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		<title>Financial Market Commentary</title>
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		<title>Expect Slow Economic Growth in the US to Continue Through Early 2012</title>
		<link>http://financial-market-commentary.com/2011/12/28/economic-outlook-2012-the-conference-boards-lagging-coincident-and-leading-indicators/</link>
		<comments>http://financial-market-commentary.com/2011/12/28/economic-outlook-2012-the-conference-boards-lagging-coincident-and-leading-indicators/#comments</comments>
		<pubDate>Wed, 28 Dec 2011 13:49:01 +0000</pubDate>
		<dc:creator>Robert A. Weigand, Ph.D.</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Conference Board]]></category>
		<category><![CDATA[Economic Outlook]]></category>
		<category><![CDATA[Leading Indicators]]></category>

		<guid isPermaLink="false">http://financial-market-commentary.com/?p=1786</guid>
		<description><![CDATA[This article analyzes the indicators comprising the Conference Board&#8217;s Lagging, Coincident and Leading Economic Indexes. Each indicator is analyzed individually, scored -1, 0, or +1 for mostly negative, neutral, or mostly positive, and then averaged into Lagging, Coincident and Leading diffusion indexes scaled from -100% (economic free fall) to +100% (robust expansion). Here&#8217;s the upshot of the [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=financial-market-commentary.com&amp;blog=3935040&amp;post=1786&amp;subd=marketblog&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://financial-market-commentary.com/2011/12/28/economic-outlook-2012-the-conference-boards-lagging-coincident-and-leading-indicators/feed/</wfw:commentRss>
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			<media:title type="html">Real-M2-Cons-and-Bus-Loans</media:title>
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			<media:title type="html">Yield-Curve-Dec-19-2011</media:title>
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			<media:title type="html">Suppliers-Delivery-Index</media:title>
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			<media:title type="html">Real-and-Nominal-SP-500</media:title>
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			<media:title type="html">Dollar-Adjusted -SP-500</media:title>
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			<media:title type="html">Initial-Unemployment-Claims</media:title>
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			<media:title type="html">Leading Indicators Diffusion Index</media:title>
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			<media:title type="html">Corp-Profits-Percent-of-GDP</media:title>
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			<media:title type="html">Total-Debt-and-Debt-to-GDP</media:title>
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			<media:title type="html">U6-Underemployment-and-Unemployment</media:title>
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			<media:title type="html">Core-CPI-PPI</media:title>
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		<item>
		<title>Defensive Stock Sectors Led the Market in 2011</title>
		<link>http://financial-market-commentary.com/2011/12/26/defensive-stock-sectors-led-the-market-in-2011/</link>
		<comments>http://financial-market-commentary.com/2011/12/26/defensive-stock-sectors-led-the-market-in-2011/#comments</comments>
		<pubDate>Mon, 26 Dec 2011 13:44:30 +0000</pubDate>
		<dc:creator>Robert A. Weigand, Ph.D.</dc:creator>
				<category><![CDATA[Market Commentary]]></category>

		<guid isPermaLink="false">http://financial-market-commentary.com/?p=1760</guid>
		<description><![CDATA[This article provides a snapshot of the best- and worst-performing US stock sectors in 2011. The classic defensive sectors &#8212; Utilities, Consumer Staples and Health Care &#8212; started the year on a positive note, began outperforming following the market&#8217;s February decline, and assumed full market leadership after the August market meltdown. These sectors ended the [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=financial-market-commentary.com&amp;blog=3935040&amp;post=1760&amp;subd=marketblog&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://financial-market-commentary.com/2011/12/26/defensive-stock-sectors-led-the-market-in-2011/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="" medium="image">
			<media:title type="html">marketblog</media:title>
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			<media:title type="html">Best-Performing-Sectors</media:title>
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			<media:title type="html">Middle-4-Performing-Sectors</media:title>
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			<media:title type="html">Worst-Performing-Sectors</media:title>
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		<item>
		<title>Oracle is Fairly-Valued Following Its Price Correction on 12.21.11</title>
		<link>http://financial-market-commentary.com/2011/12/21/oracle-is-now-fairly-valued-following-its-recent-price-correction/</link>
		<comments>http://financial-market-commentary.com/2011/12/21/oracle-is-now-fairly-valued-following-its-recent-price-correction/#comments</comments>
		<pubDate>Wed, 21 Dec 2011 13:12:32 +0000</pubDate>
		<dc:creator>Robert A. Weigand, Ph.D.</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[discounted cash flow model]]></category>
		<category><![CDATA[Earnings Miss]]></category>
		<category><![CDATA[Expected Returns]]></category>
		<category><![CDATA[Fair Value]]></category>
		<category><![CDATA[Oracle]]></category>
		<category><![CDATA[ORCL]]></category>

