05 Jun 2009

Posted at 15:35h in The Friday Brief by
It can be argued that since September of 2008 the stock market has experienced two distinct bear markets; one starting in September 2008 and one starting February 10th 2009. It could also be argued that three-month 40% rally we now enjoy eliminates the second bear market leaving only the first to battle.  

27 Feb 2009

Posted at 14:09h in The Friday Brief by
Mr. Obama’s budget is out and the message for investors is as clear as any missive from Washington in a long time. Get the defense on the field and keep ‘em all well watered. . . they may be out there for a while!

30 Jan 2009

Posted at 14:48h in The Friday Brief by
There’s an old market axiom that says as goes January, so goes the market. As this one draws to a close we find the S&P 500 down 7.5% as the economy’s descent continues. According to Commerce this morning, the economy contracted at a 3.8% annualized rate in the fourth quarter. If the inventory buildup which occurred in the fourth quarter is excluded, the economy actually contracted 5.1%, the worst in 28 years. As reported, it is the worst since 1982. The economy shrank at a 0.5% annual rate from July through September. The back-to-back contraction is the first since 1991. For all of 2008, the economy expanded 1.3% helped by exports and government tax rebates in the first half of the year. The GDP report is the first for the quarter and will be revised in February and March as more information becomes available.

23 Jan 2004

Posted at 16:18h in The Friday Brief by
This holiday-shortened week has been a busy one for corporate earnings reports and management comments.  The World Economic Forum inDavos,Switzerlandhas also been a major focus of investors.  Almost without exception the numbers have been exceptionally positive, but the ever-present cautionary tone kept market enthusiasm in check.