The Taipan Group's 247profits e-Dispatch
Baltimore, New York, Chicago, Berlin, Bonn, London and Paris
September 9-10, 2004
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***Islamic terrorists strike again� are "normal"-scale terrorist attacks
losing their disruptive effects on the day-to-day business of the stock
markets? Read on�
***The new age of paper pushers� floating the yuan� and more�
***Special Report: "The Imaginary Real-Estate Crash of 2005"
Don't be fooled! Not only is the looming "real-estate crash" a Big
Lie�but a new hidden real-estate boom is emerging - and it's making
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Full Report:
http://www.youreletters.com/t/57404/3785361/646599/70/
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>From the Desk of J. Christoph Amberger
Dear Friend,
My kids are barely back in school and I can't wait until school's out for
the holidays. It's not the various schedules - every working parent will
agree that normal schooldays and extracurricular activities are easier to
handle than the summer day-camp crush.
It's school itself.
It would appear that middle school's primary concern is the grooming,
cultivation, organizing and re-organizing of binders. Each subject has
one or two of 'em, with anywhere from five to seven subdivisions that
will have to be populated by reams of paper all written in a preordained
manner. Mess up your binder, and your grade gets knocked down a
notch.
This, I believe, accurately sums up yesterday's Back to School Night.
This kind of stuff just rubs me the wrong way: Rather than training
eleven-year-olds to be paper pushers, filers and restockers, I'd prefer
to have them spend their time on some independent thinking. But while
they are refilling their "Health" binder for the fourth straight year with
repetitive slogans about the food pyramid and "healthful snacks" (note
the New-Age heathFULness), I've yet to find a single word in the
curriculum touching on how to manage their allowance or lawn-mowing
earnings.
***Islamist terrorists strike again. After proving their martial mettle
against Ossetian schoolchildren last week, they today targeted
Indonesian civilians in the infidel act of passing by the Australian
Embassy in central Jakarta.
Unlike the aftermath of the previous atrocity against tourists in Bali a
few years ago, however, the market fallout was limited. The Jakarta
Composite Index slid as much as 4% but closed down only 1.3%, led
by our Indonesian bellwether PT Telekomunikasi (which trades as an
ADR under the symbol TLK:NYSE).
The recovery that took place today represents a hyper-acceleration of
the previous pattern: a process that took about ten days only two years
ago today spooled off in a few hours.
We will be watching developments in the days to follow, but we can't
help but noting that "normal"-scale terrorist attacks may be losing their
disruptive effects on the day-to-day business of the stock markets�
***With the latest trade deficit numbers expected to beat June's tally
by just a few billion here or there tomorrow, it doesn't look like the
dollar will be breaking out against the euro's three-month trading range
(between about US$1.1750 and US$1.2450) any time soon.
Not that a higher dollar is really in anyone's interest: US exporters are
quite happy about the low exchange rate (which makes US wares more
competitive in the global marketplace), and most emerging markets
owe their recent spate of prosperity to the beaten-up greenback.
Following up on a story mentioned here yesterday, the Bush
administration today rejected a petition calling for a formal investigation
of China's currency practices with a view to bringing a case at the
World Trade Organization.
Richard Mills, a spokesman for the US Trade Representative's office,
called the petition "reckless" because "the remedy it seeks of a 40
percent across-the-board tariff would put up walls around America,
hurting U.S. exports, destroying U.S. jobs and endangering our
economic recovery."
Does that seem like the lady protesteth just a tad too much? Especially
considering that the US Treasury Department today said that China
was "moving in the right direction" in preparing for a possible flotation
of the yuan?
Could it be that this whole petition business was a bit of well-placed
pressure to expedite floating the yuan?
Stranger things have happened.
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A handful of little-known stocks detailed in this report are going on a
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Earnings Announcements for Friday, September 10, 2004:
Cherokee Inc, Forest City Enterprises Inc, and Forzani Group Ltd are
some of the companies releasing earnings.
***Quotes of the Day:
"From North Korea to the appeasement government in Spain,
from France to the al-Qaida News Network, al-Jazeera, those
opposed to America's war on terror seem to be backing Kerry."
