By Daily Crux Editor Brian Hunt:

Back by popular demand... Extreme Value editor Dan Ferris parses the world's financial headlines.

As I mentioned last week, Dan has a unique gift for reading through financial news... then sorting out the crap to deliver the "crux" of the story. His take is often far different from what the headlines indicate.

Below are Dan's comments on four major financial headlines of the past week. The actual headline is underlined. Dan's comments follow underneath. Let us know what you think of this new feature at cruxposts@gmail.com.

New-Home Sales Jumped 11% in June From May

Comment: Don't fall for it. The housing market is in horrible shape and getting worse all the time. New home sales in June, at the estimated annualized rate of 384,000 homes, were 11% above the estimated annualized May rate of 346,000. But if you look at year-over-year numbers, you'll see the headline should read: "New Home Sales Down 21.3%."

Exxon Reports Lowest Profit Since 2003

Comment: The headline should read something like, "Oil prices half last year's level and Exxon still makes $4 billion in profit." ExxonMobil is still the world's best oil company and probably always will be. It generates more cash profits than any publicly traded company on earth, and pays out more cash to shareholders than any public company on earth. It's a buy.

How to end America's deadly coal addiction

Comment: The addiction metaphor is ridiculous. If we're addicted to coal, you also have to admit that we're addicted to lumber, corn, wheat, cement, soybeans - everything that keeps us alive and raises our standard of living.

Traders Blamed for Oil Spike; CFTC Will Pin '08 Price Surge on Speculators, in a Reversal From Bush Findings

Comment: When you start restricting the activities of speculators, you'll make it harder for the oil companies on the other side of those trades to hedge the sometimes extreme volatility of oil & gas prices. Free markets don't create scarcity and higher prices, but regulations and restrictions do.

Crux note: Dan Ferris is the editor in Extreme Value. For serious long-term investors, it's one of the most useful advisories you can buy for any price. Learn more about Extreme Value here...

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