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The gyrations of financial markets ahead of the Labor Day weekend tested the patience of bulls and bears alike. As big swings took place in thinly-traded markets, I was reminded of Albert Schweitzer's words: "As we acquire more knowledge, things do not become more comprehensible but more mysterious."
None the wiser, I also did not succeed in capturing a leprechaun and finding the gold during my visit last week to the Emerald Isle. However, the beautiful Irish scenery, hospitality and "open for business" attitude resulted in a very successful trip and will keep me going back in search of the "buried treasure".
Nervousness about the financial system was still paramount as investors realized that none of the problems were likely to be fixed anytime soon. The upshot of the week's trading was a further weakening in credit markets, judging by the elevated credit spreads. Global stock and bond markets ended another volatile week on a mixed note, whereas crude prices gained surprisingly little on the impending arrival of Hurricane Gustav and a festering geopolitical situation with Russia.
Next, a tag cloud of the text of all the articles I have read during the past week. This is a way of visualizing word frequencies at a glance. As expected, words such as "banks", "prices", "credit" and "financial" featured prominently in my reading matter.
I do believe we are still in a primary bear market where stock markets are, at best, faced with a prolonged convalescence period characterized by sub-optimal returns. Whether significant further declines will take place from these levels and valuations overshoot to bargain levels is anybody's guess.
However, in the short term I give the nascent stock market rallies the benefit of the doubt provided the mid-July lows are sustained. For any rally to become more enduring will require further base building and an eventual shift in central bank policy to targeting GDP growth rather than inflation.
The rally's lack of breadth, however, is worrying, causing Richard Russell (Dow Theory Letters) to warn: "If July 15 was a true bottom, the market should be roaring up today, and that's not what's been happening. Caution is warranted!"
But we should also take note of the fact that 64% of stocks in the S&P 500 are currently trading above their 50-day moving averages, as pointed out by Bespoke. "As shown in the chart below, the reading has been creeping higher and higher since mid-July, and looks to be on its way to the 80% to 85% levels seen twice over the last year. Readings above 50% are signs of a healthy market, and it hasn't been above 50% for much of 2008."
Seasonality indicates that "September has firmly secured the rank as the worst month of the year" (Stock Trader's Almanac), but that a year-end rally typically starts in late September / early October.
Before highlighting some thought-provoking news items and quotes from market commentators, let's briefly review the financial markets' movements on the basis of economic statistics and a performance round-up.
"Global business sentiment remains weak and fragile and consistent with recession in the US, Europe and Japan," according to the Survey of Business Confidence of the World conducted by Moody's Economy.com. The survey results suggest that the Asian economy (ex Japan) continues to post growth that is near its potential. "Across the globe, sentiment is consistent with an economy that is near recession. Pricing pressures remain very elevated, but fell notably last week."
The minutes from the FOMC meeting of August 5, released on Tuesday, indicate that committee members were concerned about the near-term risks to growth. Most participants expected inflation to fall, although they remained wary about upside risks to inflation. Given the problems in financial markets, members did not view current monetary policy as overly stimulative.
Other economic reports released in the US during the past week included the following:
• The GDP growth rate in the second quarter was revised upward to 3.3% from 1.9%, exceeding expectations. In the first quarter, real GDP increased by 0.9%. The better-than-expected outcome did not change most economists' view that the economy was weakening, with the beneficial effects of rebate checks and foreign demand fading fast. Corporate profits edged down for the fourth straight quarter, falling twice as fast as in the first three months of the year.
• New orders for durable goods rose by 1.3% in July, surpassing expectations for only a slight increase. Core capital goods orders also surprised on the upside, increasing by 2.6% over the month.
• Existing home sales increased by 3.1% over the month in July, according to the National Association of Realtors. This increase put the annualized pace of sales up to 5 million units. However, substantial slack persisted, with inventories hitting a record high of 11.2 months. Furthermore, the median price of an existing house declined by 7.1% in year-ago terms, slightly worse than in June.
• Personal income tumbled by 0.7% in July after rising by 0.1% in June. Excluding the tax rebate effect, disposable personal income rose by 0.5% in July, up from 0.3% in June. Spending growth slipped to 0.2% from 0.6% the previous month. Real spending fell by 0.4% as price growth remained high. The core PCE deflator rose by 0.3%, matching the fastest rate since September, while the top-line deflator rose by 0.6%. The saving rate fell back to 1.2% from 2.5% in June but remained inflated by rebates.
Source: Slate
Summarizing the US economic situation, John Mauldin (Thoughts from the Frontline) said: "Even many mainstream economists are now suggesting we will be in a recession by the fourth quarter, if we are not in one now. The recovery, when it comes, will be tepid until credit spreads signal an end to the credit crisis. It is going to be Muddle Through for 2009. This is NOT going to be good for the stock market. When will it be safe to get back into the water? Pay attention to credit spreads."
Data releases from Europe and Japan underlined rapidly deteriorating economies flirting with recession. The Japanese government announced a $107 billion set of fiscal measures, including tax cuts and larger government-guaranteed loans, in response to the weakening economy.
Week's economic reports
|Time (ET)
|Briefing Forecast
|Market Expects
|Aug 25
|Existing Home Sales
|Aug 26
|Consumer Confidence
|Aug 26
|New Home Sales
|Aug 26
|FOMC Minutes
|Aug 5
|Aug 27
|Durable Orders
|Aug 27
|Crude Inventories
|Aug 28
|Chain Deflator-Prel.
|Aug 28
|Aug 28
|Initial Claims
|Aug 29
|Personal Income
|Aug 29
|Personal Spending
|Aug 29
|Chicago PMI
|Aug 29
|Mich Sentiment-Rev.
In addition to the Fed releasing its beige book on September 3 and interest rate announcements by the Bank of England and the European Central Bank on September 4, next week's US economic highlights, courtesy of Northern Trust, include the following:
1. ISM Manufacturing Survey (September 1): The consensus for the manufacturing ISM composite index is 49.5 vs. 50.0 in July. If the consensus forecast is accurate, it would be consistent with weakness in other parts of the economy. Consensus: 49.5 versus 50.0 in July.
2. Employment Situation (September 5): Payroll employment in August is expected to have dropped by 85,000, taking the tally of consecutive monthly declines to eight. The jobless rate is predicted to have held steady at 5.7%. Consensus: Payrolls: -75,000 versus -51,000 in July, unemployment rate: 5.8% vs. 5.7% in July.
3. Other reports: Construction spending, auto sales (September 2), factory orders (September 3), ISM non-manufacturing (September 4).
Click here for a summary of Wachovia's weekly economic and financial commentary.
A summary of the release dates of economic reports in the UK, Eurozone, Japan and China is provided here. It is important to keep an eye on growth trends in these economies for clues on, among others, the trend of the US dollar.
The performance chart obtained from the Wall Street Journal Online shows how different global markets performed during the past week.
Source: Wall Street Journal Online, August 31, 2008.
Global stock markets, in general, were mixed during the past week. The MSCI World Index rose by 0.6%, with the MSCI Emerging Markets Index closing unchanged.
Among mature markets, the US stock indices were mostly lower, but European stocks turned in good performances, for example Italian Comit 30 Index (+2.6%), French CAC 40 Index (+1.9%) and German XETRA Dax Index (+1.3%). Australia (+4.1%), Japan (+3.2%) and Canada (+2.4%) also shrugged off the gloomy economic outlook and moved higher.
The emerging markets category saw solid gains in Hong Kong (+4.3%) and Taiwan (+2.0%), whereas large declines were registered by Pakistan (-7.9%), Russia (-3.3%) and Turkey (-2.6%). The Russian Trading System Index ( 16.3%) and the Chinese Shanghai Composite Index (-13.6%) were the worst performers for the month of August.
With the exception of the Russell 2000 Index (+0.3%; YTD -3.5%), the US stock markets closed lower as shown by the major index movements: Dow Jones -0.7% (YTD -13.0%), S&P 500 Index +0.7% (YTD -12.6%) and Nasdaq Composite Index -2.0% (YTD 10.7%).
Particularly noteworthy, the MSCI World Index has outperformed the MSCI Emerging Markets Index over the past month (-1.6% vs -8.2%), past three months (-11.9% vs -21.0%), YTD (-15.4% vs -23.2%), and also since the stock market peaks of October 2007 (-20.7% versus -28.6%).
The Russell 2000 Index is trading above both its 50- and 200-day moving averages, whereas the Dow Jones Industrial Index, S&P 500 Index and Nasdaq Composite Index are above their 50-day averages but still below the important 200-day line - often used as an indicator of the primary trend.
Click here or on the thumbnail below for a market map, courtesy of Finviz.com, providing a quick overview of the performance of the various segments of the S&P 500 Index over the week.
The thrifts and mortgage finance group (+16%) was the best-performing group for the week, led by Freddie Mac (FRE) and Fannie Mae (FNM), up 61% and 37% respectively. This is a strong reversal from being the worst-performing group during the previous week with a decline of 23%. The stocks were driven down recently by speculation on whether a government bailout was imminent, a prospect that would probably wipe out the equity holders. Those concerns seemed to diminish last week after some analysts estimated that the firms had enough capital to last at least until next year.
The homebuilding group was the second-best performing group, gaining 9% on housing reports being interpreted as showing signs of a stabilizing market.
The trucking group (-7%) was the worst performer, led by its single member, Ryder System (R). A brokerage analyst downgraded the trucking sector, predicting that freight volumes in the peak shipping season through November might be weaker than expected because of the soft US economy.
The Internet retail group (-6%) was the second-worst performer, led by its largest member, Amazon (AMZN). A blog posting by a newspaper reporter raised the topic again of how well Amazon's Kindle electronic book reader was actually selling.
Fixed-interest instruments
Global government bond yields were mostly lower during the past week, as investors dismissed the threat of inflation and priced in concerns about a global recession.
The ten-year US Treasury Note declined by 4 basis points to 3.83%, the UK ten-year Gilt yield by 13 basis points to 4.48%, the German ten-year Bund yield by 5 basis points to 4.17% and the Japanese ten-year bond yield by 5 basis points to 1.42%.
The US dollar maintained its recent rally as the currency benefited from the view that foreign central banks will be quicker to cut rates than the Fed will be to tighten rates.
The past week saw the greenback rising against the euro (+0.7% - a six-month high), the British pound (+1.6%), the Swiss franc (+0.2%), the Australian dollar (+1.2%) and the Canadian dollar (+1.6%).
Sterling has come under further selling pressure as pessimism about the UK economic outlook intensified, dropping to a 12-year low on a trade-weighted basis ahead of the Bank of England's interest rate announcement next week.
The Japanese yen was the only currency to gain against the US dollar during the past week, closing 1.1% higher on the back of better-than-expected economic data and the announcement of a $107 billion fiscal stimulus package.
The dollar's strength and growing concerns of slowing demand knocked dollar-denominated commodity prices as seen in the Reuters/Jeffries CRB Index, which declined by 0.8%.
West Texas Intermediate crude traded between $115.0 and $118.76 a barrel last week before closing 0.8% up at $115.46 on Friday. The gain was relatively small given the impending arrival of Hurricane Gustav and concerns about the geopolitical situation with Russia, but word from the Department of Energy that it would release strategic oil stocks to combat any disruption kept oil prices in check. (The Gulf of Mexico is responsible for 25% of US crude oil production and 15% of US natural gas production.)
The chart below shows the past week's movements for the various commodities:
Now for a few news items and some words and charts from the investment wise that should be of help with keeping our investment portfolios on a winning path. As the Irish say: "Go n-eírí an bóthar leat. May the road rise with you." And also wishing you a fabulous Labor Day weekend.
