tag:blogger.com,1999:blog-339066662024-03-07T14:16:34.380-05:00LakeView Asset Management BlogThoughts and Perspectives from Scott Rothbort, President and Founder of LakeView Asset Management, LLCSCOTT ROTHBORThttp://www.blogger.com/profile/03976829099401323103noreply@blogger.comBlogger64125tag:blogger.com,1999:blog-33906666.post-18291818078599299472008-04-16T21:08:00.002-04:002008-04-16T21:15:04.699-04:00We Have Moved Our Blog To TheFinanceProfessor.comScott Rothbort, "The Finance Professor", has moved the LakeView Asset Management Blog to the all new <a href="http://thefinanceprofessor.com/welcome.php">TheFinanceProfessor.com</a> website.<br /><br /><br /><br />TheFinanceProfessor.com is a unique and dynamic educational social networking site. So join us as we all Express Our Knowledge.<br /><br /> --- Exchange information and ideas in the Study Hall Forum<br /><br /> --- Interact with other members in our real time chat in The Trading Room<br /><br /> --- Help to build our Finance Wiki<br /><br /> --- Use the online Financial Calculator<br /><br /> --- Participate in an Investment Club.Join an existing club or start your won. If you are unaffiliated then The Finance Professor welcomes you to his own club<br /><br /> --- Upload your resume for thousands of potential employers to search<br /><br /> --- Read what The Finance Professor, Scott Rothbort has to say in his exclusive blog<br /><br /> --- Express Your Knowledge by submitting your own article for publication in the Call For Papers section<br /><br /> --- Subscribe to a newsletter written by one of many Wall Street professionals<div class="blogger-post-footer"><script type="text/javascript"><!--
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<br />
<br /></span><i><span style="font-family: Arial; color: black;">At the time of this Blog entry Scott Rothbort, his family and or clients of LakeView Asset Management, LLC were long shares of MA--- although positions can change at any time.</span></i>
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As I have done for each of the past five years, and back by popular demand, I would like to share with you the "10 Things That I Will Not Miss About 2007" -- and do not want to see or hear ever again.</span></span></p><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal;"><span style="font-size:100%;"><span style="">Here we go (in no particular order).</span></span></p><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal;"><br /><span style="font-size:100%;"><span style=""> <o:p></o:p></span></span></p> <p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">1. <i>"They’re trying to make me go to rehab, I said, 'No, no, no.'"</i></span></b><span style=""> <a href="http://www.metrolyrics.com/rehab-lyrics-amy-winehouse.html"><span style="color:blue;">Amy Winehouse</span></a>, Britney Spears and Lindsay Lohan all checked into and out of (and sometimes back into) substance abuse programs this year. Why not? It seems like the optimal thing to do.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""> <o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">The entire world keeps downloading their songs (and movies) through <b>Apple's</b> (AAPL) iTunes despite their misdeeds. It seems like these pop idols are just auditioning for the reality series "Celebrity Rehab With Dr. Drew," which will premiere on <b>Viacom's</b> (VIA) VH1 on Jan. 10, 2008.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">As much as the Mitchell Report on performance-enhancing drug use in Major League Baseball may have been flawed, nevertheless, fans of baseball have turned against the slugging and pitching juicers like Barry Bonds and Roger Clemens. The same can be said of Marion Jones and Floyd Landis in their respective sports.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">To the singers, actors and athletes who abuse substances and expect our adoration, I say, "No, no, no."</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">2. <i>Crude oil going to $100.</i></span></b><span style=""> Eventually, crude oil will get there, however, it might not happen just yet. The incessant prognostication, pontification and speculation surrounding crude oil hitting $100 a barrel is nauseating.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">Do some homework and own oil services companies such as <b>Schlumberger</b> (SLB) or <b>Diamond Offshore</b> (DO) because no matter if crude oil is $80 or $100 or $120, we still need to get more of this stuff out of the ground.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">3. <i>Scott Boras can't play bridge.</i></span></b><span style=""> Scott Boras has the premier baseball player of our generation, Alex Rodriguez (A-Rod), as his client. A-Rod plays on the biggest stage in baseball, Yankee Stadium. A-Rod had an option to stick around for three more years at a huge salary that even dwarfs those of the bank CEOs who lose billions of dollars.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">So what does Boras do? He instructs his client to opt out of the contract. I am talking about a real contract, not contract bridge. So what does A-Rod do? He calls a real bridge player, Berkshire Hathaway (BRKA) CEO Warrant Buffett.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">The Oracle of Omaha then dials up some of his buddies at <b>Goldman Sachs</b> (GS) . You know Goldman Sachs, it is the only financial institution on the planet in which the members of its staff earned their bonuses the old-fashioned way, by making money for shareholders.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">Goldman Sachs happens to be a partner with the New York Yankees in the <i>YES</i> network. Goldman Sachs, Warren Buffett and the Steinbrenners know when they have a stronger hand and arrange for a contract extension at the original terms that the Yankees offered to A-Rod, less what the Yankees were supposed to receive from the Texas Rangers.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">Scott Boras has met his match and holds no trump cards. I think that <a href="http://www.imdb.com/title/tt0063462/"><span style="color:blue;">Max Bialystock</span></a> could have given A-Rod better advice.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">4. <i>Judge shows.</i></span></b><span style=""> It started out with Judge Wapner. That was fun. It was original.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">Now on the air we have Judge Judy Sheindlin, Judge Marilyn Milian, Judge Joe Brown, Judge Greg Mathis, Judge Cristina Perez, Judge Glenda Hatchett, Judge Maria Lopez, Judge Alex Ferrer and Judge Lynn Toler. Pardon me if I missed a few.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">You can channel surf and watch courtroom shows back to back for hours on end. If you don't believe me, then take a day off and try it. I have had enough of these silly judge shows.