Meeting Minutes

We had a wonderful meeting, where an array of topics were up for discussion! I want to heartily thank all those who came and made it an insightful and memorable forum. We had 5 attendees: (from left to right) Kevin Day, Tommy Schultz, VJ Arjan, Andrew Whatley, and Jeff Harrington.

Overvalued vs. Undervalued

We started the meeting with Jeff Harrington presenting to us his thesis that many capital goods producers are overvalued while some large financial institutions are undervalued compared to its earnings.

Companies like Deere (DE) and Caterpillar (CAT) have had a remarkable rise in stock price on what appears to be mostly empty air. Unlike some other companies that have reported increased earnings since Q2, both Deere and Caterpillar have increase while earnings have decreased, suggesting an amazing opportunity for a near-term correction.

On the other hand, companies like JP Morgan Chase (JPM), State Street (STT), and PNC Bank (PNC) have had the opposite scenario where earnings have risen faster than stock prices (by percentage).

Playing Gold and other precious metals

One may be surprised to hear that Peter Schiff, the CEO of Euro Pacific Capital and an avid gold bug, on an interview with CNBC stated that gold would travel to $5,000 an ounce. This may be indeed legitimate, only time will tell, but for the near-term it is somewhat certain that gold will continue to rise. Central banks buying into gold will mean that there are some long-term buyers in the market. Kevin Day was explaining that one way to play the rise of gold is to buy into the gold miners, particularly small to mid-cap ones, which appreciate better than buying into the commodity itself through Market Vectors Junior Gold Miners (GDXJ). Kevin has not been, to his own account, a gold bug but prefers silver instead, which he feels is still trading at a multiple to gold that is far less than its historical average.

Santa Fe Gold Corporation (SFEG)

We discussed what potentially may occur with the share price of this company as several readers of this blog own this stock. The timeframe for actual mining to commence should be sometime in 2010 by which time we will probably see the share price go to the range of $2.50-$3.00 a share. Kevin Day who personally owns a large number of shares himself said that he knows that there are several key individuals who own substantial blocks of this stock, several million shares, in fact, and that should the price start to move upwards, the exits would be blocked. The most probable outcome will be that this company will be bought out for a share equivalent of the buyer’s shares.

Dubai

At the end of November, Nakheel Group, the principal capital raisers for Dubai World alarmed investors by announcing that the approximate $4 billion that was to be paid on December 14^th would have to be delayed some 6 months. This has caused an enormous sell-off in the Dubai and Abu Dhabi exchanges as investor confidence is rattled by the uncertainty of whether or not this debt will be repaid. Jeff Harrington suggested that this will affect not only European banks who are heavily invested in Dubai, but also places like South Korea which has put up the funds for the actual construction going on there. The emirate is also in the midst of a economic crunch, in which there are literally fields of cars being abandoned at airports by non-Arab residents leaving the country. The idea that Sheikh Al-Maktoum is trying to make a reality is to turn Dubai into the pleasure resort for the world, a sort of global Las Vegas. He has built enormous towers that are more than a kilometer long, the only 7-star hotel, as well as an indoor ski resort. Dubai, it can be said, however, resembles an empty shell, for there is yet no substantial cash flow to the area. Kevin Day claimed that he does not see a direct effect on U.S. interests but is concerned with what might happen should the UAE Central Bank not step in to bail it out. At the present moment, the UAE has decided to cherry-pick which businesses it will raise cash for and which it will not. This may indeed lead to Dubai losing its sovereignty to Abu Dhabi should the funds not be enough, but it may also lead, more importantly, to a possible domino effect in other emerging markets of the same shaking of investor confidence. Is this perhaps the first of many shoes to drop? Time will tell…

The Bubble Continues to Burst

Jeff Harrington relayed how the real estate troubles continue to dominate in hard-hit areas. On November 18^th, 2009 the Pontiac Silverdome, the former home of the Detroit Lions, which was build for $55.7 million ($300 million inflation-adjusted) sold for an incredibly ridiculous sum of $583,000, less than 1 percent of what it was built for. No double Detroit is one of the hardest hit areas in the real estate market in the country. Homes which have sold for $125,000-200,000 are now selling for $15,000.

