Mark Cuban has a very interesting take on rising tuition costs and how the growth of student debt is affecting the economy. He believes that the current college system in the U.S. will melt down.

Rob Carrick published a letter from a young person struggling to find a first decent job. Whether you agree with the letter writer’s points or not, you do get a strong sense of the hopelessness that comes from not getting a chance to prove that you can work hard and do a good job.

Larry Swedroe examines the “sell in May” market timing strategy. A clear look at the numbers is illuminating.

Canadian Couch Potato explains why he has no faith in market timing strategies, even those that have tested well for decades.

The Blunt Bean Counter explains the laws affecting the types of conditions you can attach to gifts in your will. It never occurred to me to try to manipulate mt children from my grave, but I suppose many try.

Big Cajun Man came across an interesting TVO video with experts debating personal debt issues. Comments like “bite me” kept it lively.

Canadian Capitalist gives a sector breakdown of various equity indexes and portfolios.

Money Smarts shows that the odds don’t look good trying to come out ahead by selling your home to avoid the coming crash and later buying a new home at a lower price.

Preet Banerjee continues his podcast series Mostly Money Mostly Canadian.

Just have to admire the work the *boys* put in on this one:

BUT….was it a prom or something? They looked pretty young, at least to this incipient ‘old coot’s’ eyes.

I enjoyed watching it nonetheless.

Remember, just because 1/32 of the music I listen to is of the Justin Bieber variety, that doesn’t make me an invert, androgynous, transgendered, or vaginal in any way shape or form!

(Click the link to decipher.)

Michael G. Dunn

Executive Compensation
http://www.cfo.com/careers/executivecompensation.cfm?actEC=displayExecutive&companyid=15485&execcompid=273007&txtExecName=Micheal%20G.%20Dunn%20&txtExecCompany=

SEC Statements
http://www.faqs.org/sec-filings/100120/PACIFICORP-OR-_8-K/#b

 Dunn Investment Company Georgia
http://www.corporationwiki.com/Georgia/Brunswick/dunn-investment-co/47945826.aspx

“Dunn Investment Co has a location in Brunswick, GA. Active officers include Micheal G Dunn. The company’s line of business includes Security Broker/Dealer. “

Records Found:2
Business Entity Name	Control No	Type	Status	Entity Creation Date
DUNN INVESTMENT PROPERTIES LLC	10060224	Limited Liability Company	Active/Compliance	8/25/2010
DUNN INVESTMENTS, LLC

Today’s jobless claims report showed a notable declined to both initial and continued unemployment claims while seasonally adjusted initial claims continued to trend well below the closely watched 400K level.

Seasonally adjusted “initial” declined to 365,000 claims from last week’s revised 392,000 claims while seasonally adjusted “continued” claims declined by 53,000 resulting in an “insured” unemployment rate of 2.6%.

Since the middle of 2008 though, two federal government sponsored “extended” unemployment benefit programs (the “extended benefits” and “EUC 2008” from recent legislation) have been picking up claimants that have fallen off of the traditional unemployment benefits rolls.

Currently there are some 3.07 million people receiving federal “extended” unemployment benefits.

Taken together with the latest 3.42 million people that are currently counted as receiving traditional continued unemployment benefits, there are 6.50 million people on state and federal unemployment rolls.

The market is only slightly higher in early trading despite the market back in oversold territory and down the last 7 of 9 days.  The futures were pointing to a stronger open early this morning, but the enthusiasm quickly faded.

The latest Empire State Manuf. Index improved to 17.1 in May from 6.6 in April.  Also, the NAHB Housing Index came in better than expected at 29 vs. 25 the previous month.

Futures were pointing to a strong open, but when the news hit that no agreement has been reached in Greece on an elected government the futures lost some ground.

The news also hit the euro vs. the dollar.  Commodities are slightly weaker, with oil prices at $ 94.70 and gold prices a bit lower to $ 1554.

The 10-year yield is still at low levels near 1.77%.  And the VIX is only 2% lower to 21.40, after reaching multi-month highs yesterday.

In earnings news, Groupon (GRPN) is soaring on a combination of short-covering, which began yesterday, and a solid earnings report that has caused additional short-covering today.  Home Depot (HD) reported in-line earnings but its stock is lower in reaction.

