The Week That Was---6/25/07
THE MARKET
Monday and Tuesday stocks started the day higher but lost it by the end of the day. Wednesday was a bullish market day. However, what goes up, came down by Thursday's market close and continued down on Friday. All in all, the major indexes ended the month lower. (Okay, so it was a somewhat down month, at least in general. Some of my stocks were up and some were down.) On the other hand, the Dow 30 was up 8.5% for the 2nd quarter that ended Friday---April, May, June. (I keep expecting the late spring/summer down market doldrums. It's hard to keep going and not pull out and sit on the sidelines. Yet, my stocks are doing what they are supposed to do and market timing is not a proven way to go.)
THE ECONOMY
The Fed was happy with the state of inflation. No talk of raising interest rates. Their statements included that the core inflation has "improved modestly" and "moderate" economic growth should continue despite "adjustment" in the housing market.
As for the housing market----new and existing home sales fell which drove up inventories. (One of these days it may be a buyers market.) Consumer spending is slowing (I didn't go shopping this week---too busy.) and durable goods orders were down a bit.
OIL
Crude oil back up to $70---not yet as high as last August. (We filled the tank at $2.97 a gallon and drove 3 hours to Seward for supper at Ray's and 3 hours back. It was a perfectly beautiful Alaskan summer afternoon and evening.)
FOLLOW-UP
Last week the NYSE and the London Stock Exchange were bidding against each other for the Italian stock exchange. Well, the London Stock Exchange won out at $2.2 billion.
10:40:08 PM 
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