Hat tip: Barry Ritholtz's Big Picture
YouTube: Take a load off Fannie
The story of Fannie Mae, as narrated by The Band.
Source: YouTube, August 24, 2008. (Hat tip: Barry Ritholtz's The Big Picture.)
Financial Times: Fannie and Freddie doubts grow
"Shares in Fannie Mae and Freddie Mac fell on Friday amid concerns foreign investors were reassessing their exposure to the troubled US mortgage financiers' bonds and guaranteed securities.
"Bank of China this week revealed it had cut its portfolio of securities issued or guaranteed by the two government-sponsored enterprises by a quarter, or $4.6 billion, since the end of June. The sale underscored signs of nervousness among foreign buyers of Fannie and Freddie's debt.
"Federal Reserve custody data on Thursday showed foreign official and private investors reduced their holdings of agency debt for the sixth consecutive week.
"Bill O'Donnell, analyst at UBS said: 'If this recent theme of cooling passions for GSE's debt becomes a longer-term trend, then it could be problematic for the GSEs given that the central banks have taken ... roughly 30% to 60% of new GSE issuance in recent months and years.'
"The US Treasury was granted powers last month to extend its credit lines to Fannie and Freddie and to invest in their debt and equity."
Source: Saskia Scholtes, Financial Times, August 29, 2008.
Times Online: Buffett predicts game over for Fannie and Freddie
"For Fannie May and Freddie Mac the game is over. The Sage of Omaha has spoken.
"Warren Buffett, the world's richest man, said it was no longer feasible for America's two biggest mortgage finance companies to exist independently. He went on to forecast that the US economy would remain in the doldrums for at least five months.
"Fannie and Freddie, which underpin America's mortgage market by buying home loans and packaging them into bonds, did not have any net worth, Mr Buffett told CNBC. Both face losses of tens of billions of dollars on the bonds. Analysts said they look increasingly likely to need a cash injection from the Government and Mr Buffett said they were too big to fail, predicting: 'You will see some action fairly soon.'
"Mr Buffett was also downbeat about the housing market and, in turn, the broader economy. 'What we're seeing in business, in our retail business, or anything having to do with housing, is a further slowing down in June and July, both in terms of credit experience where people first got into trouble with house payments, and now credit card payments,' he said. 'In my judgment, it [the economy] won't be any better five months from now.'
"Mr Buffett, who runs the Berkshire Hathaway investment group from its headquarters in Omaha, Nebraska, added: 'You always find out who's been swimming naked when the tide goes out. We found out that Wall Street has been kind of a nudist beach.'
"Mr Buffett said he expected more banks to fail, especially in areas where there was a housing bubble. 'We will see failures where the bankers were dumb in what they did,' he said."
Source: Tom Bawden, Times Online, August 23, 2008.
John Authers (Financial Times): Credit crunch winners and losers
John Authers discusses how the big loser in the credit crunch has not been the United States but Europe due to the effects of a weaker dollar.
Click here for the full article.
Source: John Authers, Financial Times, August 29, 2008.
Financial Times: Bankers caught between hope and despair
"More than a year into the credit crisis, the world's top central bankers admit they are still in the dark as to what its ultimate impact on the global economy will be.
"By the same token they are unsure to what extent weakening growth will help to ease high inflation.
"'There is enormous uncertainty about where we stand at the moment,' Stanley Fischer, governor of the Bank of Israel, said at the close of the Federal Reserve's annual retreat in Jackson Hole, Wyoming.
"His comments came as US Treasury officials worked through the weekend on options for Fannie Mae and Freddie Mac, the troubled mortgage groups, amid expectations an announcement could come this week.
"Mr Fischer told central bankers from 43 nations 'we are in the midst of the worst financial crisis since World War II'. But it was still not clear how big an event it would turn out to be.
"So far, he said, 'in real economy terms we are not looking at anything exceptional'. But the crisis was entering a 'second round' in which economic and financial weakness could feed on each other.
"Other current and former central bankers shared this view. Alan Blinder, a former Fed vice-chairman, said: 'It is amazing a year later how much is still unresolved.'
"Monetary policymakers appear torn between hope that the global economy is turning out to be resilient - in part thanks to policy interventions - and fear that the worst could lie ahead.
"They think the economy will muddle through and recover next year. But they cannot rule out the possibility that the financial crisis - in conjunction with the oil shock - could deliver a bad economic outcome."
Source: Krishna Guha, Financial Times, August 24, 2008.
Barron's: Is the global liquidity tide turning?
"My invitation to hob-nob with the world's monetary muckety-mucks in Jackson Hole this weekend got lost in the mail, yet again. Amidst the Grand Tetons of Wyoming, the Federal Reserve hosts its end-of-summer junket for the movers and shakers and hangers-on to discuss the key monetary matters of the day.M
"Too bad they are little more than corks tossed on violent seas of global forces totally beyond their control.
"The inflationary tide in global liquidity could be turning ... The sharp break in gold suggests that could be happening, and that's being transmitted through the commodities markets. The dollar has stopped going down, and even has flattened out against the renminbi. The bear market in risk assets, such as stocks and particularly the Chinese market, also is symptomatic of a liquidity squeeze. As for the US housing market, it is at the nexus, resulting in wealth losses for borrowers and a reduction in lenders' ability and willingness to extend credit.
"That's something that the crowd in Jackson Hole can scarcely control. So they might as well enjoy themselves on their junket."
Source: Randall W. Forsyth, Barron's, August 21, 2008.
The Wall Street Journal: New credit hurdle looms for banks
"US and European banks, already burdened by losses and concerns about their financial health, face a new challenge: paying off hundreds of billions of dollars of debt coming due.
"At issue are so-called floating-rate notes - securities used heavily by banks in 2006 to borrow money. A big chunk of those notes, which typically mature in two years, will come due over the next year or so, at a time when banks are struggling to raise fresh funds. That's forcing banks to sell assets, compete heavily for deposits and issue expensive new debt.
"The crunch will begin next month, when some $95 billion in floating-rate notes mature. JPMorgan analyst Alex Roever estimates that financial institutions will have to pay off at least $787 billion in floating-rate notes and other medium-term obligations before the end of 2009. That's about 43% more than they had to redeem in the previous 16 months.
"The problem highlights how the pain of the credit crunch, now entering its second year, won't end soon for banks or the broader economy. The Federal Deposit Insurance Corp. said on Tuesday that its list of 'problem' banks at risk of failure had grown to 117 at the end of June, up from 90 at the end of March. FDIC Chairman Sheila Bair said her agency might have to borrow money from the Treasury Department to see it through an expected wave of bank failures. She said the borrowing could be needed to handle short-term cash-flow pressure brought on by reimbursements to depositors after bank failures.
"As banks scramble to pay the floating-rate notes, they could see profit margins shrink as wary investors demand higher interest rates for new borrowings. They're also likely to become less willing to make new loans to consumers and companies, aggravating economic downturns in both the US and Europe."
Source: Carrick Mollenkamp, The Wall Street Journal, August 27, 2008.
Scott Bugie (Standard & Poor's): Second phase of credit crunch could be severe
"The credit crunch is entering a second, 'post-subprime' phase where banks' loan books deteriorate more rapidly and capital-raising efforts might become harder, says Scott Bugie, credit analyst at Standard & Poor's.
"'Loan book deterioration is starting to hit a wider array of financial institutions, as credit losses migrate from subprime into other sectors of household finance, such as credit cards, Alt-A and prime mortgages, and auto loans well into 2009,' he says.
"Mr Bugie believes losses on the loan books of US banks could reach $265 billion a year for the next two to three years. In Europe, he says, the focus of concern is shifting to commercial loans as European economies enter a downturn.
"While capital-raising has largely offset losses that financial institutions have incurred from writedowns, much of the capital raised has been in the form of hybrid securities with both debt and equity characteristics, he says.
"'Consequently, the quality of the banks' capital has eroded somewhat.'
"And he warns that in the US and Europe, a major concern is regional banks' ability to raise capital."
Source: Scott Bugie, Standard & Poor's (via Financial Times), August 26, 2008.M
GaveKal: The Libor spread points to financial stress
Source: GaveKal - Checking the Boxes, August 26, 2008.
Asha Bangalore (Northern Trust): Fed on hold, arguments in favor of supporting growth outweigh inflation concerns
"The main message from the minutes of the August 5 FOMC meeting is that the Fed is on hold for several meetings, barring unexpected developments. That said, the minutes lean toward favoring policy supportive of economic growth in the inflation-growth debate. Inflation did feature extensively, but growth and financial market stability are at the top of the list of concerns. The concern about inflation expectations appears overdone because, for now, the market is less concerned about inflation than a few weeks ago.
It is also interesting to note the following quote:
"'Most members did not see the current stance of policy as particularly accommodative, given that many households and businesses were facing elevated borrowing costs and reduced credit availability due to the effects of financial market strains as well as macroeconomic risks. Although members generally anticipated that the next policy move would likely be a tightening, the timing and extent of any change in policy stance would depend on evolving economic and financial developments and the implications for the outlook for economic growth and inflation.'"
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, August 26, 2008.
Richard Russell (Dow Theory Letters): We're heading for de-leveraging and deflation
"Brilliant Bloomberg columnist Caroline Baum probably knows the bond market better than anyone else I know. Caroline starts her current column as follows. 'Inflation expectations are so weighted down that investors are buying 10-year Treasuries yielding 3.8% with inflation running at 5.6%. Federal Reserve policy makers couldn't ask for a stronger mooring in the face of disappointing inflation news. A pair of reports on consumer and producer prices for July showing year-over-year increases of 5.6% and 9.8%, respectively, the fastest pace in 17 and 27 years, failed to rattle the US Treasury market.'
"What's going on? 'One school holds that bonds are mispriced. Buyers are either complacent or smoking something stronger than tobacco. Even if they are in full command of their faculties, they are choosing liquidity over yield.'
"Russell Comment - Bond people tend to be very sophisticated. I think they are thinking in terms of the great international de-leveraging that may be coming up. Or why would the 10-year T-notes be selling at a lousy 3.8% yield which is actually below the rate of inflation? Obviously, the bond crowd sees deflation ahead. And nobody else does. Maybe the stock market is just getting wind of it now!
"Remember, years ago I said that the big problem coming up would be INCOME. Everybody's going to need income, and income will be hard to come by. I'm still of that same opinion. My dear subscribers - hunker down - there's a hard rain a'comin'. We're heading into de-leveraging and deflation, and nobody's positioned for it."
Source: Richard Russell, Dow Theory Letters, August 25, 2008.
Bloomberg: Feldstein says low Fed rates may not stimulate growth
"Harvard University economist Martin Feldstein, a member of the committee that charts American business cycles, said the Federal Reserve cannot count on low interest rates to buoy economic growth.
"'Lower interest rates are not going to get us anything more,' said Feldstein, who retired in June as president of the National Bureau of Economic Research. 'The economy has really shown one sign after another of weakening.'"
Source: Bloomberg, August 21, 2008.
Sheryl King (Merrill Lynch): Economic domino effect