War with Australia

Australia is home to an incredibly abundant amount of natural resources. It is home to only 22 million inhabitants. This large natural-resource rich land was called Japan’s quarry in previous decades. It is now being eyed by China and/or Indonesia for its immense supply of natural gas. Kevin Day, who is a native Australian, remarked with some reservations that it would probably be too much for Australia’s small army to compete with a billion or so invaders.

Oil and alternative energy

“Oil is only going one way.” – Kevin Day

Peak oil, according to many scientific investigations, has been reached and there is only a decline in supply from here on. This will invariably result in rising prices as the world simultaneously industrializes. VJ Arjan argued that it would be too expensive for most of the world to lose its dependence upon oil, an industry that has taken five decades to build and has been transporting oil for a reasonable price.

However, it cannot be denied that there is an incredible amount of funding going into producing a shift to an alternative energy source, and it cannot be denied that it will have its due return. The question is which one will be ‘the one’?

Jeff Harrington thinks that there is a high likelihood that it will be natural gas. He believes that this is an incredible historic opportunity to buy natural gas at a very low price. He also suggests buying into companies like Chesapeake (CHK), Devon Energy (DVN), and EOG Resources (EOG). The only trouble may arise in the cost incurred by transporting natural gas. It must be transported in its liquid form, which can be an expensive process.

Another potential solution would be nuclear energy. Currently France derives 85% of its energy from nuclear sources. Many European nations rely heavily on nuclear energy as well. Large uranium deposits are placed in Canada, and there are companies like Cameco (CCJ) which are just a few years away from full-blown uranium mining. Why does the US not adopt this energy policy? It may date from President Jimmy Carter’s ban on reusing nuclear fields, 93% of which can be reused. Also, the radioactivity of nuclear wastes, which is minimal, may be exaggerated in order to prevent another 3-mile island incident.

Since when has Money been in bed with Politics?

The answer: since time immemorial. There currently is a conspiracy that the drug companies and law-makers dare not draw attention to called the ‘prescription conspiracy.’ This states simply that drug producers intentionally create drugs that solve one problem and create another one. Incidentally, they also offer a drug that resolves this problem, but leads to another one. It is no wonder, therefore, that companies like Pfizer (PFE) and Merck (MRK) have made so much money and will probably continue to do so.

Andrew Whatley explained another relevant example that delineates this policy in Travelers’ Insurance push in 2007to repeal Glass-Steagall for a merger. After a $200 million “donation” it was accomplished the week of the merger deadline.

Correction (12/14/09): Glass Steagall was repealed by the Gramm-Bliley-Leech act, which was passed in 1998.

Tiger’s lack of discretion

Yes, we talked about Tiger Wood’s alleged mistresses and scandalous affairs also. Kevin Day explained that Tiger went about this in a most blundering fashion. By keeping everything a secret and not making an absolute clean breast of his “transgressions” he is opening himself up to even more attacks. He would do well to mimic David Letterman’s response to blackmail attempts, by giving the public what they wanted to hear, the truth. No man or woman is perfect, and there is a likelihood that men and women do make mistakes in their life. But it cannot be stuffed under the carpet like the legendary golfer is doing. Tommy Schultz added that Tiger was taught to play golf and not to deal with fame.

A few ticker symbols for consideration

Here are a few equities that were bought up during our meeting and I’ve listed them below:

Symbol	Company
EWC	iShares MSCI Canada Index (ETF)
EWA	iShares MSCI Australia Index Fund (ETF)
EWS	iShares MSCI Singapore Index Fund (ETF)
MXI	iShares S&P Global Mat. Sector Inde(ETF)
EWZ	iShares MSCI Brazil Index (ETF)
TUR	iShares MSCI Turkey Index Fund
ILF	iShares S&P Latin America 40 Index (ETF)
GUR	SPDR S&P Emerging Europe (ETF)
CRR	CARBO Ceramics Inc.
EP	El Paso Corporation

The next meeting will be held on Sunday, January 10^th, 2010. For those who have not attended a meeting, but would like to attend, please email you wish to VJ Arjan at scarletkings@gmail.com

I wish everyone a very happy holiday season and a happy new year!

May we be healthy, prosperous, and wise in the year to come!

Next Meeting of the Scarlet Kings

Greetings to All,

The next meeting of the Scarlet Kings will be held on

Sunday, December 6th, 2009 at 1:00PM.

Location: BJ's Restaurant and Brewery (4901 Beltline Road, Addison, TX)

Please join us for a fruitful and lucrative discussion!

