The Week That Was---7/9 to 7/13/07
THE MARKET
Down on Tuesday, up on Thursday, and quiet on Friday. Two strong weeks in a row! (Yes, there are those who are worried.)
OIL
Crude oil hit $73.93 a barrel---the highest in 11 months. North Sea oil and gas production will be reduced for several weeks because a ship's anchor damaged a pipeline in the North Sea.
Gasoline prices are still okay because of refinery restarts and the reasonable supplies on-hand.
CONSUMER SPENDING (that keeps the economy going)
June sales had the largest monthly decline (0.9%) since August 2005. Overall retail sales rose only 3.8% for the year---June to June. It is believed that consumer spending is slowing. (Maybe we are too busy keeping cool, traveling, gardening, and looking after kids to go shopping. Nordstrom's preseason sale begins this Friday. We will see whether I add to the retail market revenues.)
Despite the retail decline, according to the University of Michigan-Reuters consumer sentiment index, consumers are the happiest they have been since January. (Yes, media people, we are optimistic about current and future conditions---at least I am and the others that responded to the survey.)
10:09:29 PM 
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