Good Afternoon!

On a day when many Americans were preparing for a relaxing 4-day Thanksgiving weekend, disturbing news released last Wednesday from half-way around the globe shook the financial markets worldwide. Dubai World, its country’s largest conglomerate, requested a 6-month delay until late May 2010 of interest payments due on $60 billion of debt. Fears that this could lead to massive defaults on loans made to Dubai by the UK, France, Germany, the US and Japan caused immediate ripples throughout the bond and stock markets globally. Investors worried, possibly prematurely, that Dubai World’s troubles could evolve in the same way that the collapse of Lehman Brothers did in September 2008 (source: Financial Times).

Shortly after the news from Dubai was being released, the S&P 500 closed for trading on the day before Thanksgiving at 1111, a high for calendar year 2009. Veteran stock investors may remember that the S&P 500 finished 2003 (i.e., almost 6 years ago) at 1112 (source: BTN Research).

It’s back to work for Washington this week. President Barack Obama will hold a jobs forum on Thursday (12/03/09), bringing together ideas to reduce our nation’s 10.2% unemployment rate. Also on Thursday Ben Bernanke will be questioned by the Senate Banking Committee regarding his nomination for a 2^nd term as Fed Chairman. The Senate is back in session today and will begin debate on their version of health care reform. Whatever bill they are able to agree upon will ultimately have to be reconciled with the House bill that was passed on 11/07/09 (source: BTN Research).

Notable Numbers for the Week:

1. THE LAST MONTH – December has been the best performing month for the S&P 500 since 1990, producing an average gain of +1.9% (total return). The stock index is up +23.6% YTD on a total return basis through last Friday’s (11/27/09) close of business. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the US stock market (source: BTN Research).

2. WORSE OFF – More than 1 in 3 Americans (36%) that were surveyed in late October 2009 believe their personal economic situation has deteriorated in the last 12 months (source: SRBI Public Affairs).

3. OPTIMISTIC – Nearly half of Americans (46%) that were surveyed in October 2009 anticipate that they will be better off financially in 2010 than they were in 2009 (source: Money).

4. HOLIDAY SHOPPING – Today (11/30/09) is known as “Cyber Monday” in the retail industry, i.e., the Monday after Thanksgiving. Total web sales last year (2008) on “Cyber Monday” were $846 million, up from $733 million in 2007 and $608 million in 2006 (source: ComScore Inc.).

Past Performance is not a guarantee of future results.  The S&P 500 is an unmanaged index and you cannot directly invest into an index. The above communication is written by Michael A. Higley. Mr. Higley is not an employee of Cambridge Investment Research and any comments, opinions or facts listed are those of Mr. Higley.

For more information Click Here

The Oswego High School Class of  2011 is prepared to begin its march toward June 25 graduation exercises at the SUNY Oswego Campus Center. However, the members of the Class of 2010 have made their mark and are moving to their next life step.

Oswego Middle School Principal Bonnie Finnerty has proudly announced the final honor roll for the 2009-2010 school year.

Nathaniel V. Ellis graduated from the U.S. Army Warrant Officer Candidate School at Fort Rucker, Daleville, Ala., and was appointed to the rank of warrant officer one.

The Curse of the Silverback, the Enchanted Forest/Water Safari’s newest water ride, which debuted in 2009, is expected to continue to draw visitors with its unique purple and black appeal and daring silverback theme.  Riders experience a 100 foot drop into a large 40-ft diameter bowl where they circle the bowl dropping out the middle into the splash pool below.