…and what a week it was.  This was one of the most volatile weeks that I have seen in a long time.  The currencies were literally out of control.  Precious metals soared.  Oil took another go ’round on the roller coaster of volatility, and equities fell of a cliff the financials continue to give us glimpses of what really lies on their balance sheets.  Without further ado…

Uranium 
This week in the uranium markets we saw the spot price for one pound of U3O8 hit $93.  Uranium continues to march onward and upward, but that wasn’t the most impressive item of the week in this market.

As you probably know, a couple of months ago uranium was added to the futures market in order to help both the producers and buyers get a better idea of what the actual price of uranium than what is provided by a weekly spot price.

On Thursday I noticed that uranium for December delivery jumped from $98 /lb to $110 /lb.  Now most of the contracts for delivery in 2008 have already been signed at prices near $81 /lb, but it is apparent that the spot price is below market equilibrium and is experiencing upward pressure.

Trade Tech is reporting that several buyers entered the market this week looking for 13 million pounds of U3O8, while only there was only one willing seller of 100k pounds U3O8 and another seller of 260k pounds of U3O8 equivalent in the form of UF6.

In other news in the market, the Atomic Energy Agency has reported that Russia will help China increase its enriched uranium capacity by 33%.  As millions of Chinese come online with the energy grid, carbon based fuels just won’t cut it anymore.  Now I’m not saying that China will stop building coal and natural gas power plants, but they will put forward a huge amount of capital for nuclear energy.

I’m not kidding when I say a huge amount of capital either.  Bloomberg reported this week that China, who is the world’s second largest consumer of energy, will spend US $60 billion on new reactors by 2020.  Nuclear energy currently makes up 2.3% of China’s total energy output.  By 2020, nuclear energy is expected to increase to 4% of total output. 

Now that is just one country.  We are seeing this type of news all over the world.  This is the reason that I am a long term uranium bull.  I would like to see this market settle down a little bit.  Once again, I am starting to get the feeling that we might be overheating again.

Natural Gas 
There was little price action in natural gas throughout the week.  We saw nat gas pull below $8 on Monday and trade slightly to the downside throughout the week.

The downside trading this week can be attributed to an expected U.S. supply increase of 31 billion cubic feet, compared to an actual supply increase of 36 billion cubic feet. 

Bloomberg also reported that mild weather in the Midwest was one of the culprits for the downside trading.  This report is slightly confusing.  I live in the Midwest, Minnesota actually, and we had a very cold week accompanied by our first snow of the year on Monday.  Maybe they are talking about a different Midwest J.  Regardless of the report nat gas took a slight loss on the week.

Otherwise the market for nat gas was pretty quiet so let’s move right on to the black goo. 

Oil
I would like to start this section off with just a point of interest, that isn’t strictly related to crude, but Petrochina became the world’s largest company, and in impressive fashion.

In fact, Petrochina’s market cap topped $1 trillion, yes that’s with a ‘T’.  That is more than double the market cap of Exxon Mobile which is the world’s second largest company.

Enough chit chat let’s dig into the crude market this week.

On Monday, Crude declined as the Turks and Kurds took a brake from killing each other.  Kurdish fighters freed eight Turkish soldiers.  On that note, we saw Dec. crude fall almost $2 dollars to $93.98. 

On Tuesday we saw crude rebound to $96.70, but as we all know, Wednesday follows Tuesday, and what a Wednesday it was.

On Wednesday, China spoke of diversifying its dollars into higher yielding currencies.  I’ve got lots more on this topic, but we will save that for the section on currencies.

Anyways, on the news, crude rallied to a new record high of $98.62.  The rally can’t be completely attributed to the weak dollar, as storms caused disruptions and evacuations of oil platforms in the North Sea.  Both ConocoPhillips and BP Plc evacuated workers.

As we all know this has been an extremely volatile market, and Wednesday was a real tribute to the volatility that we have seen.  After nearing $99 /barrel, U.S. supply figures came showing a decline of 800k barrels compared to an expected decline of 1.5 million barrels.  The price reflected the less than expected draw on inventories as traders had priced in the 1.5 million barrel draw.  As I write, oil is trading above the $96 level again.

We continued to see downward pressure on Thursday as Bernanke spoke.  He said the U.S. economy will most likely “slow noticeably” in 2008.  Crude dropped below $96 on the news. 