"Did we really need a 0.7% MoM decline in the index of leading indicators for July to tell us that the US economy is in recession? The unemployment queue is now the longest since December 2001, according to the weekly claims data. Housing starts look to be closing in on 900,000 in the next couple of months, and even that is so far above demand that there is no dent in month's supply on the horizon. Any wonder that the 10-year note now has a firm grip on the 3-handle and the equity market has not boasted four straight up-days since last May?"
Click here for the full report.
Source: Sheryl King, Merrill Lynch, August 27, 2008.
Asha Bangalore (Northern Trust): Q2 GDP is history, focus should be on the future
"The US economy grew at an annual rate of 3.3% in the second quarter compared with the advance estimate of a 1.9% increase. This large discrepancy in the headline estimate came about due a significant upward revision of net exports and inventories. Net exports in the second quarter are now estimated as -$376.7 billion vs. -$395.2 billion in the advance estimate. In addition, firms decreased inventories by $49.4 billion compared with the earlier estimate of a $62.2 billion reduction.
"The upward revision of government expenditures (3.9% vs. 3.4%) was another category accounting for the upward revision of GDP growth in second quarter. Other minor upward revisions included a 1.7% gain in consumer spending vs. a 1.5% increase and a 3.2% drop in capital spending vs. a 3.4% drop in the advance estimate. Offsetting these upward revisions were downward revisions of expenditures on structures and residential investment expenditures."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, August 28, 2008.
BCA Research: US leading economic indicator - still no recovery in sight
"Massive policy easing and fiscal stimulus have not been sufficient to offset the drags from a housing bust and squeeze on consumption.
"The Conference Board's US leading economic indicator (LEI) fell again in July, providing a fresh reminder that the slowdown is far from over. A domestic recession is underway and policy efforts to stimulate growth have been short-circuited by a collapse of risk-taking in the financial markets.
"Mortgage rates rose as policy rates declined, underscoring that the housing slump will persist. Rumors that the Treasury Department may have to absorb the two large GSEs are proliferating, underscoring the seriousness of the banking and financial crisis (please see the next Insight).
"Bottom line: The economy will remain weak for the foreseeable future, implying persistently low Treasury yields and further struggles for the equity market."
Source: BCA Research, August 25, 2008.
Asha Bangalore (Northern Trust): Consumer spending - strong likelihood of decline in Q3
"Nominal consumer spending increased 0.2% in July, following a 0.6% gain in June. However, inflation adjusted consumer spending fell 0.4% in July after a 0.1% decline in June. Consumer spending will have to advance in leaps and bounds in August and September for a flat reading in the third quarter. In other words, a decline in third quarter consumer spending is nearly certain. Assuming our forecast is accurate, this would be the first quarterly decline in consumer spending since fourth quarter of 1991."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, August 29, 2008.
BCA Research: US durable goods orders - expanding, but ...
"US core durable goods orders rose further in July, underscoring that business investment has held up well in face of a domestic recession and tight credit conditions. However, risks remain to the downside.
"Investment spending has been a relative 'bright light' for the US economy, mainly because a weak dollar has allowed US companies to gain global market share, and overseas demand has been resilient. Indeed, core capital goods orders bottomed in 2007 and have been slowly trending higher, in contrast with domestic consumption, which peaked in 2004 and continues to decelerate.
"Nevertheless, our investment spending model forecasts that capex growth will drop to zero by the end of the year. Sticky corporate bond yields, and a further slowing in final demand at home and abroad, will cause companies to defer expansion plans: expect more weakness ahead."
Source: BCA Research, August 28, 2008.
Bill King (The King Report): Goldman's Jan Hatzius - don't be fooled by durable goods numbers
"Durable goods orders beat expectations with a 1.3% month-on-month increase in July. But the apparent strength is due to higher prices, not stronger activity. In fact, deflating orders by the producer price index for durable manufactured goods shows a 9.4% year-on-year drop in real orders, the worst since early 2002. Even if we adjust for the unfavorable year-on-year comparisons that partly explain this plunge, the recent data look surprisingly similar to those seen in the run-up to the 2001 recession."
Source: Bill King, The King Report, August 28, 2008.
Asha Bangalore (Northern Trust): A perspective on home prices
"The price-to-rent ratio of homes ... is a useful measure to put home price trends in a big picture framework.
"The price-to-rent ratio (used here) is computed from the national Case-Shiller Home Price Index and Owners' Equivalent Rent of the Consumer Price Index. The Case-Shiller Price Index goes back to 1987:Q1. (For the convenience of reading a chart, I set the 1987:Q1 price-to-rent ratio = 100.) Excluding the go-go years when home prices climbed rapidly, the median price-to-rent ratio and mean price-to-rent ratio during 1987:Q1 - 2001:Q4 were 94.31 and 96.38, respectively.
"Compared with these numbers, the 125.4 price-to-rent ratio in the second quarter of 2008 is still at an elevated level. It appears that home prices have a long march ahead when compared with the mean (109.6) and median (102.5) price-to-rent ratio for the period 1987-2008:Q2 also.
"If history is any guide, the price-to-rent ratio suggest that the bottom of home prices is not here yet."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, August 27, 2008.
BCA Research: US house prices - no bottom in sight
"Both the National Association of Realtors and the Case Shiller Index confirm that US house prices continue to fall sharply.
"The outlook for US housing is still bleak. Mortgage rates remain elevated, inventories of existing homes are stuck at record highs and prices continue to fall. The only silver lining in this dark cloud is that a nationalization of the GSEs is becoming increasingly likely, which could provide much needed capital to finance housing transactions. However, even such an unprecedented step would not sound the 'all clear'.
"A domestic recession is underway and a rising unemployment rate means that the uptrend in foreclosure rates will spread beyond the sub-prime market.
"Bottom line: Even if the GSEs are nationalized, there will be no quick fix for the housing market, and it appears that the slump has at least another year to run."
Source: BCA Research, August 27, 2008.
Financial Times: Merrill losses wipe away long-term profits
"Merrill Lynch's losses in the past 18 months amount to about a quarter of the profits it has made in its 36 years as a listed company, according to Financial Times research that highlights the extent of the global banking crisis.
"Since the onset of the credit crunch last year, Merrill has suffered after-tax losses of more than $14 billion as its balance sheet has been savaged by almost $52 billion in writedowns and credit-related losses.
"Merrill's total inflation-adjusted profits between its 1971 listing and 2006 were about $56 billion, according to figures from Thomson Reuters Fundamentals and an FT analysis of reported earnings.
"The $14 billion in losses for 2007 and the first two quarters of 2008 equal half of Merrill's profits since the beginning of the decade.
"Merrill had the highest ratio of credit crunch losses to historical profits among 10 US and European financial groups analysed by the FT, which included Citigroup, JPMorgan Chase, Bank of America, Morgan Stanley, Goldman Sachs, Lehman Brothers, Bank of America, Credit Suisse and UBS.
"UBS, which has lost more than $15 billion during the crisis, had the second-highest ratio."
Source: Francesco Guerrera, Financial Times, August 28, 2008.
Financial Times: SEC plans for global accounting standards
"US companies are set to switch to international accounting rules in a move that will, for the first time, see all the world's most important listed groups reporting according to the same set of standards.
"The US Securities and Exchange Commission on Wednesday proposed a 'roadmap' to manage the migration of US companies from its rules to the international ones. The plans are open to comment for 60 days.
"More than 100 countries use, or are adopting, International Financial Reporting Standards (IFRS), including all 27 European Union members as well as China, Japan, Canada and India. US GAAP, the accounting lingua franca until the sudden rise of IFRS, is the last significant standard to be switched.
"Under the SEC's plans, US groups are likely to adopt IFRS in 2014 providing certain conditions are met, a decision that will be taken in 2011. Some companies may be allowed to adopt IFRS sooner.
"Christopher Cox, SEC chairman, said more groups were reporting under IFRS than US GAAP and the number would rise as other large economies made the switch. He said US GAAP would be marginalised if the US did nothing, making it harder for international investors to consider US companies.
"A single set of globally understood accounting rules is expected to help cut companies' cost of capital and better enable cross-border investment. In countries without strong accounting traditions, the rules are expected to raise the quality of reporting, helping inward investment."
Source: Jennifer Hughes, Financial Times, August 27, 2008.
Bespoke: Credit spreads continue to get worse
"FDIC Chairman Sheila Bair commented in a press conference this afternoon that she expects the credit markets to continue to worsen, and judging by the recent action in credit spreads, the market seems to agree. According to Merrill Lynch data, interest rates on investment grade corporate bonds are currently not only at higher levels than they were at the Bear Stearns low, but they are also at their highest levels ever. As of yesterday's close, investment grade corporate bonds were yielding 312 basis points more than Treasuries, which is a 118% increase over year ago levels."
Source: Bespoke, August 26, 2008.
Financial Times: Government bonds reflect bad tidings
"When it comes to gauging how bad things may get for the global economy, central bankers say they are uncertain. A glance at government bond yields backs that nerve-wracking outlook.
"In the past month, US, German, UK and Japanese bond yields have been falling as investors have dismissed the threat of inflation and priced in a higher risk of global recession led by the big economies.
"The expectation of rate cuts in the UK and eurozone should be vindicated by weaker growth and lower inflation in the coming months. In the US, the sharp cuts earlier this year should suffice unless the economy hits a wall in 2009.
"At the centre of the big freeze, US policymakers still face challenges as home prices keep falling while inventories of unsold properties rise.
"With economic gloom deepening, falling US Treasury yields have been accompanied by rising yields for corporate and mortgage bonds. Until house prices stabilise, banking writedowns will sustain a bid for government debt at the relative expense of other riskier fixed-income securities.
"At some point, however, selling long-dated Treasuries and buying risky mortgage and corporate bonds will become the dominant trade for investors. One barometer to watch will be a sharply steeper yield curve, whereby long-term yields rise much more than those of the two-year note.
"Once banks have plugged all their balance sheet holes, a steeper Treasury curve will facilitate borrowing at low rates and the buying of longer-dated, higher-yielding mortgages and other debt. Call it a carry trade on steroids that slowly helps banks nurse their balance sheets back to health.
"Unfortunately for the Fed, the stars are not yet aligned for banks and investors to play the game of ultimate carry, which suggests that further selling of risky assets beckons."
Source: Michael Mackenzie, Financial Times, August 25, 2008.
Richard Russell (Dow Theory Letters): Lowry's Index shows worst lies ahead
"On August 26, Lowry's Selling Pressure Index reached its highest level ever - 756, while Lowry's Buying Power Index dropped to a multi-year low of 210. On that day, the spread between the two indices reached a record 546 points. And I wonder whether the August 26 negative spread (with Selling Pressure dominating) might be the ultimate extreme spread between the two indices. I was thinking that at some point the Selling Pressure Index was simply going to head down while at the same time the Buying Power Index was going to turn up. And someplace in the future, the two indices would re-cross as Buying Power finally assumed the dominant position (above Selling Pressure).
"I just talked to Paul Desmond, who runs Lowry's. I asked him why he was so sure that we were heading for 90% down-days. His answer was that this rally is so weak. Overall volume was only 3.7 billion today and today upside volume was only 62.8% of up + down volume. Furthermore, Paul noted that breadth is very weak - breadth should be exploding on the upside here, but that's not happening. In all, this is a weak rally, suggesting that worse action lies ahead!"
Source: Richard Russell, Dow Theory Letters, August 28, 2008.


