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Goldman Again a Gold Mine?

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A three percent gain in the stock propelled financials higher.

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Minyan Morning Memo

One to Watch: Goldman Sachs (GS) was more Saks Fifth Avenue (SKS) than five and dime yesterday, its gain of over three percent propelling financials higher. Ahead of earnings on Tuesday, it's as if the company's Alice in Wonderland autumn of '08 and ignominy of becoming a commercial bank holding company never occurred. Trading revenues are expected to be in record territory. Undeniably impressive. But blockbuster numbers could put it between a stock and a hard place politically, providing the public plenty of opportunity to carp about TARP.

What Just Happened: Stocks posted slight gains following a fall in first-time jobless claims that smacked of a head fake. Bonds lost ground. G-8 heads dined on foie gras and fine wine before furnishing plans to feed the famished of far foreign lands.

What's Happening: The Nikkei declined, a comment that could apply to each of its trading sessions this month. Europe is down amid gloomy remarks from the Renault CEO. U.S. futures are lower notwithstanding better news out of another car company, General Motors (GMGMQ.PK) is indicating it will exit bankruptcy early. The greenback was back in the black against most major currencies.

What Will Happen: Data on May's trade deficit and June import prices are out at 8:30 AM Eastern and July consumer confidence comes out later in the morning. Infosys (INFY) and PriceSmart (PSMT) report results. And Tim Geithner heads to the Hill in search of the prescription for what ails over-the-counter derivatives.

Happenstance: While in Britain this week, was reliably informed tomorrow marks the 150th birthday of London's Big Ben. Such a span encourages one to take the long term view, in investments and all else. However unique our own era appears there's nothing new under the sun. It's all been done before.
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