Wednesday, July 16, 2008
yea, it's been a lock day. Most of the market news making the DOW shooting up was based not on companies reporting record profit, but rather loosing less than expected. I am a big fan of finding the silver lining in mushroom cloud that has been the market lately, and it seems that the rest of the market is taking the same approach today. Big Ben is on the hill again today making sure that everyone knows Freddie and Fannie are not going to fail or be taken over by the government. Also making the news today is crude inventories rose 3 million barrels for the week when they were expected to drop 3 million. A good sign that society as a whole may have hit the breaking point when it comes to fuel prices. These factors have caused a selling spree in not only oil, but bonds and even precious metals even though the consumer prices rose drastically last month. With the mixed news, don't be surprised on a selloff late in the day. If your clients are still floating today, it may be best to wait and see if the market turns and bonds improve.
Karl Menzer
435-849-0212