Remember when I said, despite what the CNBC talking heads tell us, high oil prices will be extremely inflationary.  Well, high crude prices are starting to show in the price at the pump.  On Monday, we saw the national average of gas at the pump come in just short of $3 /gallon, near its summer highs, and then on Thursday I read a report that showed the national average of the price of gasoline at 3.08.  This is only the beginning, but you can expect this to affect the strapped U.S. consumer.

In other news in the markets, the IEA came out and reported that the growth in demand for oil by India and China will create a supply “crunch.”  The report stated that demand by China and India will quadruple by 2030, and will create a supply “crunch” as soon as 2015.

I am a true believer in peak oil and I believe that we hit maximum global output sometime in 2006 or 2007 at 86 m/b/d of production.  But just as big of a story as peak oil is, I have said that the growth in demand from emerging economies will be just as important going forward.  The two issues combined will have us pushing $150-200 /barrel and higher.  I would like to make one more point on the report that was released.  I can’t say for sure, but I would bet that the IEA didn’t take peak oil into account when they tossed around their prediction of the supply crisis coming in 2015.  Just some food for thought.

OPEC was in the news again.  They were calling for tighter regulation of the oil markets, therefore limiting speculation on the price of oil.  FOR CRYING OUT LOUD, these guys just do not have the ability to produce more oil.  It seems that every week they come out with a press release on some sort of excuse for higher oil prices.  All OPEC does is talk like a teenage girl on the phone.

Don’t ever think that speculators carry more weight than supply and demand fundamentals.  We saw that with LTCM, it is possible to manipulate the markets, but this can only go on for so long before a correction must occur.  One more thing,  I remember a couple of months back when oil prices were hitting $70 /barrel and OPEC stated that they had set a price ceiling of $80 /barrel and a price floor of $60 /barrel.  These guys just don’t have the ability to use their supply, or lack there of, to control these markets like they could in the 1970’s.

The next issue in the crude markets I would like to discuss is very important to the future of the natural resource markets, therefore it is very important to global growth, and therefore it is very important to me.  I will try to keep this as brief as possible because we still have lots to cover this week.  I decided to give it its own section.

Nationalization of Resources
Kazakhstan published amendments to its subsoil laws on Monday.  Essentially the new amendments give the government the right to cancel oil projects where the parent company hasn’t met its contractual obligations.

At face value this seems to be a reasonable amendment…but is it?  The report used Eni SpA as an example.  Essentially Eni SpA’s projects in Kazakhstan have experienced delays due to higher engineering costs and safety considerations.

As we know with any resource projects, things rarely go as smoothly as planned.  There are tons of issues from geological formations and weather to permits and worker safety that have to be considered.

Immediately when I read the report I started thinking things seemed a little fishy.  The amendment seems a little outrageous in my opinion.  Now I can’t guarantee anything, but this appears that it could be a preliminary step to the Kazakhstan government getting a hold on the local petro industry.  I would keep an eye out on this story as it progresses, but this speaks of is a much larger story going forward.

I am talking about the nationalization of the resource industries that is taking its grip around the world in some form of another.  I am talking about what Hugo Chavez is doing in Venezuela.  I am talking about state owned energy companies like Gazprom, Petrochina, and Pemex.  I am talking about higher royalty taxes that have recently been passed in Alberta on the oil sands, and here in the U.S. on the mining industry (Hardrock Mining and Reclamation Act of 2007).

I would love to really dig into all of these and truly explain the implications, but you, dear reader, will have to settle for just a brief run through…very brief.

The problem with state owned energy companies is that the government is never as efficient in producing oil, natural gas, or whatever else they are producing, as well as a private or public company would be.  Also, with SO MUCH money running through the government, some of it is bound to slip through the system into politicians’ pockets.  Either way, the long term result is lower production and higher prices.

The issues with higher taxes is very simple, and we saw an immediate reaction by some of the would be oil sand producers.  Investors and producers will ALWAYS employ their capital in regions that are the most tax friendly.  The companies that already have significant stakes in the area, will employ less capital for exploration.  The end result is a smaller margin, less production and higher prices. 

The government DOES NOT know what’s best.  They should focus on keeping taxes and spending as low as possible and letting the free market work.  As a result of the nationalization of resources, the future will bring much lower production and much higher prices.  That’s all I have to say about that, and let’s get off the topic off energy and move on.

Economy/Equities 
I will be covering both the economy and equities together this week, because both were terrible.