		<guid isPermaLink="false">http://financial-market-commentary.com/?p=1685</guid>
		<description><![CDATA[This article presents a financial analysis of Oracle (ORCL), which sold off sharply in the 12.20.11 after-hours session after missing hard on top-line revenue and bottom-line earnings. The analysis shows that this recent price correction has compressed ORCL&#8217;s stock to fair value based on a discounted free cash flow model and a slow-growth future trajectory [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=financial-market-commentary.com&amp;blog=3935040&amp;post=1685&amp;subd=marketblog&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://financial-market-commentary.com/2011/12/21/oracle-is-now-fairly-valued-following-its-recent-price-correction/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="" medium="image">
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			<media:title type="html">ORCL-Desc-Stats-1</media:title>
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			<media:title type="html">ORCL-MSFT-Gross-Margin</media:title>
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			<media:title type="html">ORCL-MSFT-Oper-Margin</media:title>
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			<media:title type="html">ORCL-MSFT-Net-Margin</media:title>
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			<media:title type="html">ORCL-MSFT-NOPAT-Per-Share</media:title>
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			<media:title type="html">ORCL-MSFT-FCF-Per-Share</media:title>
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			<media:title type="html">ORCL-MSFT-ROIC</media:title>
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			<media:title type="html">ORCL-MSFT-EVA-Per-Share</media:title>
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			<media:title type="html">ORCL-MSFT-MVA-Per-Share</media:title>
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			<media:title type="html">ORCL-Inc-Statement-Forecasting-Assumptions</media:title>
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			<media:title type="html">ORCL-WACC</media:title>
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			<media:title type="html">ORCL-DCF-Valuation</media:title>
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		<item>
		<title>Which S&amp;P 500 Sectors Have the Highest Margins?</title>
		<link>http://financial-market-commentary.com/2011/12/20/which-sp-500-sectors-have-the-highest-margins/</link>
		<comments>http://financial-market-commentary.com/2011/12/20/which-sp-500-sectors-have-the-highest-margins/#comments</comments>
		<pubDate>Tue, 20 Dec 2011 14:23:03 +0000</pubDate>
		<dc:creator>Robert A. Weigand, Ph.D.</dc:creator>
				<category><![CDATA[Market Commentary]]></category>

		<guid isPermaLink="false">http://financial-market-commentary.com/?p=1654</guid>
		<description><![CDATA[David Sowerby of Loomis Sayles gave an interview on CNBC last Friday (12.16.11, video available here). Mr. Sowerby cited the following reason for being bullish on stocks: . . . if you look at the continued improvement in cash flow margins, that are about 20% today for most companies, still below the 24% peak levels for [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=financial-market-commentary.com&amp;blog=3935040&amp;post=1654&amp;subd=marketblog&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://financial-market-commentary.com/2011/12/20/which-sp-500-sectors-have-the-highest-margins/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">SP500-Mean-and-Cap-Weighted-Gross-Margin</media:title>
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			<media:title type="html">SP500-Mean-and-Cap-Weighted-Net-Margin</media:title>
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		<title>Kinder-Morgan Energy (KMP) Represents Better Value for Dividend-Focused Investors Compared With Williams Companies (WMB)</title>
		<link>http://financial-market-commentary.com/2011/12/14/kmp-better-value-than-wmb/</link>
		<comments>http://financial-market-commentary.com/2011/12/14/kmp-better-value-than-wmb/#comments</comments>
		<pubDate>Wed, 14 Dec 2011 15:09:07 +0000</pubDate>
		<dc:creator>Robert A. Weigand, Ph.D.</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[discounted cash flow model]]></category>
		<category><![CDATA[kinder morgan energy partners]]></category>
		<category><![CDATA[natural gas energy]]></category>

		<guid isPermaLink="false">http://marketblog.wordpress.com/?p=1586</guid>
		<description><![CDATA[The analysts at Sabrient had a Strong Buy recommendation on natural gas energy producer Williams Companies (ticker WMB) on Dec. 5. This rating was reduced to a Buy recommendation on Dec. 12 (report available here). Sabrient likes Williams&#8217; price momentum and recent earnings increases. Additionally, the company has raised their annual dividend for 5 straight years, which is a strong [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=financial-market-commentary.com&amp;blog=3935040&amp;post=1586&amp;subd=marketblog&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://financial-market-commentary.com/2011/12/14/kmp-better-value-than-wmb/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
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		<title>Profits Are At Record Levels And Stocks Are Cheap, But Boards&#8217; Reluctance To Raise Dividends is a Concern</title>
		<link>http://financial-market-commentary.com/2011/12/08/us-stocks-are-cheap-but-dividends-should-b-higher/</link>
		<comments>http://financial-market-commentary.com/2011/12/08/us-stocks-are-cheap-but-dividends-should-b-higher/#comments</comments>
		<pubDate>Thu, 08 Dec 2011 11:43:22 +0000</pubDate>
		<dc:creator>Robert A. Weigand, Ph.D.</dc:creator>
				<category><![CDATA[Market Commentary]]></category>