text:
First issue: 24/12/2014
Pubblication: 05/01/2015
Translation: 07/01/2015
This article reports the verification activities and the calorimetry measurement performed on the pump used by Tadahiko Mizuno during his recent measurement of the alleged anomalous heat due to LENR, which was discussed in our previous published analysis; according to our opinion and measurements the origin of the so-called anomalous heat, claimed by Mizuno and Jed Rothwell as due to a LENR phenomenon, is instead simply due to clear errors in measurement and evaluation of the involved parameters.
We have to remember that the Mizuno experimental set-up was checked and confirmed by Jed Rothwell who published his findings in this Report where he testifies that the pump used was:
In his report Rothwell says that the power dissipated by the pump was less than 0.5W, probably 0.25W, but certainly less than 1W.
In order to demonstrate which are the real and actual values, we got exactly the same model of pump used by Mizumo and Rothwell:
We performed a calorimetry measurement in order to evaluate the actual heat released by the pump. We used exactly the same adiabatic calorimetry method (the one originally used on the cell by Mizuno and Rothwell) confirming that this type of Calorimetry, if well done, allows precise and reliable measurements to be obtained.
Our calorimetry measurement showed that the pump dissipates 4.3W into the water, in line with what expected from our previous analysis of the theoretical data in the report by Rothwell.
It is then confirmed that in the Mizuno reactor, originally presented at the ICCF-18 conference, and measured via different calorimetry methods during 2013 and 2014 with the collaboration of Jed Rothwell, the excess heat claimed and attributed to LENR is instead due to the water pump dissipation in association with strong fluctuations in ambient temperature between day and night.
Measurement method description
The method used to measure the heat transferred from the pump to the water is extremely simple and did not require more than an afternoon of work. The same method had been previously suggested to Rothwell who refused to ask Mizuno to run it.
In Figure 3 one can see the simple set-up:
The pump makes water pass through a Dewar vessel by means of an external hydraulic circuit. The total amount of water was 800g and the heat capacity of the container was neglected. Although not essential, to increase the accuracy we used as external pipe a silicon tube with a 5mm inner diameter, and 40cm long in order to make the pump operate on the same working point in the PQ diagram.
In fact, as we know, for a given flow rate the pressure drop in a pipe depends, as a first approximation, on the inverse of the diameter raised to the 5th power. Since the Mizuno cell used a 16 meters long pipe with a 10mm inner diameter, we could obtain the same pressure drop by using about 0.5m of 5mm pipe. In the actual test, due to height problems the length was reduced to 0.4m.
Since the pump, built for the Japanese market, required a 100V 50Hz power feeding, we used a Variac, monitoring its output by means of a voltage tester. A preliminary simple test was performed to check if the Dewar vessel heat loss was really negligible. So we put inside 800g water at about 30 ° C, waiting about one hour to have the temperature stabilized; then the water temperature decrease was recorded during a 45 minute period.
The details are as follows:
- Initial temperature: 28.0 ° C
- Final temperature: 27.1 ° C
- Room temperature: 21.0 ° C
These data provide a heat exchange coefficient K: = 0.15W/°C that is more than acceptable for the test, as long as operation is kept at temperatures not very far from the room temperature.
Before the test, the pump was preheated for about an hour in order to evaluate the water flow (see Figure 4).
Then a simple set-up was prepared with continuous reading of water and ambient air temperatures by two different thermometers.
The hydraulic circuit was then loaded with 800g of water at 14 ° C, and the pump was started [it is not self-priming] (see Figure 5).
We had to wait about an hour to have the water temperature close to room temperature; then data were collected through successive photographs. Figure 6 and Figure 7 show the values used in the final calculation.
At the end of the test the two thermometers showed the same values (see Figure 8).
At the end of the test the two thermometers showed the same values (see FiguThe pump motor temperature was measured as well; it was found to be 45 ° C (see Figure 9).
Figure 10 shows the time evolution of measured temperatures.
The power P transferred from the pump is given by:
P = 4183 x 0.800 x (T2–T1) /t
- 4183 is the specific heat of water @ 20°C [J/kg°C]
- 0.800 the mass of water to be heated [kg]
- T2 is the final temperature [°C]
- T1 is the initial temperature [C°]
- t is the time interval between the two measurements [s]
Considering the values obtained from the two photographs (Figure 6 and Figure 7) taken at 0.5 ° C below (T1) and 1.0 ° C above (T2) the ambient temperature and taken respectively at 15:51:45 pm and 16:12:24, [that is at an interval of 20 minutes and 39 seconds], one can calculate that the power transferred from the pump to the water is equal to 4.3W, i.e. 0.4W higher than what we estimated theoretically in our previous Post. The difference is due to the conservative choices adopted there.
Calorimetry measurement performed on the same pump model used by Tadahiko Mizuno has confirmed that the pump dissipation is an order of magnitude higher than that assumed by Jed Rothwell: as such it can explain exactly the apparent excess heat measured.

