Those numbers are so bizarre that I seriously doubt their accuracy. It would be easier if HHS would just disclose the numbers on their website but if the above math is accurate it is obvious why they don't disclose them. The political outrage would be off the scale. Lastly approximately 81% of the enrollees are receiving subsidies according to the latest study. That makes the numbers even more disastrous. With only 19% of enrollees paying the full cost and supporting the other 81% the numbers will not work long term. Once the employer mandate kicks in next year the numbers should improve because people with jobs are going to be paying premiums rather than receiving subsidies.
Remember, the Supreme Court agreed to rule on the validity of subsidies for the 34 states that did not create their own exchanges. The law specifically spells out that those states are not allowed to offer subsidies and plan architect Jonathan Gruber has been shown on videos explaining why they designed the law that way. It would be very difficult for the Supreme Court to rule in any way except against the subsidies. That decision could end Obamacare as we know it and the decision should be out late next summer.
Oops! Federal investigators announced this weekend that as many as 30,000 missing Lois Lerner emails have been found. Lerner headed the committee that targeted conservative groups applying for tax classifications from the IRS. When the earlier investigation heated up the IRS waited over a year to disclose that Lerner's hard drive as well as the drives of 8 of her subordinates, also under investigation, had crashed and been destroyed. No emails were available and Lerner refused to testify under oath. If the Feds really found 30,000 Lerner emails I bet she is really nervous this weekend.
In April an unarmed Russian SU-24 tactical bomber flew over the USS Donald Cook in the Black Sea and using an electronic warfare weapon disabled the entire ship. This is important because the Donald Cook is an Aegis equipped guided missile destroyer. The Aegis weapons system is the most integrated and advanced combat weapons system the U.S. has available.
The ship carries 56 Tomahawk missiles in standard mode and 96 in attack mode and can launch nuclear missiles. It also has more than 50 antiaircraft missiles. The Aegis weapons system can link to all the other ships in the area to enable tracking of hundreds of targets in real time. It is also installed on NATO's most modern ships.
The SU-24 had only an electronic warfare pod and no bombs or missiles. The electronic warfare device is called a Khibiny. The device disabled all radars, control circuits, computer systems, information transmission systems, etc. After the first pass that disabled all fire control the plane circled around and made a simulated missile attack on the destroyer, not once but 12 times before flying away. The Donald Cook immediately headed for a port in Romania for repairs. Reportedly 27 sailors on the Donald Cook requested to be relieved from active duty service. This is very disconcerting that the best electronic warfare capability we have was eliminated so easily. It is even more of a problem with Putin ramping up military challenges all around Europe. NATO has scrambled fighters to intercept Russian plane more than 400 times this year. That is three times more than in 2013. AEGIS fails in the Black Sea
Russian Foreign Minister Lavrov accused the West on Saturday of trying to use sanctions imposed against Moscow to seek "regime change" in Russia. The war of words between Russia and the West is definitely increasing as the economic hardship of the sanctions and the drop in oil prices weighs on Russia. Regime Change
Late Saturday the Jerusalem Post claims Israel is considering military action against Iran if the current P5+1 negotiations with Iran end in an agreement that allows Iran to continue nuclear research. Reportedly Israel has seen the rough draft agreement being proposed and it is unacceptable to Israel. Iran has said if they had a nuclear weapon their first target would be Israel. The draft agreement would restrict Iran's nuclear program for ten years but would only cap its ability to weaponize fissile material for a minimum of nine months.
Who should be the TIME Person of the Year? Would you believe the Ferguson protestors are in third place in the polls with 4.7% of the vote? That is right behind Vladimir Putin in 2nd place with 6.5% of the vote. John Kerry is in 7th place with 2.9% and Barack Obama is in 12th place with 2.1%. The CEO of Apple, Tim Cook is 18th with 1.8%. Leading the list by a wide margin is Narenda Modi, the Prime Minster of India, at 14.1%. See the rest of the list HERE.
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"People somehow think you must buy at the bottom and sell at the top. That is nonsense. The idea is to buy when the probability is greatest that the market is going to advance."