Very Sincerely,

VJ

Meeting Minutes

We had a great time at our meeting! I want to send out a heartfelt thanks to all the attendees who came and contributed to a very lively discussion, for which, I, for one, have ended up more knowledgeable than before. We had 5 attendees: (from left to right) VJ Arjan, Kevin Day, Larry Rosenfield, Kay Olds, and Jeff Harrington.

Jeff’s Trade in Genworth Financial

Jeff Harrington was explaining to us, with mild regret, of his loss in Genworth Financial. We were all very grateful to hear this story as it bodes as a lesson to be learned for the rest of us, who may learn without making such a mistake. In short, here is what happened. Jeff bought a large number of shares of Genworth Financial (GNW) at $11.00 a share in his father’s investment account. Due to a very rapid decline in share value to $8.50, he decided to sell out the entire position. The stock has subsequently rebounded to $10.57. He admitted, at his own account, that this was clearly an emotional decision and looking back at it, he may have perhaps even held on knowing of the long-term potential of the stock. Moreover, it was emotional due to the fact that it was his father’s equity that was at stake. It was remarkable for the rest of us listening to his story to hear such an account and it was noteworthy to remember the influence that one’s emotions can have on one’s trades, which may have begun under cool and rational pretexts.

Larry’s Trade in First Solar

Larry Rosenfield was telling us of his loss in First Solar (FSLR). He sold a covered call (selling an option to buy the stock, while holding the underlying equity) and decided to convert the option into shares when the price went to $136 a share. He retained, in consequence, the $6,000 premium that was collected on 4 contracts (400 shares). He subsequently saw his long position dwindle to $120 a share and decided to liquidate at his price, amounting a net loss on the position. Although he had stuck to his plan, it shows how sometimes no matter how much planning, the markets will move against oneself. There is no magic spell that can save a trader or investor from a rainy day. The best that we can do is to prepare ourselves to react well towards them.

CIT

On Monday, CIT declared bankruptcy protection after several weeks of lobbying for last-minute lending. Kevin Day had proclaimed in previous meetings that he could not foresee that CIT would indeed go bankrupt due to its deep reach into the retailing industry. (CIT provides short-term lending for retailers.) He admitted at the meeting, however, that it seems that this company is going into bankruptcy and that he has given up upon its survival.

Investment-grade Oil and Utility Stocks

Kevin Day was telling us of some of the stocks that he has picked up in his investment portfolio. British Petroleum (BP) is a very solid, well-run company that currently pays close to a 6% dividend yield. Kevin also believes that despite Exxon Mobil’s (XOM) decline in earnings, that this stock has much more to run. It would be a great way, in his opinion, to ride the wave of oil prices while receiving a handsome return, that nowadays can scarcely be gotten in any CDs or fixed-income securities. He has also picked up Duke Energy (DUK) which is a utility stock that is also currently yielding 6%.

Master Limited Partnerships

Larry Rosenfield explained how he recently bought Linn Energy LLC (LINN). It turns out that Linn Energy pays a very handsome dividend yield of 9% and primarily derives its revenues from crude oil production. Jeff Harrington remarked that the advantage of buying into an master limited partnership (MLP) is that 80% of the firm’s profits much flow out to the investors and, in this way, the investor does not incur double taxation as it would in a traditional dividend-yielding firm.

Socialized vs. Privatized Healthcare

Being a doctor himself, Dr. Rosenfield had a good deal to say about the current healthcare reform debate. While it seems that to provide healthcare for all citizens may lower the level of care that many Americans receive, by dis-incentivizing medical professionals with pay caps etc., he feels that there must be a change from the ‘pay-or-go-home’ system currently in place. Kevin Day, however, objected strongly referring to the oversights of socialized healthcare. He related how in Australia, where he is originally from, he personally knew 5 individuals from the very town he grew up who died literally from lack of proper medical attention. Either there weren’t enough doctors or there weren’t enough beds. Both arguments were very convincing, but it remains to be seen how this policy debate will unfold further.