subset: commoncrawl


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When couples reach a point in their relationship at which they cannot realistically see themselves continuing their lives together, they may consider divorce; however, this isn't the only option available for couples in this situation. In some cases, a legal separation, whether for a brief or extended period of time, may be a better option for both partners.
Though a legal separation may be the right choice for some couples, it can be just as complicated as the divorce process. This is due to two reasons: First, certain legal requirements must be met for a separation to be considered. Second, many couples pursuing separation have a number of issues that need to be addressed, such as child custody and property division. Fortunately, with the help of a skilled lawyer, couples seeking legal separation can handle these issues appropriately and begin moving on with their lives.
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People usually use spaces like storage units, or any spare space in their home, as a way to get the things they don't frequently use – out of sight. However, these items and spaces certainly shouldn't be out of control. Even though you don't use the items stored in your storage space very often, that doesn't mean they shouldn't be organized. The reason is very simple. The time you actually need something from the storage unit, it shouldn't be hard to find that item. Also, items stored properly can't get damaged easily and are going to be safe, no matter how long you need to store them for. First of all, learn how to choose the right size storage unit. And then, use our tips and organize your storage unit once for all.
Before you pack…
The key to an organized unit is knowing your items. That's why you need to make a list of the items you are about to store in your storage unit. It would be also great to label the boxes clearly. Write down what is inside each box, especially if it contains fragile items. Remember that boxes with valuables and breakables should be put on the top of the other boxes, to avoid damage. You can also make a layout/map of your unit, and write down where each box goes. Furthermore, you should put both the list and the map on a wall/door, visible when you enter the unit.
Pack your items smartly
Sometimes, throwing items into plastic bags and putting them in a storage box is not enough. To organize your storage unit the right way, the items inside need to be packed smartly. Here are some of the packing rules you can try out:
- don't use plastic bags – even though plastic bags seem like the best and easiest idea, it's not really like that. Items you store in plastic bags can't be organized properly, it is often messy and mildew is a common guest, too;
- use similar-sized boxes – in order to save space, and organize your storage unit properly, it is best to use the same (or similar) size cardboard moving boxes and bins. The reason is that if your boxes are of a similar size, you can easily stack them and keep them organized; If you don't know where to find good moving/storage boxes check with the storage professionals in NYC.
- label, label, label – no way to stress this enough. Even though labeling seems like an extra, unnecessary step in packing, you will thank yourself a thousand times you did it once you can find something easily later on.
Use shelves to organize your storage unit
Shelves can be a great way to organize your storage unit. If your unit doesn't have shelves, install some on the walls, or buy already built simple storage shelves. Putting some boxes on these shelves, especially those with fragile items, can help a lot with the organization. This will make the space more visible and clear, and therefore easy to use.
Stack the boxes carefully
When putting the boxes one on top of each other, there is a way to sort out things in your storage unit, too. First of all, think about how often you use items in all the boxes. Therefore you can stack the boxes in order of how frequently you use them. The items you use often should be put close to the door or in the front. This way it will be easy to find and reach them whenever you need them. You need to think about the weight, too. Heavy boxes should be put on the bottom, followed by lighter ones. If you stack your boxes correctly, you will avoid them falling on you when you need them. Furthermore, you will not risk damaging the items inside if the boxes are not sturdy enough.
Protect the breakables
It is very important to pay special attention when you are packing breakables or valuable items. If you are relocating, NYC moving companies will help you pack those items professionally, so make sure to hire them when moving. However, if you plan on packing those items by yourself to organize your storage unit, be sure to do the following. Protect the fragile items with pieces of bubble wrap, packing paper, or simply old towels and clothes. Again, label the boxes and use special stickers that show that those boxes contain fragile items.
Have a space to walk through
All of these packing advice is worthless if you can't reach those boxes. When stacking the boxes, make sure to leave aisles between them, so you can go through. This way you will be able to easily reach all of the boxes any time. Furthermore, it is important to have some free space in a storage unit, to let the air flow and your items 'breathe'.
Raise the boxes
Having your boxes a couple of inches above the ground will help with many storage problems. Mildew, water leakage, ants, rats, etc. Before you put the boxes inside, clear the unit and cover the floor with wooden palettes. They are cheap and provide a great support to the boxes and raise them from the floor.
Save some space when you arrange your storage
There are many ways to save space in a storage unit. One of them is to dismantle your furniture pieces like tables and shelves. Another one is to us free space of your furniture items like sofa boxes, inside of a fridge, etc – to store more items inside. Just be sure to remember where you put those, so you can find them later!
As you can see, in order to make a good organization of your storage facility you should include a couple of steps. However, it is absolutely worth it. The moment you finish packing and organizing, you will be happy that you did it. All the boxes will be easy to reach, and you will know exactly where your items are. Good luck!