I would first like to just throw out a piece of grossly under covered piece of information.  The U.S. national debt crossed the $9 trillion level for the first time.  This received no major media coverage at all, so I just thought I would mention it here in the Weekly Report.   But let’s move ahead with some of the other news this week.

Essentially what we saw was a ‘reemergence’ of the credit crunch.  I put reemergence in quotes because it never really went away, but we don’t need to get in that.

I mean really, this was a terrible week for the financials.  Chuck Prince III is out of Citi as CEO as he reportedly lost an estimated $5.9 billion in write downs in Sept. in addition to the $11 billion in previous write downs.

If you are worried about Mr. Prince being able to feed his family, you can rest assured because he will be receiving $40 million in compensation.  But that is nothing compared to the $160 million that Stan O’Neal received for leaving Merrill Lynch.  I’m starting to wonder if I shouldn’t rethink my career choice…financial analyst, or big time loser CEO?

The above mentioned report was released on Monday.  On Tuesday, that $5.9 billion estimation in write downs was revised to $13.7 billion.  Now how and the heck do you make that mistake.  Either Citi lied to us, or their instruments are that complicated that they can’t even figure out a price on them.  This is a reoccurring theme.

On Friday we also saw Wachovia came out with a statement that they are writing down another $1.1 billion of sub-prime scum, and Capital One reported that more and more of its customers are becoming delinquent on their bills.  If you are interested on the Capital One story, please refer to last weeks Weekly Report in which I covered this exact topic in more detail.

On that note, Royal Bank of Scotland (RBS) reported that we could see an additional $100 billion in write downs because of level 3 accounting rules (please don’t ask me what level 3 accounting rules are).  Don’t quote me on this, because I couldn’t find the initial report, but I believe I read that the new accounting rules will take place on Nov. 15. 

Anyways, I saw some interesting statistics that left me feeling a bit nervous.  Morgan Stanley has 251% of its assets in level 3 securities.  Goldman Sachs has 185% of its assets in level 3 securities, and Citigroup has 105% of its assets in level 3 securities.

So how does someone have more than 100% of its assets in something?  The name of the game, dear reader, is leverage.  It’s bad enough that the investment banks are sitting on this garbage, but it’s much worse knowing that the garbage is leveraged.  In both of the last two weekly reports I wanted to reassure you that the CNBC was lying to you when they said the investment banks toilet bowled their quarters and that the worst was behind them. 

There is another way to look at this situation.  We will use Morgan Stanley for example because they are the most extreme case.  If MS experienced a 50% write down in its level 3 securities, it would be more than bankrupt, and I promise you that a 50% write down is not even close to being out of the question.  I don’t expect one of the big investment banks to go under, but look for one of these guys to get bought out going forward.

RBS went on to say that before the whole credit crunch is behind us, we will see somewhere between $250-500 billion in losses.  That might be a rather conservative estimate in my opinion.

Let me tell you when the worst is behind us.  The worst will be in the rear view mirror ONLY after the $750 TRILLION in unregulated credit derivatives gets sucked into the mess.  Believe me, you will know when this occurs.  You will be sitting their watching T.V., or reading something on the internet, then all of the sudden it will just hit you and you’ll say something like holy ****, that’s what that Nick Jones guy was talking about.

Let’s get off the topic of the financials, because I think it’s making me sick.  How about some earnings…Time Warner’s earnings declined by 54%, while GM posted a record loss of $39 billion…yikes.  $39 billion is more than the companies market cap.  It takes talent to lose that much money in one quarter.  The losses were NOT due in part to the car making business, but instead were due to the lending division, GMAC.  How did a auto manufacturer like GM get in the lending business?  Well, that because that’s where the money was.  I guess it’s just the American way

The retailers disappointed with Macys, J.C. Penney, Wal-Mart and Kohls leading the way.

Did I mention that the market for asset-backed paper had its biggest weekly decline in two months?  We saw a decline of $29.5 billion or 3.4%.

It looks like we got some legal troubles going on again.  Andrew Cuomo, the attorney general of New York, subpoenaed Freddie Mac and Fannie Mae.  The issue seems to be some shady dealings between real estate appraisers and Washington Mutual.  He also said that a couple of investment banks received subpoenas as well but he declined to name them (I think we deserve to know the companies that the criminals work for). 

