No Austerity, full steam ahead, Faltering markets, threats to social stability, Europe struggling with PIIGS, No end in California, economic disasters in the making, an oil soaked letter in Louisiana, consumer spending is uninspiring,
Struggling and Faltering to Manage Economic Recovery
Last week the Dow fell 2.9%; S&P 3.6%; the Russell 2000 3.3% and the Nasdaq 100 fell 3.9%. These numbers should make for a lower opening on Monday. Banks fell 1.7%; broker/dealers 2.2%; cyclicals 3.5%; transports 4.3%; consumers 4.1%; utilities 4.3%; high tech 4.6%; semis 5.2%; Internets 4.2% and biotechs 1.7%. Gold was unchanged; the HUI fell 0.2% and the USDX fell 0.4% to 85.32.