text:
Return to School Photos Index Page
Courtesy of Janie Vincent
Back Row, left
to right,
Unknown Sims,
Kenneth Bird,
Jack Way,
Wreford Sartin,
Jack Cousins,
Sid Jeffery,
Phil Eason,
Percy Day, Fred
Charlie Strode,
Reg Jeffery.
Second Row, Mr Edward A Stagg (Headmaster), John Norman, Fred Wareham, Norman Windsor, Les Higgins, Jack Featherstone, Unknown Norris, John Harris, Kenny Dodge.
Third Row. 'Patch' Peaty, Harold Gill, Alec McDonald, Eddie White, Mervyn Mitchell, Mr Brown (Gardening Teacher), Harold Phillips, Roy Pearce, Vic Tavener, Unknown Wright, Kenny Chapman.
Front Row, Harry Ridout, Fred Bishop, Sid Heathcote, Victor Hockey, Ken Sibley, Roland Davis, Hugh Gardner, Gordon Hosie, Fred Moore, Eric Bolton, Stanley Parsons.


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Dustin Landry – Home Inspection, South Baton Rouge – Owner / Operator
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Dustin has been in the Real Estate industry since 1999. He was raised in Ascension Parish and attended Catholic High School in Baton Rouge followed by Louisiana State University earning a bachelor's degree in Psychology. He is a 2014 graduate of the House Call Training Institute and is a licensed home inspector as well as a certified termite inspector in Louisiana and a member of the International Association of Home Inspectors (NACHI). Dustin has successfully performed hundreds of home and termite inspections. As a licensed Realtor, he understands what agents and clients expect and deserve during the home inspection process. Prior to becoming a home inspector Dustin was an instructor and assisted contractors and plumbers on how to prepare for and obtain their Louisiana State Licenses. Dustin background brings a wealth of knowledge to the home inspection experience. Dustin is here to help take the headache out of home inspections.
Inspection Fees
(Due at Inspection)
Prices based upon Total Square Footage, including any walkable basement areas, and are subject to change.
Up to 1000 Square Feet … $295
1001 – 1500 Square Feet … $305
1501 – 2000 Square Feet … $315
2001 – 2500 Square Feet … $325
2501 – 3000 Square Feet … $335
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4001 – 5000 Square Feet … $465
Hardcover Binder Report … FREE
Termite Certificate … FREE
Additional charges apply for raised or older homes, multiple unit properties, & multiple HVAC units. Please call our office to verify pricing.


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November 3, 2012, TORONTO (CIS) – The top-seeded and reigning national champion UBC Thunderbirds will play in their fourth consecutive McCrae Cup final after defeating the Western Mustangs 3-1 in the final preliminary round match of the FHC-CIS women's field hockey championship, Saturday afternoon at Varsity Centre.
UBC finishes atop the round robin standings with a 3-0-1 record and nine points. The T-Birds will take on the second-seeded and tournament host Toronto Varsity Blues (2-1-1) in the gold-medal match Sunday at 1 p.m. The Canada West and OUA champions battled to a 1-1 draw in the championship opener on Thursday.
The two teams have met five times over the years in the championship game, with UBC prevailing three times (1978, 1982, 1983) and Toronto twice (1988, 2010). The T-Birds hold the all-time records with 13 McCrae Cups and 20 appearances in the title match. The Blues are tied for second place with Victoria with 11 CIS banners in 17 gold-medal appearances.
"I think it's good to have a rematch," said UBC head coach Hash Kanjee. "Now that's four games in our pocket that we can look back on as we get ready. We have been building slowly and I think we're moving into a good spot."
Western (2-2) will face Guelph (2-2) for third place Sunday at 10 a.m. Guelph captured bronze a year ago, while Western looks to reach the CIS podium for the first time.
"It's massive," commented Western's Jeff Pacheco, the CIS coach of the year, when asked about playing for bronze. "It's not just about these girls it's about the ones to come and the girls from the past. It comes down to the culture we are trying to develop and we've had a lot of good times doing it."
UBC opened the scoring when second-year forward Molly Driscoll of Delta, B.C., capitalized on a deflection off a penalty corner in the 10th minute. The Mustangs evened the score in the final minute of the first half as CIS all-Canadian Katelynn Roganowicz of Burlington, Ont., wired a shot into the top right corner of the net.
Canada West MVP Katherine Gillis, a native of Toronto, scored the game-winner in the 48th minute as she solved netminder Bethan Blackburn of Elora, Ont., for her third goal of the tournament.
Cassandra Taylor of Vancouver added an insurance marker in the 64th minute as she received a pass in the middle and reversed the ball into the net.
First half
UBC Molly Driscoll (1), 10th minute
WES Katelynn Roganowicz (2), 35th
Second half
UBC Katherine Gillis (3), 48th
UBC Cassandra Taylor (2), 64th
UBC: Bea Francisco (W, 70:00, 1 GA, 3-0-1)
WES: Bethan Blackburn (L, 70:00, 3 GA, 2-2-0)
Players of the game
UBC: Abigail Raye (Kelowna, B.C.)
WES: Kate Feagan (Goderich, Ont.)


text:
Species with data from:
Bradford, R.S., Jr.; Jones, C.R.; Southall, L.A.; Broida, H.P., Production efficiencies of electronically excited states of barium monohalides, J. Chem. Phys., 1975, 62, 2060.
4 matching species were found.
For each matching species the following will be displayed:
- Chemical name
- Chemical formula
- Structure image (if available)
Click on the name to see more data.
- Barium monofluoride (BaF)
- Barium monobromide (BaBr)
- Barium monoiodide (BaI)
- Barium monochloride (BaCl)


text: Hello ladies and gents, how are you all? Very well I hope. I'm back today with a bit of a rambly post, I feel the urge to get my thoughts out, share some of my musings and in doing so hopefully release some of the anxieties and tension I seem to be holding onto at the moment.


text: English Premier LeagueChelseaCommunity ShieldFootballManchester City Man city beat Chelsea 2-0 in the community shield. Dunno today just wasn't the same with @supersporttv not showing it. This game always takes us into the new season. Sad man. But we'll Done CitehAlso no Pre season games like before. And I have DSTV because of the supposedly great Sports Coverage. Lucky Serie A back after a long absence By Swoosh - August 5, 2018 0 347 Facebook Twitter Google+ Pinterest WhatsApp Loading... comments


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|All fleeced up and looking bonnie - Fergus in the rough paddock, listening to a dog barking nearby. Of our four boys, Fergus is the only one who makes the 'honking' alarm call noise if he thinks that dogs are getting too close.
|Fidget getting stuck into his feed and granules. The weather has been reasonable this week and mainly dry so the boys' fleece is dry - for a change.
|The four boys today nibbling at very short grass. Fidget, in the background as usual was trimming up the rolling pit before getting in for a roll.
|A worm's eye view of Fergus wearing his thick winter fleece - with plenty of guard hairs showing on his neck!