Pepsi Bottled-Water Lawsuit

Kay Olds and Jeff Harrington were relating of a strange case that has occued with Pepsi Co. Recently, Pepsi was taken to court by Charles Joyce and James Voigt for a trade secret misappropriation for bottled water. It may well be known that today, Aquafina is made by Pepsi. Mr. Joyce and Mr. Voigt wanted their share of this market and introduced Pepsi Co. to the idea when the industry had just started to gain footing. When these gentlemen went to court, the representatives of Pepsi Co. did not show up as the lawsuit letter had been put aside. Due to their absence of defense, they were fined $1.26 billion by default judgment. I’m not sure if the legal attendant responsible for this affair is still going to keep her job after this fiasco.

The New Tripartite

Jeff Harrington remarked how the new world order is shaping up to be just like the one that persisted in the early half of the previous century. In the previous century the 3 countries that ruled were Great Britain, France, and Russia. It seems as these powers have waned, we have new emergents: The United States, China and India. These three will be the contenders for world super power status especially given the incredible growth coming from China and India. China, it seems, is trying to weaken India by strengthening the Pakistanis military might by selling them arms and training. At the same time, India is trying to strike its blow to China by being better allies with the U.S. It is all speculation at this point, as to what will occur in the future. But as the old adage goes, time will tell.

Kevin Day’s Market Prediction

Although he stated to me that this prediction is by no means ‘scientific’, it is well to be advised that Kevin’s predictions about the market and about many other things have repeatedly been right on the money. Here is what he see until the latter half of 2010.

Earnings and economic data will continue to exceed expectations until mid-2010 due to being based off of extremely poor performance for the previous year.

The stimulus package has a likelihood of only temporarily stimulating the economy by inducing forced spending by consumers. When the stimulus runs out, the spending will come to a stand still again.

There is another storm looming in the horizon and that is the bubble in commercial real estate which is still yet to come. He predicts that this will occur in the latter half of 2010.

The Philosopher’s Table

Larry Rosenfield, Jeff Harrington and VJ Arjan had a long and fruitful discussion on some very philosophical matters. We reflected on the complexities and amazing mechanisms of the universe about us. We reflected how the matter that composes our bodies is millions of years old, as old as the age of the universe itself. We remarked on how the miracle of understanding and reaction occurs due to the electrical impulses of atoms. In a sense, it could be said that even now as the reader is reading these words, atoms are being read and understood by other atoms. All this philosophizing led us to ask, whether all of this symmetry and complexity of reality is designed or created by natural selection. Jeff Harrington remarked that a question as perennial as this is like looking for the mouth of a dog and finding its tail, it is a never-ending circle of questioning.

The next meeting will be held on Sunday, December 6^th, 2009. For those who have not attended a meeting, but would like to attend, please email your wish to VJ Arjan at scarletkings@gmail.com

Next Meeting of the Scarlet Kings

Greetings to All,

The next meeting of the Scarlet Kings will be held on

Sunday, November 1st, 2009 at 1:00PM.

Location: Blue Mesa Grill (5100 Beltline Road, Addison, TX)

Please join us for a fruitful and lucrative discussion!

Very Sincerely,

VJ

Lessons from Jesse Livermore - One of the Greatest Speculators of all Time

(The following excerpts were taken from Edwin Lefevre's Reminiscences of a Stock Operator)

On the importance of selective speculation: There is a time for all things, but I didn't know it. And that is precisely what beats so many men in Wall Street who are very far from being in the main sucker class. There is a plain fool, who does all the wrong things everywhere, but there is the Wall Street fool, who thinks that he must trade all the time. No man can always have adequate reasons for buying or selling stocks daily - or sufficient knowledge to make his play an intelligent play. (p.21)

On markets and their participants: But the one thing a Stock Exchange firm will not do is to split commissions. The governors would rather a member committed murder, arson, and bigamy than do business with outsiders for less than a kosher eighth. The very life of the Stock Exchange depends upon their not violating that one rule. (p. 47)

On mistakes and wisdom: If a man didn't make mistakes he'd own the world in a month. But if he didn't profit by his mistakes he wouldn't own a blessed thing. (p. 97)

Of course, if a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of the ten thousand brothers or cousins of the original. The mistake family is so large that there is always one of them around when you want to see what you can do in the fool-play line. (p. 119)

A man can excuse his mistakes only by capitalizing on them to subsequent profit. (p. 147)

On the speculator and his emotions: I sometimes think that specultion must be an unnatural sort of business, because I find that the average speculator has arrayed against him his own nature. The weaknesses that all men are prone to are fatal to success in speculation - usually those very weaknesses that make him likable to his fellows or that he himself particularly guards against in those other ventures of his where they are not nearly so dangerous as when he is trading in stocks or commodities.

