Wednesday, June 27, 2007
All is Woe
The SPX gave up 4.85 points to finish on 1,492.89 yesterday. We are in the green.
Subprime issues and general economic malaise still hangs over the markets.
Consumer confidence fell to a 10-month low in June as measured by the Conference Board. This index fell to 103.9 during the month of June from 108.5 in May. Inflation expectations remain high for the next 12-months at 5.4 percent, which will be a concern for the Fed. Bond yields initially fell on today’s economic data, but ultimately ended with a gain of 23 basis points to 5.101 percent.
Even a $1.41 drop in oil prices to close at $67.77 couldn't brighten the move.
The Fed meet today and tomorrow to discuss interest rates and whatever they say on interest rates will likely affect the markets.
Today we also see data on durable goods orders and this could influence interest rates.
Until next time.
Subprime issues and general economic malaise still hangs over the markets.
Consumer confidence fell to a 10-month low in June as measured by the Conference Board. This index fell to 103.9 during the month of June from 108.5 in May. Inflation expectations remain high for the next 12-months at 5.4 percent, which will be a concern for the Fed. Bond yields initially fell on today’s economic data, but ultimately ended with a gain of 23 basis points to 5.101 percent.
Even a $1.41 drop in oil prices to close at $67.77 couldn't brighten the move.
The Fed meet today and tomorrow to discuss interest rates and whatever they say on interest rates will likely affect the markets.
Today we also see data on durable goods orders and this could influence interest rates.
Until next time.
# posted by Paul @ 4:47 AM 
