Well for those of you who are long it was a great week with the market posting its best performance in a year. A word of caution though, the volume was very light and I don't think there was much conviction in the move. Next week second quarter earnings begin to roll in and that will be the major determinant of how stocks trade. Have a great weekend everybody!!!
On a personal note I would like to thank all those who made the past week the highest page view week in the history of Barrow Bits. I will continue to call them as I see them and hope you continue to log on!!
The just completed World Cup competition was a boom for soccer in the United States. The championship game on Sunday had a viewing audience of 26.3 million in the US, the biggest ever for a soccer game in the country and more than any of games in the 2009 World Series. Additionally, the demographics of those that were watching the game was definitely on the young side, suggesting that soccer has a fertile fan base brewing. Professional soccer is advancing in the US with new teams and new stadiums attracting good crowds. I will be looking for opportunities among public companies that can benefit from a stronger US market for soccer related merchandise and promotions. If any readers have any ideas, send them along.
Sondheim is making another revival on Broadway, and that wonderful song "Send in the Clowns" is a featured number. Upon reflection I think Mr. Sondheim should think of employing the senior management team of Evergreen as extras in the staging of the song since they would be perfect performing as clowns. Chief clown of course would be Tom Stoner who gave a brilliant comic performance Tuesday at the annual meeting. He had them rolling in the aisles with his rendition of happy days are hear again and how he has established "a solid go-forward strategy". Roars of laughter were heard as he told the crowd about how great things are (because of him of course) and how hard everybody works. Of course, before the meeting in an effort to whip up the crowd EEE put out some nutty PR having something to do with business in China for K-fool. Must admit after rereading a few times still don't know what it says? People who promote such confusion would be great clowns! There was so much more in Stoner's performance but I felt just one thing was missing. How come he didn't mention that since he became Chief clown the stock price has gone down by more than 90%. Seriously folks what can you really say about these delusional people who seem to get away with this crap without getting into trouble. Moreover, if the NYSE allows a company with these credentials to have a listing it will just exemplify all that is wrong with Wall Street. So they will do their reverse and qualify on price but does this company, at this stage of its history belong anywhere else but the pink sheets? Lots of people make money with EEE, unfortunately it's not the shareholders. Yeah, send in the clowns!!!
As I predicted months ago in this space Goldman got off with a slap on the wrist. The best lawyers always win and Goldman had the money to buy the best legal representation that money can buy. Disgusting.
It really is amazing that after all the years of failure to deliver EEE is allowed to continue to trade and has not been the target of investigations pertaining to years of bogus PR's and promises. After re-reading Stoners comments at the annual meeting I am stunned how delusional and disingenuous they were. At this point the only reason that the company remains in business is to pay the outrageous salaries of its officers while having complete disregard for shareholders. Call me bitter if you wish because I have lost so much money in this stock but any objective analyst would look at this situation and conclude this has been a major fraud and lots have people have contributed to it. They should be held accountable.
Mariner's Choice International (MCII-Pink Sheets) issued another positive news release yesterday which shows significant progress in advancing MCII's advanced environmentally friendly technology in the clean up of the Gulf Coast. Most investors have still not discovered MCII which in my view is a micro-cap stock with lots of potential. Before too long this company will get noticed and the current share price will look cheap.
One of the major reasons for my long term bearish posture toward the stock market is my opinion that the political risk in the US is probably at the highest level since the Civil War. The events of the past few days in which a descent black women was vilified by the likes of Breitbart and Fox News in an attempt to sour race relations in the US should sound alarm bells all over the place. I have written before that the Tea Party opposition to Obama is rooted in racism, and I think that has proven true. The likes of FOX News with all their army of hysterical opinionators, are laughing all the way to the bank while the seeds of armed revolution are being sowed. It will truly come if this crap continues. And where is Obama? Where is that great leader we elected? Obama is increasingly becoming an irrelevant joke but the sad thing is the lack of any reasonable alternative. Who should the country turn too? Sarah Palin!!! I predict that unless Barack Obama gets smart real quick and stops letting FOX News set the agenda, this country is heading for tumultuous times which will send the stock averages plummeting and could usher in a period when holding any financial asset will be questionable.
I have long complained of Fox News and their overt mission of festering opposition to Obama in the most inflammatory of ways. They are not a news organization, they are a propaganda machine for right wing lunnies who are planning to over through the government. The attached column is a must read.
I'm a former smoker and nowadays really don't like being around smokers. Quite frankly it stinks and I find the odor repulsive. However, not as repulsive as the taxation being heaped upon smokes in New York State. The most incompetent governor in the history of the state has taken to raising the tax on cigarettes again in order to close the budget gap, which of course has been brought on by out of control government spending. Now, a pack of smokes in NYC will cost $13!!! When I first started smoking in 1965 a pack of cigarettes cost $0.25. Really, this is ridiculous. Why not just make cigarettes illegal? But the creeps who run things won't allow that. They just keep taxing.