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">All is not lost, though. Here is an idea that I will offer to my friends Jim Cramer of <b>General Electric's</b> (GE) <i>CNBC</i> and Cody Willard of <b>News Corporation's</b> (NWS) <i>Fox Business News</i>, as long as I get the creative credit and a paid co-producer role: Judge Jim or Judge Cody. I would even put on a uniform and play bailiff.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">Here is how it would work:</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style=""><o:p> </o:p></span></b></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">Voiceover:</span></b><span style=""> Real stocks! Real investors! Judge Jim is in the courtroom! Welcome to "Investors' Court." Long Louie bought <b>Sharper Image</b> (SHRP) on Broker Blowhard's research recommendation. He is suing for bad gift ideas.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">Of course it goes both ways. Maybe we hear this:</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style=""><o:p> </o:p></span></b></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">Voiceover:</span></b><span style=""> Real stocks! Real traders! Judge Cody calls the court to order! Welcome to "Traders' Court." Short Sally shorted <b>Google</b> (GOOG) based on Hedge Fund Harry's newsletter. She is suing for short-sighted advice.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">Gentlemen, start your gavels!</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style=""><o:p> </o:p></span></b></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">5. <i>Junk email.</i></span></b><span style=""> Last year, I was so concerned for that poor Nigerian prince who emailed me when he could not get his $5 million out of the bank. Then again, because I was so inundated with emails from his other several hundred princely paupers, I decided that it was best to charge $3 million as an upfront fee to help them in their endeavor to free up their lost money.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">I had no takers.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">Well, as it turned out, those princes must have solved their problems, because I don't hear from them anymore. Now I have a bigger problem, though. It has to do with -- how shall I put this? -- my manhood.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">I did not think that after siring six children that I had such a problem, but it appears that some people think otherwise because I receive dozens of emails a day for cheap mail order pharmaceuticals like <b>Pfizer's</b> (PFE) Viagra and <b>Eli Lilly's</b> (LLY) Cialis.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">To those spammers, when it comes to size, I would be worried about positions in Pfizer and Eli Lilly, both of which I would not be long.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style=""><o:p> </o:p></span></b></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">6. <i>ADP payroll report.</i></span></b><span style=""> Annually, I name the most overexposed metric of the year. For 2007, <b>Automatic Data Processing's</b> (ADP) <a href="http://www.adpemploymentreport.com/"><span style="color:blue;">National Employment Report</span></a> gets the nod.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">The self-serving ADP report, which is released two days before the monthly Bureau of Labor Statistics report, has a poor track record of predictability and accuracy.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">I am tired of listening to the press coverage that the ADP report receives. What is even worse is the Pavlovian response (both buying and selling) that is triggered when the report is released.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style=""><o:p> </o:p></span></b></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">7. <i>Election polls.</i></span></b><span style=""> Bill Clinton was a virtual unknown at this point in the 1992 campaign. He won the election. The media has now started to coronate his queen as the next President of the United States. Along comes another Razorback, Mike Huckabee, and polls begin to change.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">Let me remind people that Iowa caucuses and New Hampshire primaries and Zogby polls do not decide who will be the next President. In fact, our constitution provides for a general election and an <a href="http://www.archives.gov/federal-register/electoral-college/provisions.html"><span style="color:blue;">arcane</span></a> process of selecting a Prez and his/her trusty sidekick the Veep.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">So please take your polls and shove 'em.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style=""><o:p> </o:p></span></b></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">8. <i>Naming market tops and bottoms as if they were sport stadiums.</i></span></b><span style=""> The duct-tape bottom? The <b>Blackstone</b> (BX) top? I am sick and tired with these nom de markets.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">How about we sell naming rights to bull markets and bear markets to companies? Even better, we should sell naming rights for a particular quarter.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">How does the <b>Baidu</b> (BIDU) Third Quarter of 2008 sound to you? Maybe that would draw some buying interest for <b>NYSE Euronext</b> (NYX) stock.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style=""><o:p> </o:p></span></b></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">9. <i>Overused commercials.</i></span></b><span style=""> Sometimes too much of a good thing can be bad. If I have to hear one more of <b>Anheuser-Busch's</b> (BUD) Bud Light "Real Men of Genius" commercials on my car radio, I am going to crash my vehicle into a brick wall. The first few were entertaining and original, but now they are downright moronic.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style=""><o:p> </o:p></span></b></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">MasterCard</span></b><span style=""> (MA) is one of the great investment stories of 2007 and should continue to return value to shareholders in 2008. Those "Priceless" commercials, however, are just too painful to watch anymore.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">The "Cavemen" series of commercials for <b>Berkshire Hathaway's</b> (BRKA) Geico yielded a failed TV show. (Technically, it is on hiatus.) With the TV writers on strike, maybe it's time to give Geico's gecko his own show.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style=""><o:p> </o:p></span></b></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><b><span style="">10. <i>The Fed is cutting rates to bail out hedge funds.