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@theMarket: Fed Gives Green Light to Stocks
By Bill Schmick,
02:37PM / Saturday, January 28, 2012
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It wasn't quite a QE III but it came close. This week, the Federal Reserve Bank extended the time period in which they would keep a lid on short-term interest rates to 2014 while at the same time pushing longer-term rates lower. Investors liked that and bought stocks on the news.

The Fed also said it would consider launching a bond-buying program and it wouldn't wait for a recession to do it. Fed Chairman Ben Bernanke hinted he would act if the economy and unemployment simply continues to recover at its present slow pace. At the same time, the Fed dropped its forecast for economic growth this year from a range of 2.5-2.9 percent to 2.2-2.7 percent. He targeted a 2 percent inflation rate

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The Independent Investor: U.S. Energy Production, Going the Right Way
By Bill Schmick,
02:30PM / Friday, January 27, 2012
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It has been a long time since oil production in this country has been a source of growth. Between domestic regulation, depressed energy prices and off-shore projects, the action in oil has been elsewhere. Now that is beginning to change.

Over the next decade domestic crude oil production is expected to increase 20 percent or more to levels not seen in the United States since the 1990s, according to the U.S. Energy Information Administration. We were producing 5.5 million barrels per day (bpd) last year compared to 5.1 million bpd in 2007 and production is expected to grow by 550,000 bpd to 6.7 million bpd by 2020. Production is expected to slow after that but still maintain a healthy

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@theMarket: Markets Climb a Wall of Worry
By Bill Schmick,
12:30PM / Saturday, January 21, 2012
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Problems, issues, challenges, call them what you may. Nary a day has gone by when something, somewhere continues to put investors on edge. From the Straits of Hormuz to the infidelities of Republican hopefuls, the world appears to be full of surprises. Yet, the stock markets grind higher.

Why now? Haven't these same issues been with us for months? Yet, the same news on Greek debt negotiations that in the past sent stocks into a downward spiral is now simply being ignored. The continued delays in EU progress toward a monetary and fiscal solution to their financial crisis are now greeted calmly rather than with horror.

Some of the market's response can be attributed to a "no news

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The Independent Investor: Insider Trading Is No Surprise
By Bill Schmick,
05:01PM / Thursday, January 19, 2012
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Over the last few years, government authorities have gone after insider traders with increasing success. Now, news headlines indicate that there was actually a hedge fund club of sorts that regularly traded on illegal information.

Why should this surprise us? Over the last few years an increasing number of investors I talk with have argued that "the game is rigged" against us little guys. Time after time, I have watched the markets trade up in advance of good news or down before the opposite occurred. It happens much too often to be coincidence.

Back in the early '80s, straight out of graduate school, I joined Drexel Burnham Lambert, a venerable investment banking firm back

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@theMarket: Europe Downgrades Hit Markets
By Bill Schmick,
07:41PM / Friday, January 13, 2012
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After a week of slowly grinding higher on exceptionally low volume, the markets swooned on Friday. Europe, once again, was responsible.

It was almost comical to watch the talking heads this week as they tried to make a case that the U.S. markets were decoupling from the troubles in Europe. They highlighted the increasingly positive economic data, the possibility of quarterly earnings surprises and the hope that the Fed was preparing for another round of quantitative easing.

My take is that Europe has a longer holiday season than we do. Their movers and shakers just got back to work this week. We haven't decoupled. There was simply an absence of market making news until this

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