The speculators' chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when a the market goes against you, you hope that every day will be the last day. It is absolutely wrong to gamble in stocks the way the average man does. (p. 130-131)

Meeting Minutes

We had a great time at our meeting today! I want as always to thank everyone for coming and making for a conversation that was to be remarkable. There were many potential market plays so I have decided to devote an adequate section to each play below with a corresponding chart. We had a total of 7 attendees: (from left to right) Kay Olds, Phil Garcia, Earl Landry, Tommy Schultz (who came later one), VJ Arjan, Jeff Harrington, and Kevin Day.

The following market plays were given by Kevin Day, Jeff Harrington, and Phil Garcia:

CIT Group Inc. (CIT)

Kevin Day and Jeff Harrington were expressing their belief that this company is “too involved” to fail. We will find out this week whether this company will live or die depending on the agreement that is reached with the bondholders. As this company provides short-term lending for 60% of retailers, one can make a plausible argument for its survival. Jeff Harrington is wary of its survival, however, as the agreement with the bondholders is for them to hold equity stakes in the company. An enormous dilution of shares would result and the hypothetical ceiling, Jeff thinks, for this stock should be its historical high adjusted for shares outstanding.

Gold – Yamana Gold Corp. (AUY), SPDR Gold Trust (GLD)

Phil thinks that gold could make a breakout of the $1,000 an ounce level. He thinks the chart has been in the consolidation phase for a while is ready for a upward break. He and VJ Arjan both have owned AUY and may expect to profit more should this occur.

Santa Fe Gold Corporation (SFEG)

As can be seen in the chart, this stock has exploded in share price and volume in the past week, climbing 30% in the last week alone. Kevin Day was expressing the incredible growth potential for this stock. There are 80 million shares outstanding. He knows at least 20 owners of this firm who hold at least 1 million shares. The CEO, Pierce Carson, owns some more millions of shares. The exits, therefore, are blocked. This company has been waiting for a water permit to be secured for production and it is a likely buy-out candidate, perhaps Barrick Gold Corporation or Neumont Mining, etc.

Novovax (NVAX), Vical Corporation (VICL), Cel-Sci Corporation (CVM)

Jeff Harrington was expounding his idea of how to play the swine flu phenomenon. Novovax had been trading in the $3s before he picked some up and it proceeded to $6.50. Recently, the company announced more shares to be issued and this stock has fallen 50% to $3.43 as of Friday’s close. Jeff thinks that this is share issuance has led many investors to believe that the share price is too high, leading to a sell-off, in other words, a market over-reaction. The health minister of Spain and India, both of whom have been affected by the swine flu, have backed Novovax for the production of the swine flu vaccine. There is currently, 11 million shares of short interest, and these will have to cover. The prospects and profits for NVAX, VICL and CVM look bright.

Utility Stocks (Duke Energy, etc.)

Jeff Harrington spoke about how he thought dividend-paying stocks have lagged non-dividend paying stocks in this rally and as a correction may be in the near-future, the enormous $4 trillion of money that is on the side lines may proceed to enter into these dividend-paying stocks. He especially likes Duke Energy which currently yields 6.25% (5 times as much as mutual funds are able to get in the money market). Add to this a book value of less than 1, and there is a possibility of great potential here.

Genworth Financial (GNW)

Kevin Day had picked up this stock when it was trading in the pennies. Currently it is at $11.32 per share and he believes, with a book value of $23, there is still potential to the upside.

Banks - Bank of America (BAC), Wells Fargo (WFC)

Jeff Harrington especially likes bank stocks as they are considered undervalued according to the business cycle theory (sell banks during booms and buy banks during recessions). BAC, he believes, will be a financial powerhouse in the years to come with its acquisition of Countrywide Home Loans and Merrill-Lynch. Wells Fargo will be the number 2 servicer, albeit the bad PR it received recently with the executive throwing lavish parties in foreclosed properties. Jeff is specifically looking for a breakout from the $30 a share range.

