No. of Recommendations: 1
We have been traveling quite a bit so I have to wait until an opporune moment to update things. Getting a little bit ahead of myself (but this is Friday, September 3rd), the stock markets gave Dubya a nice kiss yesterday to send him into his acceptance speech, but today it seems to be back to business. Well, last week we saw 212 new 52-week highs and only 45 new 52-week lows, pretty good numbers, though not spectacular, and even better than the week before at 157 new 52-week highs and 72 new 52-week lows which are, in themselves not bad. So we are back after three weeks when the lows exceeded the highs. The cumulative daily breadth set another new high of 112,500. The Federal Reserve dollar index ended at about an even 90.

I have to admit I'm feeling pretty good about things, which is dangerous. Apartment REITs have again been setting new highs, some at least all-time highs (BRE and UDR which we own). Bank of America (which we own) has also been setting new highs even after its stock split. And this week, Exxon Mobile has been hitting new 52-week highs, and perhaps even all-time highs. I can't get the numbers but I'm not sure it is beating out its 2000 highs. So all in all, I can't complain.

Last week was the best we have seen on the NASDAQ in some time as there were 109 new 52-week highs and 90 new 52-week lows. I like to see those highs above 100 and lows under 100, and they are, but I could hope for better. The cumulative weekly breadth was positive for the second week in a row, ending at -85,778 vs -97,777 at the beginning of the year so that continues to be good.

I'm wondering if anyone has an opinion as to what is likely to happen to Microsoft stock after their big dividend in December? Apparently this will about double their price/book which sounds bad, but what does price/book mean for a company that deals in intellectual capital?

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