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Wednesday, July 30, 2008

US Dollar & Gold Chart & News You Can Use

News You Can Use ...

There Will Be Water
T. Boone Pickens thinks water is the new oil—and he's betting $100 million that he's right.
In the coming decades, as growing numbers of people live in urban areas and climate change makes some regions much more prone to drought, water—or what many are calling "blue gold"—will become an increasingly scarce resource. By 2030 nearly half of the world's population will inhabit areas with severe water stress, according to the Organization for Economic Cooperation & Development.

S&P Earnings So Far Falling Short Of Q2 Projections
With 249 of the S&P 500 companies reporting results, second-quarter profits are on track to decline 17.9% vs. a year earlier, according to Thomson Reuters.

XX Sean's note -- But guess what sector is leading when it comes to earnings? Energy, which is seeing second quarter profits up 25% year over year. What sector is doing the worst? Financials, with profits down 85% year over year.

XX The analysts on CNBC will tell you now is a perfect time to buy Financials, because this is as bad as things can get – the bad news is priced in. In fact, one of them said just that this morning. Well, we’ll have to see about that. I think there are many other shoes to drop.

Nigeria’s Oil Production Drops Below 1mbpd
There are strong indications that Nigeria, the sixth biggest oil producer in the world and Africa’s biggest oil producer, can no longer meet the Organisation of Petroleum Exporting Countries (OPEC) production quota.
The country’s current production level has dropped below 1 million barrels per day (mbpd) owing to frequent shut-ins due to renewed attacks on oil facilities in the Niger Delta region.Prior to the escalation of violent attacks on oil installations, Nigeria produced between 2.5 and 2.6 million barrels of crude oil per day

How low can gasoline go? US gasoline prices drop 10 cents a gallon in the latest measure. The bad news is gasoline is up $1.07 year over year. As oil nears 20 percent "bear" market, bulls unfazed
As the rout in oil prices nears the 20 percent mark that for stocks would signal a bear market, many analysts offer a word of caution -- don't mistake a healthy correction for the end of a multi-year bull trend.
Those who might have mistaken oil's last deep fall -- a near 21% decline over four weeks to mid-January 2007 -- for a sustained pull-back paid dearly. Prices hit a low of $49.90 a barrel before nearly tripling over the next 18 months.

Hump Day video: The Japanese combine practical jokes, TV, and the behavior of crowds, and it’s quite funny.

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