Okay, its Easter, and I know many readers have other things to do — but since this was such a topsy turvy week, with so much going on, I thought we needed to do at least post an abbreviated linkfest:
Day by day, the week gave credence to the belief that markets have no memory: Down 150 most of Monday, only to close up 21, then up 420 on Tuesday, off nearly 293 on Wednesday, and finally tacking on 261 on Thursday!
The gains were due primarily in belief that the Fed has the credit crisis under control, as interest rates came down, and commodities prices finally cracked.
Indeed, the Commodities were at the back of the pack this month, free-falling 8.6%, as Gold tumbled 7.9%, and Oil plummeted 6.3%.
Somewhat surprisingly, the European and Emerging market stocks got hit also, falling 2.4 and 4.3% respectively. In the US, the gainers were Nasdaq (+2.1%), Russell2000 (+2.8%), S&P500 (+3.2%), and Dow Industrials (+3.4%). The big winner were REIT stocks, up 7.9%.
In the coming week, we Existing Home Sales on Monday, followed by Durable Goods Orders and New Home Sales on Wednesday. Thursday brings the final Q4 2007 GDP, which now seems like it was years ago. On Friday, we get Personal Income and Outlays, and Consumer Sentiment.
Category: Financial Press
Interesting interview with Dick Bove, the Punk Ziegel analysts who has been so dead right about the banks and brokers this past year.
Richard Bove, an analyst at Punk Ziegel & Co.,
talks with Bloomberg’s Carol Massar and Julie Hyman about the outlook for
financial markets, brokerage and bank earnings, and the possibility that Bear
Stearns Cos. shareholder Joseph Lewis may push the company to consider
alternatives to the $339 million buyout offer from JPMorgan Chase & Co.
Since its the last day of the trading week, how about a little humor from down under?
Clarke and Dawe: the comic duo you can bank on
Australian Broadcasting Corporation