Looking at the Inventory Data from ISM

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Within the ISM data reported today there was an interesting dynamic at the inventory reporting lines.  Businesses reported that their own inventories were growing and that customer inventories were still too low, but approaching more normalized levels.  (Customer inventories has … Continued

September 2011 Investment Letter

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I write this letter monthly for the benefit of Avondale Asset Management’s clients.  It is reproduced here for informational purposes for the readers of this blog. Dear Investors, There’s an old adage on Wall Street, which goes “sell in May … Continued

What Recession?

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If the US economy entered recession in August, nobody told the US consumer.  Despite the lowest consumer confidence readings in years reported during the month, same store sales at national retailers looked positive and pretty strong.  Data presented from retailsails.com: Click … Continued

Sell in May…

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The old adage to sell in May and go away for the summer certainly held true for 2011.  As the summer draws to a close, hopefully so does the thrashing that markets have taken since May 1st.  It’s tough to … Continued

Comparing ADP and Payrolls

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ADP data will be released tomorrow morning, and Nonfarm-Payrolls data will be released on Friday.  Typically ADP gives a good sense of what the payrolls data will show, but it’s not always perfect.  Below is a comparison of the two … Continued