Patience

Ben obeyed me yesterday ... good job. The inflation-mongers and some trader beefers wanted him to start screeching about inflation, but he was ... patient. Now they'll let time work its medicine on the economy and the markets. Take a vacation to Nantucket, Ben. Go sailing. Tell the other governors to shut up awhile. But tell Geitner at the NY Fed to get that monetary base growing.

There are lots of numbers today: ISM mfg and unemployment claims.

I checked pizza prices here in SE Ohio. No inflation. One can get a fine 14 inch pie with four or more toppings for $10.95, same price for years.

C stock offering was oversubscribed. I think that's quite interesting, being so successful well off the lows. One thing C has done is create solid relationships with major international investment funds. I suspect they will use those in the future to get lots of major international finance deals and more corporate finance with companies in those areas. That's what they should do.

XOM raised its dividend 15% and reports earnings today. I'm sure the press will trumpet them. I hold CVX due to its deep water leases and finds in the Gulf of Mexico. They report tomorrow.

Doing nothing ... being patient and taking partial LT sugar (aka proftis) as my stocks move up in rotation. This is really money & tax management as when a stock moes up a lot, I own too much, so sell some early dated shares to book LT gains.

No word of the day while I travel.