Interest Rates

“When interest rates are low, stocks will grow; when interest rates are high, stocks will die.” – Phil Garcia

The probability is that interest rates will increase in the near-future as we climb out of this recessionary period and proceed to the expansionary phase. Jeff Harrington believes that interest rates are follow a 40-year cycle and that currently they are at the lows, or a new cycle is beginning. He is also expecting the next pullback on the DJI to be about 500 points, but still a bull market. He is noticing that companies are building up substantial cash positions as they continue to lay off employees. There is also an increase of merger and acquisitions that are leading to more money for company coffers. It may be recalled that in the last month, Dell acquired Perot Systems and Xerox acquired Affiliated Computer Services. There will be, therefore, a “jobless recovery” due to companies focusing on core businesses and mergers and acquisitions.

What Moves the Market?

We listened into a debate today between Jeff Harrington and Phil Garcia about how to best profit from the market. Jeff Harrington explained that principally the competitiveness of a company’s position in the market, the market environment, and the analysis of its cash flow and balance sheet position should determine one’s interest. On the other hand, Phil Garcia, who made his money of Yahoo and Dell believes that it is good to look at price levels and not to analyze too much before making an investment decision so as not to fall prey to ‘analysis paralysis’.

Both sides made very compelling arguments and the conclusion we came to as a group was that each person may have a different and personalized investing style and each one may be successful. Of course, both Phil and Jeff are enormously successful investors and traders, so suffice it to say that each one’s style has definitely worked for them. If one is curious to follow the dialogue of this interesting debate, it will be located between minutes 47-55 in the audio recording of the meeting, the link to which is given below.

The Stock Recommendation

Oftentimes we hear an “expert” on Bloomberg state that he or she thinks a certain stock or commodity may be going up or down. Some may make money by following such advice, some may lose. But the key, according to Phil Garcia, is how long is the timeframe for the recommendation. In other words, one may be long or short the market, but it can mean a world of difference if it pertains to the long or short-term. Phil, it may be recalled, made his money riding the tech bubble and selling close to the top. He made, in truth, more money in a few years that may have taken someone else decades to make. At this point, Jeff Harrington brought up Joe Kennedy’s quote that when he hears the shoeshine boy advising him of stock recommendations, one needs to sell immediately.

Protective Measures

Phil Garcia was explaining how he has seen many persons lose fortunes due to their lack of protective measures to retain their profits. Phil, therefore, does not forecast the direction of certain stocks or even give recommendations for certain situations for he feels them to be personalized and suitable to himself alone. One must, however, learn to protect ones profits as the market has the reputation for giving many a man a good lesson for relying upon its arrogance.

Danger in the Middle East

We brought up briefly whether it was of danger that Iran was possibly developing the capability of nuclear weapons. Kevin Day explained that this was certainly not an idle threat and it was very possible that Iran would decide to take matters into its own hands in reference to Israel. This, should it happen, would mean the literal wiping off of Iran from the map of the world for minutes after the attack, they would be showered by atomic bombs in the hundreds. It is a precarious position no doubt for Iran to be in, and it should be of great concern to the world powers that this capability be eliminated due to the radical fundamentalism of Iran’s leaders.

Simulated Portfolio

Date	Security	Entry	Current Price	Profit/Loss
October 4th, 2009	FXI (iShares FTSE/Xinhua China 25 Index	$25.16	$40.10	$1,493
October 4th, 2009	ILF(iShares S&P Latin America 40 Index)	$26.60	$42.45	$1,603
October 4th,2009	EWZ(iShares MSCI Brazil Index)	$37.69	$67.61	$2,999
October 4th, 2009	PBJ(PowerShares Dynamic Food & Beverage)	$13.27	$13.71	$44
July 12, 2009	GUR (SPDR S&P Emerging Europe)	$29.74	$38.94	$920
October 4th, 2009	FCX (Freeport-McMoRan Copper & Gold Inc.)	$29.06	$66.34	$3,688
October 4th, 2009	WLT (Walter Industries – metallurgical coal)	$38.75	$55.92	$1,644
October 4th, 2009	RIO (Companhia Vale do Rio Doce – gold mining)	$13.12	$23.19	$1,000
October 4th, 2009	GVA (Granite Construction Inc.)	$35.67	$29.74	-$606
October 4th, 2009	MT (Arcelor-Mittal ADR)	$26.25	$35.01	$920

The next meeting will be on Sunday, November 1^st, 2009. For those who have not attended a meeting, but would like to attend, please email your wish to VJ Arjan at scarletkings@gmail.com