not a bad week after all

dog days of summer continue - although you wouldn't know it by looking at the Dow which crested 9K this week for the first time in a long while. In a further sign of complacency, the VIX continues to make lower lows. Oil is up, as is tech with BIDU having a huge day. Financials had a rough day but overall had a good week as well. In the politico arena, health care dominates the current headlines as the dems fight to get their piece of legislation passed.

Happy Friday.

DJIA 9,093.24 +23.95

NASDAQ 1,965.96 -7.64

SP500 979.26 +2.97

the spiral

Missed 2 consecutive Fridays due to vacations/out of town/travel. Last week the markets were closed in observance of Independence Day. Busy time of year when the summer months hit and the markets are quiet.

The gentle downward drift of the markets continues; a slow bleed off the highs of just several weeks ago. Finally reality is setting in and the realization that the economy is in the toilet and will be in the toilet for the foreseeable future is too strong a fact to continue to ignore in the markets.

Technically the markets are reaching a bit of support/consolidation so it remain to be seen whether that will hold and cause a rebound or if we continue south with lower pricing going forward.

Happy Friday.

DJIA 8,146.52 -36.65

NASDAQ 1,756.03 +3.48

SP500 879.13 -3.55