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And so, the bull rally continues, for no real reason other than great spin. We still believe that the markets will test new lows. When? Good question, although we thought we would be there by now. The one thing we do know is that bull rallies in a bear market have ended badly, and this one looks to be no exception. And no, we do not believe that this is the start of a new bull for the simple reason that nobody still has a clue as to the depth of the losses at all of the “too big to fail” financial institutions. There have been too many smoke and mirror tricks perpetuated by the Fed and the Treasury to get any true sense of those losses. This, plus over half a million monthly job losses, gives us pause to get overly enthusiastic. You hear gurus say that the jobless rate is a lagging indicator. Hey, when over 600,000 people are losing their jobs every month, that is not a lagging indicator, it is a leading indicator.
Here are the headlines since the last Newsletter about companies in the Current Portfolio; dates in parentheses are when we first recommended them. We are not giving updates about companies on the Endangered List, unless we feel the news to be highly significant.