</i></span></b><span style=""> It certainly sounds good if you want to be politically correct in an economic sense, however, the Fed is only responsible for monetary, not fiscal, policy.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">Furthermore, the Fed is interested in economic growth and financial market stability; it could care less about the profitability or "going concern" status of an individual entity, unless that would cause a systemic event.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">If you want to better understand the Fed's responsibilities, take at look at its own <a href="http://www.federalreserve.gov/pf/pf.htm"><span style="color:blue;">publication</span></a> on its purposes and functions.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style="">I am the first to criticize the FOMC for its short-sighted actions and lack of responsible communications, but thinking that the Fed, or the FOMC, is focused on bailing out hedge funds is absurd.</span></span></p><p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><br /><span style="font-size:100%;"><span style=""><o:p></o:p></span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in; line-height: normal;"><span style="font-size:100%;"><span style=""><o:p> </o:p></span></span></p> <p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal;"><span style="font-size:100%;"><span style="">My best wishes for a happy and healthy holiday and New Year season to all of you and your families. Thank you for your personal notes and professional advice during the past year. I hope our <i>RealMoney</i> team has made this year a profitable and enlightening one for our subscribers. Last but not least, thanks to our tireless contributors and editors who work so hard every day to produce this fine product.</span></span></p><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal;"><span style="font-size:100%;"><span style=""><br /></span></span></p><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal;"><span style="font-size:100%;"><i><span style=";font-family:Arial;color:black;" >At the time of this Blog entry Scott Rothbort, his family and or clients of LakeView Asset Management, LLC were long shares of AAPL, SLB, DO, GS, GOOG and MA --- although positions can change at any time.</span></i></span><br /><span style=""> </span><span style=""><o:p></o:p></span></p><div class="blogger-post-footer"><script type="text/javascript"><!--
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The index closed at 18.23 today versus the 200 day moving average of 11.96.</p> <p class="MsoNormal">Below is a table which I prepared analyzing how the S&P 500 (SPX) performed 5 and 20 days after a volatility spike in which the VXO exceeded 50% of its 200 day moving average. </p> <table class="MsoNormalTable" style="width: 350pt; margin-left: 4.65pt; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0" width="467"> <tbody><tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><u><span style="font-size: 10pt; font-family: Arial;">DATE<o:p></o:p></span></u></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><u><span style="font-size: 10pt; font-family: Arial;"><o:p><span style="text-decoration: none;"> </span></o:p></span></u></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><u><span style="font-size: 10pt; font-family: Arial;">CLOSE<o:p></o:p></span></u></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" str="'+5 TD" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><u><span style="font-size: 10pt; font-family: Arial;">+5 TD<o:p></o:p></span></u></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><u><span style="font-size: 10pt; font-family: Arial;">% CHANGE<o:p></o:p></span></u></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" str="'+20 TD" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><u><span style="font-size: 10pt; font-family: Arial;">+20 TD<o:p></o:p></span></u></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><u><span style="font-size: 10pt; font-family: Arial;">% CHANGE<o:p></o:p></span></u></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="36630" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><st1:date year="2000" day="14" month="4"><span style="font-size: 10pt; font-family: Arial;">4/14/2000</span></st1:date><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1356.56" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,356.56 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1429.86" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,429.86 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="5.4033732381907118E-2" fmla="=+D3/C3-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">5.40%<o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1452.36" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,452.36 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="7.0619803031196415E-2" fmla="=+F3/C3-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">7.06%<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="36811" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><st1:date year="2000" day="12" month="10"><span style="font-size: 10pt; font-family: Arial;">10/12/2000</span></st1:date><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1329.78" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,329.78 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1388.76" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,388.76 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="4.4353201281414956E-2" fmla="=+D4/C4-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">4.44%<o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1400.14" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,400.14 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="5.2911007835882762E-2" fmla="=+F4/C4-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">5.29%<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="37151" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><st1:date year="2001" day="17" month="9"><span style="font-size: 10pt; font-family: Arial;">9/17/2001</span></st1:date><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1038.77" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,038.77 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1003.45" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,003.45 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="-3.4001752072162161E-2" fmla="=+D5/C5-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">-3.40%<o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1089.98" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,089.98 