the following are my notes from Don Coxe's 6/4/10 conference call FYI. Although they are a week late, i find what he had to say interesting and hope you will as well:

* The Journal of Commerce Index containing the industrial materials came out on June 1 announcing that their index was down 57% in May. This was "really a big, big item." The last time this index plunged was 2 years ago and they correctly forecasted the global recession.

*Suggests that going forward manufacturing in Europe and US will be giving us poorer numbers.

*That plus the last payroll numbers says we have a sad package indeed.

*We had two days where the corporate bond market basically didn't function, a market flash crash that still has not been explained and it tells you that these are not things associated with a sustained albeit slow recovery.

*The only big winner from the Gulf disaster is the oil sands companies. There is not a change in the oil futures curve because of the restraints on the oil production from the Gulf which is the source of 1/3 of US production. The oil companies are not selling future forward on the anticipation of production coming. Result is a contago which is bullish. Value of unhedged reserves in the ground is going up even though spot oil is not. There is not going to be as much oil being brought on as before.

*Our chances of a double dip have increased.

*Gold has been softer because IMF had to sell to support the PIIGS causing some near term pressure.

*Moratorium on all drilling has been good for nat gas prices at least in the short term