1. Greenspan Declares End to Housing Boom

Former Fed Chairman Alan Greenspan is finally saying "told you so" to the real estate cheerleaders. Or maybe, "nyah, na, na, na, na, na." Either way, a few years after Greenspan first warned of housing's demise, few people disagree with him.

In his first public comments since leaving his Fed post, Greenspan told an audience of the Bond Market Association, "The boom is over. I think we can safely say that with a strong degree of confidence."

Greenspan did say that he's expecting a somewhat soft landing at this point. He said that there is a "high degree of froth" in the market, but that "there is no evidence that house prices will collapse."

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He went on to warn that the cooling housing market could mean slowing consumer spending. Greenspan points out that weak refinancing and home sales mean that consumers aren't able to supplement their incomes with those proceeds. 

Greenspan's successor, Ben Bernanke, agrees with Greenspan's assessment of the housing market. MoneyNews told you about the new chief's comments yesterday.

In other Fed news, Richmond Fed Bank President Jeffrey Lacker, who is a voting member of the FOMC, left the door wide open for more rate hikes.

"Containing inflation has to be our primary focus," said Lacker speaking to the Conference of State Bank Supervisors. "The inflation outlook right now is at the borderline of acceptable, and perhaps even beyond."

Editor's Note:

• Sir John Templeton first warned housing prices could crash 50%. Find out what he said and learn how to protect yourself and even profit from the coming storm. Go here now.

2. Hedge Fund Portfolios Exposed

The nation's largest hedge fund managers are now reporting their biggest portfolio holdings to the Securities and Exchange Commission.

Earlier this year, the SEC ruled that large hedge funds must register with the SEC and come under its supervision. As part of the requirement, funds with over $100 million in public securities must register 13F forms within 45 days after the end of the quarter.

This, says The Wall Street Journal, gives traders insight into how the big boys roll.

Says Seth Tobias, head of Circle T Partners LP, a $250 million hedge fund in New York: "If we see some savvier players [buying stocks we own], it is a positive indication we may be on the right track."

So what do the filings show?

The Wall Street Journal says Google is a big name. Lone Pine Capital added to its shares of Google, boosting its holdings to 1.9 million from around 1.5 million at the end of 2005. The search engine's stock was Lone Pine's second biggest holding behind Deutsche Borse AG, says FactSet Research Systems.

The former head of Fidelity Magellan, Jeff Vinik, also added to its Google position in the first quarter, says the paper.

Funds are also adding established technology companies to their coffers. For example, David Tepper's $4 billion Appaloosa fund bought Oracle Corp., Microsoft Corp., and Cisco Systems Inc. "in huge chunks" last quarter, says FactSet to the WSJ.

Some funds stuck with the dark horse. Maverick Capital held onto 8.6 million shares of Lexmark International Inc. The company, says the WSJ, is apparently waiting for a turnaround at the printer company.

To check out major hedge fund holdings, go to the SEC's Edgar search engine at http://www.sec.gov/edgar.shtml and search for your favorite hedge fund.

Editor's Note:

• Wilkinson's Hedge Fund Investing recently bagged profits of 171% and 124%. Open positions are up 159%, 75%, and 71%. Don't let gains like this slip away. Get your first trade now.

3. OPEC: 'Absolutely No Supply Shortage'

Today, OPEC's acting secretary general Mohammed Barkindo told a joint OPEC-International Energy Agency workshop that there is absolutely no shortage of oil supply but that geopolitical problems are a major hindrance.

"We feel that the governments of both the producing and consuming countries must do more to ease these political tensions. It is clear that prices will not fall until these anxieties abate," Barkindo told the workshop, according to the Associated Press.

The OPEC official made assurances that oil production was up 4.5 million barrels a day since 2002 and global oil stocks had hit five-year highs this year.

"The market determines the oil price, and if the fundamentals are in balance, then one has to look elsewhere as to why prices are being inflated," he said. "Remove the impediment of geopolitical concerns, tensions, and the resulting speculation and the oil price will find its rightful place in the market."

Currently, factors like war and terrorism in places like Iraq and Nigeria are adding $15 to the price of each barrel of oil.

"Determining predictability of supply and demand is essential for taking the industry forward in an orderly and structured fashion," said Barkindo.

Editor's Note:

• In April 2004, Financial Intelligence Report predicted that oil prices would skyrocket from $29 per barrel to over $60 within 12 months. That forecast was dead-on. Find out what FIR thinks oil will do over the next 12 months. Go here now.

4. Stock Rally as Tres. Sec. Says Inflation Contained

After U.S. Treasury Secretary John Snow said in an interview that inflation is well contained, "S&P 500 futures rose 6.10 points to 1,269.20 and Nasdaq 100 futures improved 9.00 points to 1,603.75," according to a report from MarketWatch. Meanwhile, the Dow inched up to 11,185.

The secretary told CNBC that he believed inflation and accompanying expectations to be well contained, as central bank governors have a much better grasp of inflation.

"The head of the Fed's St. Louis bank, William Poole, on Thursday said Fed fund futures weren't 'misaligned' in predicting a 50-50 chance of a June rate hike," according to the report.

Editor's Note:

• Inflation is even higher than the government reports. To read more about the government's manipulation of inflation data, check out our report, "The Inflation Lie." Go here now.

Editor's Notes:

• Sir John Templeton first warned housing prices could crash 50%. Find out what he said and learn how to protect yourself and even profit from the coming storm. Go here now.

• Wilkinson's Hedge Fund Investing recently bagged profits of 171% and 124%. Open positions are up 159%, 75%, and 71%. Don't let gains like this slip away. Get your first trade now.

• In April 2004, Financial Intelligence Report predicted that oil prices would skyrocket from $29 per barrel to over $60 within 12 months. That forecast was dead-on. Find out what FIR thinks oil will do over the next 12 months. Go here now.

• Inflation is even higher than the government reports. To read more about the government's manipulation of inflation data, check out our report, "The Inflation Lie." Go here now.

• Silent infections and "sleeper germs" may be the hidden culprit behind the chronic diseases that eventually kill most of us - and our loved ones. Go here now.