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As I pen this newsletter, I'm already seeing the Dow Industrials Index dropping by 160 points, despite the fact that oil is actually down over $1.00 per barrel today.

Markets seem to be detaching from the recent predictable cause-and-effect of higher oil prices = lower stock prices and vice versa.  The focus is shifting...but the big question is:  To what is that focus going to be on next?  PIMCO's Bill Gross had an interesting June Newsletter opining on the "real" rate of global inflation vs. what the US Domestic CPI and PPI measures are showing.  His very interesting observation was the US

PDL BioPharma, Inc., a biopharmaceutical company, engages in the discovery, development, and commercialization of therapies for life-threatening illness. The company markets three biopharmaceutical products: Cardene IV to reduce high blood pressure during or after surgery; Retavase for the improvement of ventricular function following acute myocardial infarction (AMI), the reduction of the incidence of congestive heart failure, and the reduction of mortality associated with AMI; and IV Busulfex, a chemotherapeutic agent that provides anti-tumor effect to eradicate residual malignancy, ablat