Monday began with better than expected numbers on existing home sales but was tempered by the fact that the average sales price of those homes fell. Supply is up to double what home inventories should be in a balanced market. Continuing concerns in the financial sector drove stocks to a 247 point loss in the Dow. Tuesday, the market posted a small gain on better than expected consumer confidence to close up 26 on the Dow. Wednesday, the story of the day was the much better than projected Durable Goods Orders which pushed the Dow up 90 points. Tropical storm Gustav was beginning to rattle some roofs in the Caribbean. Thursday was a 200 plus day in the Dow primarily due to an unexpectedly strong GDP number and fewer initial job claims. The week finished with some profit taking ahead of the Three day weekend. It looks like tropical storm Gustav could become a CAT 3 Hurricane and will probably test the oil refineries in the Gulf by next Tuesday. The entire week was a low volume affair. Other news; the DNC wrapped up on a strong note on Thursday with Obama delivering a solid acceptance speech in Denver. Friday saw McCain announce Alaska Governor Sarah Palin as his running mate as the GOP moves into their convention next week in Minneapolis/St. Paul. Week over week, the Dow was down 85 points, SPX down 10 and the NDX down 59.

Bookmark It

Hide Sites