Trading comment: So far this is a very weak bounce.  I think bulls really would like to see the market build into the close and for volume to pick up as well.  The lack of buying enthusiasm so far is notable.  The SPX is hovering right near the 1340 level that marked the March lows.  Bearish sentiment has been on the rise lately, which should be supportive of a near-term bounce that I have been looking for.  It’s hard to tell how much of this is concern from Greece (and Spain), but I’m sure that is certainly a factor.  Sovereign bond yields and also CDS prices have all been on the rise of late.  Credit default swaps are at multi-week highs, but still below levels seen earlier this year.  Maybe some good news out of Greece regarding its political strife would serve as a catalyst for a rally.

http://www.pacificorp.com/content/dam/pacificorp/doc/About_Us/Regulatory_Information/Docket_EL02_80_000_et_al_Rebuttal_Testimony_of_Bruce_N_Williams_for_PacifiCorp.pdf

Tons more coming on Federal Energy Regulation Commission, FCC, SEC and more in regard to compliance and legal issues regarding PacifiCorp and top executives.

Today’s Employment Situation report showed that in April “total unemployment” including all marginally attached workers went flat at 14.5% while the traditionally reported unemployment rate declined slightly to 8.1%.

The traditional unemployment rate is calculated from the monthly household survey results using a fairly explicit definition of “unemployed” (essentially unemployed and currently looking for full time employment) leaving many workers to be considered effectively “on the margin” either employed in part time work when full time is preferred or simply unemployed and no longer looking for work.

The Bureau of Labor Statistics considers “marginally attached” workers (including discouraged workers) and persons who have settled for part time employment to be “underutilized” labor.

The broadest view of unemployment would include both traditionally unemployed workers and all other underutilized workers.

To calculate the “total” rate of unemployment we would simply use this larger group rather than the smaller and more restrictive “unemployed” group used in the traditional unemployment rate calculation.

The market is getting a bounce in early trading, but it still needs to pick up some steam as the day wears on to have a real impact.  We did get some positive economic reports today which seem to be helping. 

Both Asian and European markets were both down overnight, but our market seems to be shrugging it off.  The euro is getting a small bounce today, which isn’t surprising given the 10-day tear the dollar has been on.  Look at the chart of UUP to see what I’m talking about.

The relative weakness in the dollar today isn’t helping commodities much.  Gold prices are still struggling to hang on to the $ 1550 level, and oil prices have dipped below $ 94 on demand concerns due to slowing economic growth.

On the earnings front, a handful of retail stocks have reported earnings with mixed reactions.  Target (TGT) beat estimates and its stock is higher, but ANF, JCP, and SPLS are all lower after reporting.

In economic news, industrial production for April grew by 1.1%, which is higher than expected.  And capacity utilization was slightly above expectations at 79.2%.  Also, housing starts increased in April to a rate of 717,000 units from 699,000 the prior month.

Later today we get the minutes from the last FOMC meeting.  I don’t expect any surprises here.  Probably just more of the same debate over how much additional stimulus is needed vs. when the Fed should start removing said stimulus. 

The 10-year yield is up a touch to 1.80%.  And the VIX is down -3% to 21.25.

Trading comment: Yesterday’s late action was disappointing.  That’s not what you want to see.  Markets that open strong and close weak are the definition of a market that is not ready to rally.  Let’s see if today can change that pattern.  We opened higher today and need to build on the gains into the close.  The S&P 500 needs to get above yesterday’s high of 1445 just to change the near-term trend.  And above 1350 gives the market a shot at its overhead 50-day near 1384.  As for the Nasdaq, the 2900 level has held very well.  One stock that stands out today is Google (GOOG) which is retaking its 50-day average today on solid volume.  GOOG is regaining some respect after the Facebook IPO documents highlight the potential for mobile advertising and the fact that FB will come public at a price-to-sales multiple far higher than GOOG.

KAM Advisors has long positions in GOOG

Today’s New Residential Construction Report showed gains in April with single family permits increasing from March while starts also increased over the same period.

Single family housing permits, the most leading of indicators, increased a notable 1.9% from March to 475K single family units (SAAR), and increased 18.5% above the level seen in April 2011 but still remained  an astonishing 73.58% below the peak in September 2005.

Single family housing starts increased 2.3% from March to 492K units (SAAR), and climbed 18.8% above the level seen in April 2011 and remained a stunning 73.01% below the peak set in early 2006.

Why is PNW Tax Advisors so interested in Sussman Shank? Any conflicts there. See I have a Right to know, as my life has been under enormous duress and all I was doing was attempting to expose corruption in the Oregon Bankruptcy Courts. The expert “OPINION”, not FACT, of Gary Stachlowski of PNW Tax Advisors, Portland Oregon was the only thing that Tonkon Torp David Aman, attorney for the Plaintiff Obsidian Finance Group, brought to the courts to allegedly prove that post was ALL false and therefor supposedly causing millions in damage, NOT.. So got a Tip regarding Gary Stachlowski and Sussman Shank or others involved in Summit? If so email me at SavvyBroker@yahoo.com. I plan to write a whole lot in investigative blogging to turn up the truth of this matter.

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