My “Million Dollar Portfolio” & Some Real News


6:45 AM, THURSDAY — It’s time to put my money where my mouth is, so to speak, and declare my current standing in CNBC’s Million Dollar Portfolio Challenge. As of the closing bell yesterday, my portfolio is currently worth $1,007.772.  While I’m not one of the top 5 players, I’m still proud that through what has been a very volatile market over the past weeks, with many people losing their shirts — I still managed to stay in the game and make some money. I definitely played this portfolio more on the conservative side.

But let’s get to the important news of the day:

Just when I thought there was nothing oil-related that could surprise me, The WSJ has a story today reporting that despite the ever-increasing price of oil, the top oil producers throughout the world are proving unable to meet the demand.  (P.S. Take notice that I’m not gloating over my accurate prediction that oil would quickly rebound, despite its momentary pullback.)
CNN has a good wrap-up of the buyout of Bear Stearns by JPMorgan Chase, with the anticipated approval of shareholders.
Around 8:30 this morning the government should be releasing its revised report on the GDP, which should give us a better reading on economic growth from this year’s first quarter — though I doubt there will be any surprises.
Another key report to look for is the jobless claims report, which should come out before the bell this morning.
Stock on my radar screen today is Amylin Pharmaceuticals, who will be Web-casting its annual shareholders meeting Friday at 11 a.m. off their Web site.  Billionaire investor Carl Icahn recently reported that he raised his stake in Amylin and said he’s sharing his ideas with the company’s management on ways to maximize product sales and development.
The Usual Disclaimer: Don’t base any of your investment decisions on anything in my little blog — do your own due diligence — or hire a professional to do it for you.

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