		<guid isPermaLink="false">http://marketblog.wordpress.com/?p=1547</guid>
		<description><![CDATA[My first contribution to the end-of-year market outlook season is a big-picture view of the S&#38;P 500 (in billions, and percent where applicable). The market capitalization of all 500 stocks still lags its 2007 level, but total revenues and profits hit all-time highs in 2011: Those record profits have not induced firms to restore payouts [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=financial-market-commentary.com&amp;blog=3935040&amp;post=1547&amp;subd=marketblog&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://financial-market-commentary.com/2011/12/08/us-stocks-are-cheap-but-dividends-should-b-higher/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
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		<title>Why You Should Ignore the Leading Indicators</title>
		<link>http://financial-market-commentary.com/2011/11/23/ignore-the-leading-indicator/</link>
		<comments>http://financial-market-commentary.com/2011/11/23/ignore-the-leading-indicator/#comments</comments>
		<pubDate>Wed, 23 Nov 2011 15:34:44 +0000</pubDate>
		<dc:creator>Robert A. Weigand, Ph.D.</dc:creator>
				<category><![CDATA[Market Commentary]]></category>

		<guid isPermaLink="false">http://marketblog.wordpress.com/?p=1469</guid>
		<description><![CDATA[I have always been intrigued with investors&#8217; reliance on the Conference Board&#8217;s Leading Economic Indicators (LEI), despite the fact that few can thoughtfully interpret (or even identify) the most heavily-weighted components (the first 4 account for almost 80% of the LEI&#8217;s behavior). In a recent Forbes article, Ken Fisher (a.k.a. the advisor with a strong track [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=financial-market-commentary.com&amp;blog=3935040&amp;post=1469&amp;subd=marketblog&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://financial-market-commentary.com/2011/11/23/ignore-the-leading-indicator/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
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		<title>US GDP Growth Has Been Slowing for 30 Years</title>
		<link>http://financial-market-commentary.com/2011/08/04/us-gdp-growth-has-been-slowing-for-40-years/</link>
		<comments>http://financial-market-commentary.com/2011/08/04/us-gdp-growth-has-been-slowing-for-40-years/#comments</comments>
		<pubDate>Thu, 04 Aug 2011 23:52:55 +0000</pubDate>
		<dc:creator>Robert A. Weigand, Ph.D.</dc:creator>
				<category><![CDATA[Market Commentary]]></category>

		<guid isPermaLink="false">http://marketblog.wordpress.com/?p=1398</guid>
		<description><![CDATA[The graph says it all. Ronald Reagan ushered in a low-tax, anti-regulation, big deficit, pro-business philosophy that gradually spilled over to the corporate and household sectors and . . . did not work as advertised. Below I&#8217;ve charted the year-over-year change in US GDP since 1948. (Data provided by the Federal Reserve Economic Database. You can download [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=financial-market-commentary.com&amp;blog=3935040&amp;post=1398&amp;subd=marketblog&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://financial-market-commentary.com/2011/08/04/us-gdp-growth-has-been-slowing-for-40-years/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
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		<title>The Black Hole of Financialization</title>
		<link>http://financial-market-commentary.com/2011/07/08/the-black-hole-of-financialization/</link>
		<comments>http://financial-market-commentary.com/2011/07/08/the-black-hole-of-financialization/#comments</comments>
		<pubDate>Fri, 08 Jul 2011 14:47:02 +0000</pubDate>
		<dc:creator>Robert A. Weigand, Ph.D.</dc:creator>
				<category><![CDATA[Market Commentary]]></category>

		<guid isPermaLink="false">http://marketblog.wordpress.com/?p=1378</guid>
		<description><![CDATA[I came across a thoughtful article from Automatic Earth recently. Although the article might appear a little off-beat, referencing &#8220;black holes&#8221; and whatnot, it&#8217;s actually right on the mark. The comparison between the concept of &#8220;time dilation&#8221; in Einsteinian relativity and finance is very apt. Countries with more sophisticated financial structures provide businesses and individuals with greater options [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=financial-market-commentary.com&amp;blog=3935040&amp;post=1378&amp;subd=marketblog&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://financial-market-commentary.com/2011/07/08/the-black-hole-of-financialization/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
	
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		<title>The Secular Bear Market Roars On</title>
		<link>http://financial-market-commentary.com/2011/03/25/the-secular-bear-market-roars-on/</link>
		<comments>http://financial-market-commentary.com/2011/03/25/the-secular-bear-market-roars-on/#comments</comments>
		<pubDate>Fri, 25 Mar 2011 13:12:52 +0000</pubDate>
		<dc:creator>Robert A. Weigand, Ph.D.</dc:creator>
				<category><![CDATA[Market Commentary]]></category>

		<guid isPermaLink="false">http://marketblog.wordpress.com/?p=1338</guid>
		<description><![CDATA[The chart says it all. I graphed the inflation-adjusted S&#38;P 500, using January 1991 = 0 as the base. Data courtesy of Robert Shiller (available for download here). If the descending triple-top does not speak for itself, also bear in mind that the level of the S&#38;P 500 is being deflated by the government-reported CPI, [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=financial-market-commentary.com&amp;blog=3935040&amp;post=1338&amp;subd=marketblog&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://financial-market-commentary.com/2011/03/25/the-secular-bear-market-roars-on/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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