Quote of the week.“Never apologize for showing feeling. When you do so, you apologize for the truth.”– Benjamin Disraeli
Did banks downplay risk levels? So contends a Wall Street Journal story, citing data from the Federal Reserve Bank of New York. It says that during the last five quarters, a total of 18 big banks reduced borrowing just before reporting debt levels to the public, then increased debt levels as the quarter progressed. The practice, while certainly legal, has prompted an SEC inquiry.1
Inventories beat expectations. Wholesale inventories, that is. The Commerce Department said they increased by 0.6% for February, a hint that first quarter GDP might prove stronger than presumed. Economists had predicted a 0.4 gain.2
Superb week for metals. As the EU moved to aid Greece, metals responded to the news with gains. Across last week, gold prices rose 3.18% to $1,161.90 an ounce. Silver gained 2.58%, copper 0.17%, platinum 3.19% and palladium 4.53% during those five trading days. Earlier in the week, concerns about a Greecedefault sent the 10-year note yield above 4% for the first time in ten months on April 5; yields were 3.88% on Friday afternoon.3,4
Dow flirts with 11,000. The index actually climbed over that benchmark Friday, but settled at 10,997.35 as the trading week wrapped up. It gained 0.64% last week, while the S&P 500 advanced 1.38% and the NASDAQ 2.14%. The stock market has now climbed for six weeks in a row, the longest win streak on the Street since last April. Something else to note: the CBOE VIX, the “fear index”, finished the week at its lowest level since October 2007.5
Indices are unmanaged, do not incur fees or expenses, and cannot be
invested into directly. These returns do not include dividends.
Riddle of the week. What five letters (with no letters used more than once) can be arranged in three ways to make three separate words - the first with one syllable, the second with two syllables, the third with three syllables? Contact my office or see next week’s Update for the answer.
Last week’s riddle:A rooster sits atop a farmhouse. Its roof is unequally pitched. One half slopes down at an angle of 60º, and the other half at 70º. If the rooster lays an egg right on the peak of the roof, on which side is the egg more likely to fall?
Last week’s riddle answer:Neither. Roosters cannot lay eggs.
C.W. Copeland "Your Personal CFO" C.W. Copeland & Associates Lifestyle Management Advisors 3401 Norman Berry Drive Suite 253 East Point, GA 30344 404.567.3275 (direct) 404.601.9534 (fax) www.PhDinMoney.com
Securities offered through Resource Horizons Group, L.L.C. Member FINRA, SIPC Advisory services offered through Resource Horizons Investment Advisory 1350 Church St. Ext. Third Floor Marietta, GA 30060 Office 770 319-1970
A degreed engineer (in a past life) business owner, business development coach, project manger, and organizational strategist with a strong background in surveillance, ES&H redesign, project management, process engineering, organizational operations, management, business law, and ISO internal auditing. Am an organzing member of NSBE-AE, Organizing Board member Greenwood Festival Chorale, former Omega Psi Phi Graduate Chapter President (Baselius) a former Shelter BOD Chair, a former Regional Chair, former Lander Board of Visitors Member, former Chamber BOD member, as well as many other organizational leadership positions. Owner Spearman Enterprises and Managing Partner Top Flight LLC.