Oh yeah, Fannie reported a loss of $1.5 billion on the quarter.  I would sure hate to see what their balance book looks like.

It also seems that some Countrywide Financial is in a bit of trouble as well.  A good friend of mine, by the name of John Polomny, said, some time in the middle of 2006, that we would see some major criminal fall out from the collapse of the housing market.  This was really before the housing recession had picked up any steam or publicity for that matter.  Essentially his argument that whenever you have such an increase of liquidity into a single market, people get greedy, and that’s exactly what we have seen.  Everything from the land appraisers, lenders, lendees, investment bankers, and ratings services been called into ethical and/or legal question on the matter, and I bet we haven’t seen the last of these skeletons.

Bernanke spoke on Thursday.  I sure could care less what he or any of the other fed heads have to say.  He told us to expect a much weaker economy in 2008, along with rising inflationary pressure.  All this guy does is tell us yesterday’s news, while he’s busy running the printing presses on overdrive.  Anyways, equities sold off midday, but the DOW rebounded to close down just over 30 points on Thursday.

We saw another rough week for domestic equities including a 360 point decline on Wed., some volatile trading, and the market is currently brushing up against another 200 point loss this Friday.  The main reason for the weakness can be attributed to the horrific week for the financials.  I would just like to close this portion on some important numbers to watch for the DOW.

The most important item to watch is the lows reached in the August sell off.  If we break below the 12800-12850, that will most likely signal another strong down leg from there.

The MAs have been holding pretty well for the DOW.  In August, the 200 day MA is what held it from tanking any further.  It the proceeded to trade in a range between its 50 and 200 day MA before the 50 bp rate cut that gave it a positive break out (nominal break out).

After failing to break the 50 day MA a couple of weeks ago the DOW experienced a short rally as a result of the 25 bp rate cut (again a nominal rally).  After the brief rally the DOW broke below its 50 day MA like a warm knife through butter.

Thursday was the first real attempt at breaking the 200 day MA since August.  It is in my strong opinion that if we break the 200 day MA, we will most likely break the lows hit in August.  Then, dear reader, look out below.

I would like to make one quick note in closing the portion on equities.  As I write this Friday, the DOW is attempting its third go at breaking its 200 day MA since August.  Each time, it has broken significantly below the MA in intraday trading, but managed to close above the critical support level.  Could this be the infamous Plunge Protection Team at work here?  Maybe, I can’t really say for sure, but I will definitely be watching if the DOW closes below its 200 day MA.

Currencies/Gold 
Now onto my personal favorite portion of the Weekly Report: the currencies.  I thought last week was an active week for the markets, but the week easily topped last week, and Wednesday was the most active day for the currencies I have seen in a long, long time.

The main catalyst was an announcement by a Chinese official that China needs to diversify its foreign reserves into the higher yielding currencies.  On wed. Cheng Siwei, vice chairman of the National People’s Congress stated, “We will favor stronger currencies over weaker ones, and we will readjust accordingly.”  The same day Xu Jian said the USD is “losing its status as the world currency.”

You can bet those are scary words and the currencies reacted accordingly, so let’s just dig right in.

The loonie, probably had the most volatile week, but also the most impressive.  We saw the loonie hit 1.07 on Monday, 1.0981 after the immediate release of the Chinese report, and didn’t stop there as it surpassed the 1.10 level.  What an incredible move.  I was just calling for 1.10 in last week’s Weekly Report, but I didn’t expect to see it this soon.

After the fact, we saw the loonie sell off Wed. night and into Thursday.  It traded just around 1.07 throughout Thursday.  Some of the sell off may be a result of the 22% decline in Canadian housing starts, but I think it was more of a technical correction and profit taking than anything.  The loonie is getting whacked this Friday and is trading in the 1.05 range.  What a volatile week.

The Euro also had an impressive week just when it seemed that it was beginning to run out of strength as its economy began to slow.  Before I throw some numbers at you I need to report that the Trichet and the ECB kept rates unchanged.  This was inline with what I predicted in last week’s Weekly Report.

On that note, we saw the Euro hit 1.466 on Tuesday and move right on to 1.473 on Wednesday.  A couple of weeks ago, 1.50 seemed like a dream, but it doesn’t seem quite so impossible anymore.  I’m definitely not sticking my neck out there and making any bold claims.  In fact, I’m still waiting for that loser dollar rally to come.  It seems that a correction could be in order.  Anyways, the euro currently trades at 1.467 holding most of its gains for the week

The French Prime Minister Nicolas Sarkozy was out and about this week speaking out against the weak U.S. dollar.  In fact, he made several comments both on Wednesday and Thursday. 

