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Let me start by clarifying something.  I am not saying that the market could crash spectacularly in the next few days and that in that event the Facebook IPO would be a major contributing factor.  I am not saying that.  The market is saying it.


A bit of economic news sparked a minor rally on Tuesday.  The Dow touched a new 4 year intraday high and the financial news media celebrated the moment with banner headlines:

There is no real need for rocket science in investing --- no correlations, standard deviations, coefficients, Alphas, Betas, or Zetas are required. Similarly, passively managed, index derivatives are just a lazy man's way of reinforcing the myth that active management is ineffective.

The Dow Chemical Company (NYSE:DOW) announced that the SCG-Dow Group, a joint venture between Dow and Siam Cement Group, has finalized the start-up of its new propylene oxide (PO) facility in Thailand by successfully completing its full capacity performance test.

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ITT Exelis and Boeing team completes wind tunnel testing of Next Generation Jammer pod

The Boeing Company (NYSE:BA) and ITT Exelis have successfully completed wind tunnel testing of the team's proposed full-scale pod at NASA's Langley Research Center in Hampton, Va.

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The Dow Chemical Company (NYSE:DOW) announced that Dow and Mitsui & Co., Ltd., of Tokyo, Japan ("Mitsui") have secured all necessary governmental regulatory approvals and completed the formation of a previously announced 50:50 joint venture in Brazil, making Mitsui a 50% equity interest partner in Dow's operation in Santa Vitória, Minas Gerais, Brazil.

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Teekay Corporation (NYSE:TK) announced that it has reached an agreement in principle to acquire three floating production storage and offloading (FPSO) units from Sevan Marine ASA (Sevan), a Norway-based developer, owner and operator of FPSO units, and acquire an equity interest in a recapitalized Sevan.

Read the full article and disclaimer at: http://pennyomega.com/?p=17505

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