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="4.9298689796586359E-2" fmla="=+F5/C5-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">4.93%<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="37453" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><st1:date year="2002" day="16" month="7"><span style="font-size: 10pt; font-family: Arial;">7/16/2002</span></st1:date><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="900.94" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>900.94 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="797.7" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>797.70 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="-0.11459142673207978" fmla="=+D6/C6-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">-11.46%<o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="884.21" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>884.21 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="-1.8569494083956806E-2" fmla="=+F6/C6-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">-1.86%<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="37456" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><st1:date year="2002" day="19" month="7"><span style="font-size: 10pt; font-family: Arial;">7/19/2002</span></st1:date><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="847.76" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>847.76 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="852.84" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>852.84 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="5.9922619609322769E-3" fmla="=+D7/C7-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">0.60%<o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="928.97" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>928.97 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="9.5793620836085669E-2" fmla="=+F7/C7-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">9.58%<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="38880" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><st1:date year="2006" day="12" month="6"><span style="font-size: 10pt; font-family: Arial;">6/12/2006</span></st1:date><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1236.4" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,236.40 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1240.14" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,240.14 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="3.0249110320283989E-3" fmla="=+D8/C8-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">0.30%<o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1272.52" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,272.52 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="2.9213846651569009E-2" fmla="=+F8/C8-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">2.92%<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="39140" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><st1:date year="2007" day="27" month="2"><span style="font-size: 10pt; font-family: Arial;">2/27/2007</span></st1:date><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1399.04" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,399.04 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1395.41" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,395.41 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="-2.5946363220493707E-3" fmla="=+D9/C9-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">-0.26%<o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1428.61" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,428.61 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="2.1135921774931399E-2" fmla="=+F9/C9-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">2.11%<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="39142" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><st1:date year="2007" day="1" month="3"><span style="font-size: 10pt; font-family: Arial;">3/1/2007</span></st1:date><span style="font-size: 10pt; font-family: Arial;"><o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1403.17" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,403.17 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1401.89" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,401.89 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="-9.1222018714764985E-4" fmla="=+D10/C10-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">-0.09%<o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1422.53" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"><span style=""> </span>1,422.53 <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="1.3797330330608482E-2" fmla="=+F10/C10-1" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">1.38%<o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;">AVERAGE<o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 14pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="19"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: right;" align="right"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="-5.5869910821445268E-3" fmla="=AVERAGE(E3:E10)" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">-0.56%<o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal"><span style="font-size: 10pt; font-family: Arial;"> <o:p></o:p></span></p> </td> <td style="padding: 0in 5.4pt; background: rgb(0, 204, 255) none repeat scroll 0% 50%; width: 56pt; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; height: 12.75pt;" num="3.9275090771612911E-2" fmla="=AVERAGE(G3:G10)" nowrap="nowrap" valign="bottom" width="75"> <p class="MsoNormal" style="text-align: center;" align="center"><span style="font-size: 10pt; font-family: Arial;">3.93%<o:p></o:p></span></p> </td> </tr> </tbody></table> <p class="MsoNormal">Source: LakeView Asset Management, LLC</p> <p class="MsoNormal">While the 5 days subsequent to this volatility spike was flat on average, 20 trading days after the spike, the SPX was up on average 3.93% and higher in 7 out of 8 occurrences. The worst performance 20 days hence was just -1.86% while the best was +9.58%. Thus, I conclude that it is time to back the boat up in index ETFs. I am currently playing this with Spyders (SPY), Ultra S&P500 (SSO) and Ultra Russell 2000 (UWM).<o:p> </o:p></p> <p class="MsoNormal" style=""><i><span style="font-family: Arial; color: black;">At the time of this Blog entry </span></i><st1:personname><st1:personname><i><span style="font-family: Arial; color: black;">Scott Rothbort</span></i></st1:PersonName></st1:personname><i><span style="font-family: Arial; color: black;">, his family and or clients of LakeView Asset Management, LLC were long shares of SPY, SSO and UWM--- although positions can change at any time.</span></i><o:p></o:p></p> <p class="MsoNormal"><o:p> </o:p></p><div class="blogger-post-footer"><script type="text/javascript"><!--
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