He said things like “A great economy must have a great currency,” and “you don’t need too weak a dollar,” to spur economic growth.  He also said, “The dollar cannot remain someone else’s problem…If we are not careful, monetary disarray could morph into economic war. We would all be its victims.”

Not that this pundit knows the first thing about an economy or its currency, I think the comments are interesting enough to report.  Remember that this guy is pretty much pleading Trichet to cut rates.  How can this guy complain again and again about a the strong euro and then make a statement like, “A great economy must have a great currency.” 

I know Trichet would love to do the opposite and raise interest rates, but I truly doubt he will.  In the mean time I give him my applause for not faltering under political pressure.

I had some very interesting thoughts on the future of the British pound today, but I don’t think I have the time to report my thoughts today.  I will definitely get to them in next week’s Weekly Report.  In the meantime, I will lay out the week that the pound had.

The pound was just as active as the rest of the currencies.  On Monday, a couple of reports came out of the U.K. reporting that manufacturing production fell and services slowed.  That pushed the pound below the 2.08 level.

Like the rest of the currencies, after the Chinese spoke, the pound reached 2.0945 on Tuesday night and pulled ahead to the 2.107 level in Wednesday trading.  The pound was one of the only currencies to not give back significant ground on Thursday trading.  As I write the pound has given up some ground and is trading at the 2.08 handle.

The reason for the strength is that the BoE left rates unchanged on Thursday.  Last week, I reported that I thought the BoE would leave rates unchanged, but I wasn’t positive.  I also said that if they kept rates unchanged we could expect some strength in the pound, and that is exactly what we got.

On that note, I wouldn’t get too cozy with the 5.75% interest rates in England as I expect them to cut rates in their December meeting.

With the volatility in the equities markets, we saw an impressive rally by the yen.  On Thursday we saw the Yen rally to the 112 level which is a level that we haven’t seen since the August sell off in equities.  The Yen didn’t stop there as it is now trading at the 110 handle.  We have not seen these valuations since May of last year.  The Yen and the Swiss Franc were the only currencies to show strength on Friday as the carry trade unwound just a little bit, and the high yielders sold off.

The BoJ had some interesting comments for us this week.  They said that keeping interest rates too low is what caused the U.S. sub-prime crisis here in the U.S.  Well that is more than obvious, but they went on to say that ‘long periods,’ of global monetary easing has led to, ‘excessive financial behavior.’  This was taken from the minutes of the BoJ meeting in Sept. and reported by Bloomberg.

So now we are faced with the question of…is this just rhetoric, or is the monetary authority in Japan really about to take some action and raise interest rates?

I don’t know the answer to that question, but I will keep an extra close eye on the Japanese data that is being released, and maybe we can get a better clue on what the BoJ is thinking.

Regardless of what occurred this week in Japan, I am a long term bull of the Yen as I believe it is one of the most undervalued currencies, along with the Swiss Franc, which just hit a multi-decade high against the USD.  I have a long term price target of 90 Yen to one USD going forward.

As we have already discussed, the high yielding currencies have an inverse relationship with the price of the yen.  Essentially when one rallies the others should sell off, and visa versa.

Well that isn’t exactly what happened this week.  In a rare spectacle we saw strength across the board from the high yielding currencies to the low yielding currencies and everything in between.  Actually after the Chinese press release, the dollar sold off against all 16 of the major currencies of the world.  Well that was the initial reaction on Tuesday night and Wednesday to midday.  Eventually the strength of the yen resulted in the selling of some of the higher yielding currencies, but still had them trading near record highs.

On that note, let’s discuss the Aussie $ a little bit.  All I can say is that I wish we had a central bank here in the U.S. like the one they have in Australia.  They raised rates again this week to 6.75% which happens to be an 11 year high.  The A$ rose on the news but has been trading at or near the .93 level for most of the week before selling off to the .91 handle.

What was really impressive is the rhetoric that followed the rate hike.  The monetary authority in Australia left the door open for further rate hikes, even as soon as December.

Forgetting about the rhetoric, we continue to see strong economic data coming from Aussies.  The Australians are amidst their longest run of job growth in 12 years.  Digging a little further into the numbers, unemployment did rise from 4.2% to 4.3%, but that brings the statistic just off a 33 year low.

