So much for that rally.
It looked like the indexes were gaining ground and holding at the 8,000 level in the Dow during the last week or two.
But that all fell apart at the end of the week. One shouldn’t expect it to get any better this week, either.
There is a raft of economic data on deck and economists are pretty much expecting it all to be miserable.
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As a Sunday MarketWatch article began: “You know things are bad when the best economic news over the coming week is likely to be a report showing that consumers paid higher prices for goods and services.”
Housing, manufacturing and layoff data is expected to all be bad.
However, there may be a silver lining.
President Obama is expected mid-week to outline plans to forestall more foreclosures in the nation, which are decimating the country’s wealth and consumers’ spending power.
No doubt, economists and those who play the market will be watching this development carefully, and if enough confidence is deciphered from Obama’s words, it might not be the bloody week in the markets that it is shaping up to be.
As for me, I’m closing my eyes to it all for awhile. And I have to admit, it feels pretty good.