--Carl Limbacher, September 8, 2004
"Most high-income Americans don't win their money on game
shows. They make their money the old-fashioned way: They earn it
by running businesses that create the jobs the rest of us need. The
Tax Foundation estimates that, among the highest-earning 1
percent of Americans, nearly two-thirds of all income comes from
partnerships and other businesses that pay the government
through their owners' personal taxes, rather than through
corporate taxes. (�) The recent tax hikes in Albany and New York
City directly reduced profits for thousands of business owners -
profits that in many cases would have gone instead to business
investment.
"In other words, our elected leaders raised taxes on jobs."
--Robert B. Ward, September 9, 2004
***WORLD OF PROFITS***
*** "For tomorrow, bullish confluences again dominate in our charts.
Look for modest gains around 0.6%."
Our indicators were wrong, as Hong Kong finished a listless trading
day at 12,942.20, down 107.76 points (0.83%).
For tomorrow, we see no reversal of the trend. Expect further losses
near 0.8%.
*** "The indicators point to a close repeat of today's performance."
In Japan, the Nikkei 225 ended the day at 11,170.96, down 108.23
points or 0.96%.
The indicators continue to hover at a level 0.5% below breakeven.
***DESK OF DENHOLM***
This just in from Taipan's resident Editor-at-Large, Martin Denholm:
Not what I wanted to see first thing this morning. What a world it is
when the minute you pull up the Internet, you're greeted by yet another
terrorist attack. This time, the carnage occurred in Jakarta, Indonesia,
when a car bomb exploded outside the Australian Embassy, killing eight
people and wounding almost 200 more. The incident came just days
after Australian officials warned that "particular caution should be
exercised in Jakarta."
It also happened just a few blocks from the Marriott Hotel, which was
bombed last year. Naturally, the al Qaeda cowards are never too far
away from such a disgraceful act, with early indications blaming the
attack on a militant group called Jemaah Islamiyah that has links to AQ.
This is the same group deemed responsible for the Bali nightclub
bombing in October 2002 that killed 202 people, as well as the
Marriott bombing that killed 12.
Once again, the attack reeks of a group desperately trying to derail the
political and democratic wagon. Indonesia holds a general election on
September 20. Australia does the same on October 9. The US
presidential election is less than two months away. And, of course, this
weekend marks the three-year anniversary of the September 11
attacks.
***A Wrench in Australia's Economic Wheel? In August, the Aussie
economy shed jobs for the third month in four. Following 4.1% GDP
growth during the second quarter - the fastest in two years - this has led
some to speculate that the country's economic boom is gradually
diminishing.
But a closer look at the numbers reveals that, although the news is
disappointing because projections called for 15,000 new jobs, the
6,600 positions lost aren't too significant. Most of those losses came
from part-time positions, while full-time hiring actually increased by
8,100.
And while dissenters point to almost 40,000 job losses over the past
four months, the economy has tacked on 1.3 million new jobs since
Prime Minister John Howard took office in 1996. The jobless rate has
fallen from 8.2% to 5.7% - just above a 23-year low.
And get this - the Aussie government may have underestimated its
budget surplus by half! From a May prediction of A$4.6 billion for the
fiscal year through June 30, that figure could now rumble in closer to
A$9 billion.
With economic growth to hit 3.5% in the year to June 2005, this fiscal
year's surplus is expected to total A$4.5 billion. That should give the
government the extra leverage to fulfill its pledge of cutting income taxes
by A$8.1 billion over three years and investing A$315 million in
schools.
***Busy Bollard. Across the Tasman Sea, New Zealand central bank
governor Alan Bollard was busy again today, raising the nation's base
interest rate for the fifth time this year in response to swelling inflation.
Citing "inflationary pressures more persistent than we previously
expected" and an inflation rate that could breach the targeted 1% to
3% range, Bollard hiked rates by another 0.25% to 6.25%. His
comments seem to pave the way for future rate hikes, too, which
should further beef up the New Zealand dollar.
Have a pleasant evening - catch you back here tomorrow.
***TAIPAN TIDINGS***
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J. Christoph Amberger
Executive Publisher
and The Taipan Group's
247profits e-Dispatch Team
P.S. Wall Street's Latest Scam Could Cost You Your Home!
"The Imaginary Real-Estate Crash of 2005"
Don't be fooled! Not only is the looming "real-estate crash" a Big
Lie�but a NEW hidden real-estate BOOM is emerging - and it's
making some people very rich! Read on�
http://www.youreletters.com/t/57404/3785361/646599/70/
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