It was a big week of market, economic and policy news, and none of it too positive. Here is quick summary:
– New foreclosure relief programs to help troubled homeowners announced – a few billion. ( $3 ?)
– Cash strapped states to get billions of federal funding.( $26 ?)
– Employment numbers not good.
– HUGE negative trade balance numbers.
Quote from David Rosenburg to finish up….
“The best way to describe the financial backdrop is that it is truly a meat-grinder market. The S&P 500 was at 1,090 back on October 14, 2009. It’s at 1,090 today. That means 208 trading days of doing nothing. Nada. While I am sure there were gems beneath the surface, we are talking about an entire asset class here — you were better off clipping coupons for the past nine months.”
Sorry, not very perky. On a brighter note our peach crop is looking mighty nice so I thought I would include a photo from our orchard. (ABOVE) We are leaving BC and our beautiful orchard tomorrow to head back to the states to get geared up for school. Summer has gone by way to fast. Best wishes to all…