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Metal Insulation Board Anchors (internal)
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Available from: £6.05


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Cooler Master is really proficient at making cooling parts for computers – hence the name Cooler Master. However, when it came to using the CK550, I honestly feel like they outdid themselves. In this article, we will be taking a closer look and reviewing the Cooler Master CK550. So before you go ahead and purchase it, have a look at what is covered in this article, and in the end, I'm sure you'll be able to make an informed decision about the CK550, so let's get right to it.
The CK550 comes in a stylish box, which has an opening by the arrow keys. This is a great feature in my mind since you can give the keys a feel to see if it's something you'd like. You could also pop one of the keys off (if you're feeling brave enough) to look at the switches below. Included in the box is the "tool" to remove the keys should you need to do so.
- Key switches: Gateron (available in Brown, Blue, and Red)
- Onboard memory: Yes (512KB)
- Polling rate: 1,000Hz / 1ms
- Microcontroller: ARM Cortex M3
- Total weight: 850g
- Interface: USB 2.0
- RGB: Full RGB, with preset color designs
- Software: CK550 Cooler Master software – Ideal for Macros and RGB Color and Pattern Changes
- USB hub / pass-through: No
- Warranty: 24 months
- Cable: Standard Rubberized cable.
What does that all mean? Well to put it into perspective, the CK550 comes with all the features of an overpriced, elite keyboard, without all the extra costs. The CK550 with the Red Switches (The one we reviewed) was so smooth and quiet that it felt like you were using Black Switches. The clean grey metal finish shows off the excellent quality of material that Cooler Master used to manufacture this keyboard.
The Cooler Master CK550 software was easy enough to install, and the preset RGB lighting and designs are beautiful, to say the least. However, my favorite was still the standard purple backlighting that the keyboard comes with when plugging it in – that coupled with the grey metal finish – just beautiful. The software also allows you to set macros for the keys, which could come in handy, especially if you don't want to be hitting the "Windows" key next to the "Ctrl" key. To install the software, just follow this link, and follow the prompts. Make sure that your keyboard is connected and ready to go.
I mentioned the standard rubberized cable in the specifications because this could be a drawback for some people. A lot of gamers prefer the material wrapped cable, as this can handle being bent and rolled up and still retain the straight shape. The rubberized cable can quickly develop kinks, which could get annoying, especially if you're trying to move your keyboard around to find the best position.
The USB connector is USB2.0, and it is not gold plated. This could be a gimmick for some, who don't believe that having the gold plated USB connector could increase the conductivity speed. Having a 1ms response time with the USB 2.0 is impressive as well; however, I do believe that if it had the USB 3.0 connector, it would last "longer" in the sense that with updated motherboards coming with mostly USB 3.0, the connectivity and response time would decrease.
How did it perform?
I have no complaints with this keyboard, in fact, to date, it is one of the best mechanical keyboards I have had the privilege of using. It was responsive beyond belief, and I'm a huge fan of RGB, so it looked beautiful all the time. However, how did I find it in a game? Well, I played a few different games with the CK550, and this was my experience:
- CS:GO: So during CS:GO, the keyboard handled everything exceptionally well – can probably take a rage beating, but I didn't do that, promise. The only downside was I kept hitting the "Windows" instead of the "Ctrl" key, and my game minimized a couple of times. Other than that, with the quieter switches, and the responsive keys, I really enjoyed playing CS:GO on it.
- Dota 2: Not much to report on with Dota 2 while using the keyboard. I didn't notice any difference to my gameplay in Dota 2 with this keyboard vs. my current one. I did, however, see that since the switches were smoother and softer, I accidentally used skills that I was not intending to, but that wasn't a huge problem.
- Star Wars Battlefront: This was awesome, I really enjoyed using the CK550 while playing this game. It was responsive and since you have to use a lot of different keys – sometimes in stressful/quick paced situations – the CK550 was ideal because you didn't have to smash the keys.
Concluding Thoughts:
The Cooler Master CK550 is a great keyboard. It can compete with the top brands of keyboards which sell for much more than itself, and still feel great while doing that. The design and look are minimalist, yet always gives that gaming feels while accommodating the gaming life. The only thing I think this keyboard is missing is a wrist support pad. When raised with the back supports, the wrist pad could really come in handy.
So what are the pros and cons?
- Great design
- Responsive
- Well chosen switches
- Cable is rubberized only
- "Ctrl" key can get in the way when gaming
- No wrist support pad
If you're looking at purchasing a decent keyboard, and you don't want to break the bank, this is the keyboard for you. With all the features and how it ran, it gets a solid 9/10 from me. If you would like to purchase it, just follow this link, and get it from Raru since the CK550 is currently available in South Africa. I hope you have enjoyed this review, and if you have anything you'd like to add, please leave a comment below.
Hi there! My name is Corbyn and I enjoy love writing tech guides on a variety of topics. I always answer comments so if you have anything you want to ask or suggest, please go ahead and I will reply within 48 hours. If you are interested in getting your hardware or software reviewed, please use my contact form and we can talk business. Thanks for visiting my blog!


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Word Link
Sponsored Link
Word Link Description
Word Link offers easy to follow rules, you win games by connecting words in a swiping motion.
Bonus word exploration gives you additional rewards and points.
Word Link doesn't have a time limit, play at your own pace.
Offline playing is supported.
With over 2,000 levels Word Link can offer enjoyment for a long time.
Download Word LinkDownload Google Play Download APK (apkmirror)
Install on PC & Mac
Check out our tutorials how to install Word Link on PC, or Word Link on Mac
- Price: Free
- Category: Word
- Developer: Worzzle Games
- Editor Rating:
- Filed Under:
User RatingsTotal Votes: 0Average: 0
How To Uninstall
- Tap Settings Menu
- Open The Application Manager
- Select The App
- Press "Uninstall"
- Tap & Hold App Icon
- Wait Until All App Icons Wiggle
- Release & Tap Small "X" Icon Above App
- Open The "Apps List"
- Select App To Remove
- Wait For Menu To Open
- Tap "Uninstall" In Newly Opened Menu
- Confirm "Yes" To Uninstall App
Sponsored Link
Word Link Review
Word Link promises to be "the best word game ever".
As this game is part of the top charts for Google Play, we downloaded it and tested if it holds up to this promise.
Game Play
My first impression after seeing the ads was that this game could be action loaded and actually pretty fun to play.
After installing it and looking around for versions of this game on iTunes and Windows, I quickly realized that the same version of this game is offered under different titles but all these version carry the same or extremely similar screenshots.
Actually playing it, it felt like this game was created in a hurry, probably to be used exclusively as "advertising vehicle".
The vocabulary list is not very extensive and the bonus modes as seen in video ads, are actually pretty much all the same and very repetitive.
It often fails to recognize eligible words and very inconsistent in word recognition.
If you asked me in person if it's worth downloading, I would say you can safely skip this one knowing you did not miss out on the next great word game.
Which is a shame, with a little more effort on the developers side this could have actually been a fun game, and for this reason alone I've rated it 3/10.
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March arrived at our doorstep in the form of a thunderstorm. During the wee hours of the a.m., we lay listening to thunder and the driving rain tapping at the windows.
Baby Amelia begins her third month today. Isn't she a sweetie???!
With the month of March comes Lent which begins today. Today is also host to Ash Wednesday. Daylight Savings Time begins March 12th (turn the clock back one hour). We will celebrate the "wearin' o the green" on the 17th, however, the St. Patrick's Day parade here in Pittsburgh will to held on March 11th.
Do you "give up" anything for Lent? This year it's pounds. Thirty for me. Twenty for K. Now that it's "out there" we must not fail. Our deadline is June 1, and there are dire consequences for a fail.
Okay March let the luck begin.
Love & Luck,