The jobs market is really interesting in Australia.  The resource sector is really booming on a global level, and Australia is one of the most resource rich areas on this earth.  What we are beginning to see is a shortage of workers, especially in the mining sector.  This will begin to result in higher wages, and higher wages results in inflation, and higher inflation means more rate cuts.

There is one other item I would like to talk about in regard to the Australian central bank.  This is an election year, and the current Aussie government is expected to lose the election by a very wide margin.  Now I don’t pretend to know anything about Australian politics, but, from what I’ve read, the differences between the two leading parties are fairly minor.

The part that I wanted to talk about is that even though this is an election year, the Aussie central bank is still raising interest rates despite whatever political pressure may exist.  Like I said, I wish we had a central bank like that.

Again, for the sake of time, I will blast through some final currency news, give you a splash of the gold market, and bring it up to the big finish. 

The Rupee holds its 9 ½ year high after Finance Minister Palaniappan Chidambaram said economic growth will strengthen the currency.  Also, the Rupee is the best performing Asian currency of the 10 most actively traded.  Just this year it is up 12.7% YTD and we have seen an average yearly growth of 8.6% since 2004.  That is very impressive, but don’t expect it so stop there.

The Brazilian Real hit a fresh 7 year high.  Remember last week when I mentioned that you might want to watch and see if Brazil will get that investment grade rating by Moodys?  Well, Bloomberg reported that they Moodys said they will have to wait until next year some time.  I still got my eye out on this one.  By the way, there are rumors around the watering hole that Warren Buffet is buying the Real.  But they are just rumors, so don’t quote me on that one.

The South African Rand hit a 17 month high on gold prices and we saw Saudi inflation hit a record high of 4.9%.  That could be real bad news for the dollar.  It is obviously very inflationary for the Saudis to continue to hold their dollar peg.

It looks like the Chinese Yuan is set to have its biggest weekly gain since it broke its peg with the dollar in 2005.  Also the Chinese reported this week that they will have an expected GDP growth of 11% and expected inflation of 4.5% in 2008.  The growth I can believe, but remember that China has an M2 money supply growth of near 20% annually.  20% supply growth equals 20% inflation…not 4.5%.

Well, it was a rather boring week for the precious metals.  And by boring, I mean a rapid climb to intra day levels of $844 /oz.  This rally that took us from the mid $600s to the mid $800s has been absolutely spectacular.  I am still waiting for a pull back to add to my positions, but it looks like we might test a new record high before we see a pull back, but as I write this Friday, gold for immediate delivery is trading just north of $830 /oz.

Well, I think I am going to close the books on this week’s Weekly Report.  It was another event packed week full of extreme volatility in the currencies, oil, and equities. 

This week’s report has us nearing the 5k word level, which is border line too long in my opinion.  If this report gets any longer, I might as well write a book.  The thing is that I had SO much more to cover.  I really wanted to fill you guys in on this week’s actions in the base metals as well as agricultural goods.  But I also REALLY wanted to lay out my case for taking a step back in my bullish outlook for the pound as well as lay down some of the fundamental reasons for my extreme bullishness on the precious metals.  These are all things that I will get to in upcoming Weekly Reports, so you will just have to stay tuned.

Dear reader, you will have to bare with me because this style of writing is a new format for me.  I like to fill you in on the weekly events and investment opportunities as I see them, but I also like to add one or two sections every week that encompass another point of interest, like the section on the nationalization of natural resources.

These past two weeks have been jam packed with data.  We’ve had the central banks to watch as well as the massive amount of economic data.  The energy markets have been going haywire and are of utter importance to the economy as a whole and to us as consumers.

I do expect the data to cool off in the coming weeks with the rate decisions behind us and all, but if it doesn’t, I will consider writing this report twice a week as opposed to just once.

As always, I may miss some of Friday’s data and market occurrences.  The currencies, precious metals, equities and the energy numbers do not represent closing numbers, and will most likely change by the time you read this report.  I had to publish this a little earlier today due to a prior commitment.

On one final note before I post this, me and the other editors think that the Weekly Report is a REALLY boring name.  If you have any ideas for an awesome title for this publication please feel free to send them to me at njfinancial@gmail.com.  If you have any other comments or questions…you have the email address, so please feel free to contact me.

Happy investing,

Nick Jones