Tough weekend for Bin Laden. You KNOW he had the Spurs going past the first round in the NBA playoffs…it should be a slam dunk against the number eight Memphis Grizzlies…pun intended. He’s got satellite TV, nowhere to be, and a great hideout. So he gets his official NBA Tony Parker jersey on the black market (which is no easy feat in Abbottabad, Pakistan) and he sits down to watch the game on the dish network. The next two hours are spent calling his bookie discussing point spreads, watching Memphis dismantle the number-one-seed San Antonio Spurs, and threatening to burn his Tony Parker jersey.
Shortly after losing his shorts on the San Antonio bet he burns the jersey, settles the score with the bookie, and goes to bed hoping he’ll do better the next day with his Oklahoma City pick. Before he wakes up to catch the pre-game, SEAL Team 6 pays him a visit to settle a different score. Turn out the lights…the party’s over. It’s probably for the best…the Oklahoma City game would have given him a stroke anyway.
When I heard the news I was very well tempted to go out back and engage in a little celebratory gunfire as is so common in the part of the world where bin laden met his end. The trouble is that I live in Germantown, TN and folks here would have big problems with celebratory gunfire even in the middle of the day…much less at midnight on a Sunday. If however I were just down the road in my old North Mississippi neighborhood it would be no big deal…in fact the neighbors there would already have a beer or two on me before I managed to join them.
On to the market
Market activity is mixed this morning after the release of the ISM Manufacturing data. The survey expected a 59.5 reading and the actual release was 60.4. The 10-year is up a bit in price to trade at a 3.27%. Domestic stock indices are slightly higher on the day. Crude oil is hovering at $114 a barrel. We get a fair amount of data this week to include Vehicle Sales, ISM Non-Manufacturing, Jobless Claims and Change in Payrolls data.
With the 10 year trading under 3.30% a lot of people are revisiting the idea of selling items from the portfolio. If you would like a portfolio review to identify sale candidates just shoot us a copy of your most recent portfolio. We can then discuss what type of strategy you’d like to pursue (i.e. selling high price vol. items, taking gains, etc.).
If you have any questions or if there is anything I can be doing for you just let me know.
Steve Scaramastro, SVP
800-311-0707
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