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Everyone must stay at home to help stop the spread of coronavirus.
You should only leave the house for very limited purposes:
Important - These reasons are exceptions – even when doing these activities, you should be minimising time spent outside of the home and ensuring you are 2 metres apart from anyone outside of your household.
There is separate advice about staying at home if:
Do not leave your home if you have either:
To protect others, do not go to places like a GP surgery, pharmacy or hospital. Stay at home.
Use the 111 online coronavirus service to find out what to do.
Only call 111 if you cannot get help online.
Important - Call 111 for advice if you're worried about a baby or child.
If they seem very unwell, are getting worse or you think there's something seriously wrong, call 999.
Do not delay getting help if you're worried. Trust your instincts.
Use the quick NHS coronavirus status checker to tell us about your current experience of the virus.
This will help the NHS plan its response to coronavirus by showing where the virus is spreading and how it affects people.
West Wing, Dipple Medical Centre, Wickford Avenue, Pitsea, Essex, SS13 3HQTel: 01268 209222
Please be advised we no longer offer the online WebGP service.
Welcome to our practice website. We aim to provide all of our patients with a comprehensive range of healthcare services covering one of problems to longer term illnesses. Feel free to explore the site and find out how you and your family can benefit from our personal and professional approach to health care provision.
Exciting News
From the 1st of April our salaried GP's Dr Haque and Dr Busi are joining the partnership with Dr Sims and Dr Behn. We would like to take this opportunity to welcome them both to the team.
We would also like to advise that as if the 1st April 2019 we will be taking over Malling Health. This practice will be known as Dr Sims and Partners, East Wing.
West Wing will remain the same and the merger will not affect our existing patients who will continue as normal to access services at the West Wing.
This is an exciting opportunity for all of us.
BB Healthcare Solutions
We are part of BB HealthCare Solutions who operate HUB clinics outside of surgery hours and during Public Bank holidays.
The HUB clinics are open Weekday Evenings 18:30 - 20:00, Saturdays 08:00 - 18:00, Sundays and public Holidays 09:00 - 14:00.
Patients can attend one of the operating HUB clinics during the above hours by calling the surgery number where you will be directed through to the HUB.
Named GP
In line with the current guidelines we have allocated every patients with a named GP. This does not change your registration and you are still able to see any GP of your choice when booking an appointment.
Consult Your GP Online
The service offers patients the chance to consult their GP online. It involves you finding your current health condition on the symptom checker and then completing a simple online questionnaire. The practice will then get back to you at the end of the next working day with GP feedback and treatment options.
To use this service simply access it by clicking on the blue and green "beat the queue" banner at the bottom of this page.
This is a pilot project that the practice is trialling. We are hoping it will save on appointments and be of benefit to our patients. Any feedback regarding the service will be most welcome.
Patient Participation Group
We are part of the Dipple PPG - Patient Participation Group - which incorporates all the practices at the Dipple Medical Centre. This group is also supported by the Heart of Pitsea. Greater patient involvement in personal healthcare needs and also in the development of local and national healthcare provision is an important part of the future development of effective healthcare services. Patient participation should be seen as a very positive process but requires enthusiasm and commitment in order to achieve all the potential benefits.
If anyone would be interested in attending the bi-monthly meetings please contact the surgery.
Friends and Family
We would like to offer our patients the chance to complete the Friends and Family test. This is a short survey based on whether you would recommend us to your friends and family. You are also invited to leave a comment letting us know the reason behind your decision.
The results of this survey are collated monthly and sent to NHS England. It is hoped the results will be used to help us improve or enhance our service to you.
Cards are available at the reception desk for you to complete or there is a link on the far right of this website under "quick links" for you to complete the survey on line.
Thank you for taking the time to complete the Friends and Family test.
As well as being able to see when we are open at the click of a mouse we've made it easier for you to do a number of things. Check out how to order a repeat prescription or cancel your appointment online.
Registering is easy with online forms also available and appointment slots to suit most patients' timetables. You'll enjoy a confidential service in comfortable surroundings from a helpful and dedicated team.
Copyright 2006 - 2020 My Surgery Website | Privacy & Usage | Edit | Staff Home | Site Map | Accessibility | Site T&C's | Service T&C's


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The Concealed Truth Regarding Business Accomplishment
You need your organization for being eco friendly with time. Once you go back to that basic reason for your organization, it is simpler to approach outside be jealous of. You might become looking at the entire business, a team or a particular job.
The moment you feel your firm is really about sturdy perspective, in that case it can the perfect time to consider stopping. Purchasing a enterprise gets about that. Should you be intent about wanting to begin a company, the very first factor you wish to carry out is going to be consider some time to understand what really makes you tick. You simply require to complete well, grow the corporation, and get a strategic check out of how you wish to run the corporation in a few years. Running a small business means wearing a slew of hats. It's attractive, when you think about only how to begin a very little organization, to believe you ought to start with creating a web page, booking business office space, buying a new computer system, and also selecting personnel. You simply need to spend a small amount and you're great to embark on your tiny money-making organization.
Where to Find Organization Success
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Which I Know About Business Achievement
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There is always something going on in the Scottish Borders…
Whether you want to take part or you just want to spectate, there's something for everyone.
Beyond Borders Festival of Literature & Thought
29 August @ 12:00 am–30 August @ 11:59 pm
Topical debate and discussion with international thought leaders.
This event brings together internationally renowned broadcasters, writers, artists, diplomats & politicians to meet, talk and exchange ideas with the public about some of the most interesting and pressing issues of our time. The weekend also includes literary walks, bike rides, art exhibitions and performances.


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17 Graduate from Chamber's Leadership & Community Education ProgramMay 10, 2016
Destin, Fla., May 6 – On May 5, the Destin Chamber of Commerce celebrated the graduation of 17 business professionals from its 8th Destin Forward class. During the event, the prestigious Destin Forward Leadership Award, chosen by class vote, was presented to Michelle Sanchez (above, right), Destin Commons. The award was presented by Chamber Chairman Jonathan Ochs, Trustmark National Bank.
Destin Forward, the Chamber's hands-on community education and leadership program, was created by the Board of Directors to help find and educate future city and business leaders. After a retreat in August, the class spent the next eight months touring and learning about Destin's waterways; tourism industry; development and real estate; arts, culture, and non-profits; environment; city programs and services; military bases; and the state legislature. Class requirements also included attendance at several Chamber and civic functions.
Also announced during the event were the four graduates chosen by the class to join the Destin Forward Advisory Committee for a 3-year term. Those graduates included (above, left to right) Jason Connor, BrightView Landscape Services; Christian Carlee, Trustmark National Bank; Michelle Sanchez, Destin Commons; and Doug Rainer, City of Destin. Chamber Chairman Jonathan Ochs is pictured center.
Other graduates included Lindsey Anderson, ResortQuest by Wyndham Vacation Rentals; Alan Chester, Destin Computer Repair; Shelby DeSoto, Northwest Florida Daily News; Vickie Giles, ResortQuest by Wyndham Vacation Rentals; Victoria Hargroder, Hargroder Real Estate Group, Inc.; Jenny Larson, SummerPlace Inn; Bertram Little, Boys & Girls Clubs of the Emerald Coast; Daniel Magistri, Three Lefts Consulting; Bryan Osborn, Anderson Engineering, Inc.; Donald Slappey, Hancock Bank; Brittany Tate, Choctawhatchee Basin Alliance of Northwest Florida State College; Bryce Trafford, Destin Chamber of Commerce; and Kristi West, Southern Rentals and Real Estate.
For more information about the program or how to join the class of 2017, please contact Bryce Trafford at (850) 837-2711 x2 or firstname.lastname@example.com. Applications are being accepted through July 20.
Upcoming Events
Featured Partners


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Dec 7, 2007
Poop Scoop
The details of the President's Poop Preparations revealed. I may be spending too much time on this subject, but tough. It's more likely that the Chimperor's toilet is solid gold (brrrr) and serviced by Halliburton.
I am really curious about the actual devices used for the toilet. Do his minions set up a porta-potty in the presidential suite? This device should definitely be a fixture at the Bush Library.
disclaimer: I worked in Alaska in the bush (if you'll excuse the term), and evacuation and its related facilities are a serious concern in the winter. One of the places I worked had the very best view from an outhouse, ever.
Posted by Sorghum Crow at 9:54 AM
3 comments:
- dguzman said...
I'm picturing a plastic sheet kinda stretched loosely over the toilet seat, and Chimpy takes aim, delivers the goods, and then Condi "collects the package" and stores for safekeeping. In that place where they put Indiana Jones's box with the Ark of the Covenant in it.
- December 7, 2007 at 2:01 PM
- ellroon said...
I first read about the portapotty when Bush traveled to Europe for the first time.
Apparently we actually diverted plumbing (60s? 70s?) of an African tyrant so that doctors could diagnose what diseases/ medicines/ quality of health he had from the collected samples.
So Georgie seems to have taken this to heart. Makes one wonder what diseases/ medicines/ quality of health Georgie has, doesn't it?
- December 9, 2007 at 12:08 AM
Dguzman: Laughed out loud.
Ellroon: I'll take medications for $500.
- December 9, 2007 at 10:35 PM
Subscribe to: Post Comments (Atom)


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View the live tweet chat from this event
In the United States, 1 in 4 people live with the risk of earthquakes. The U.S. Geological Survey and its partners are designing innovative tools to better detect earthquakes and share critical information. The involvement of citizens is key, as decisions made before and immediately after an earthquake can save lives and protect property.
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