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Financial Market Review For The Week Of August 29, 2011
post Aug 29 2011, 11:16 PM
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The Financials Review
For the week of August 29, 2011

By Frank LaMantia

The East Coast did take a wallop this weekend but the exchanges are expected to run on regular schedule. Dick Grasso was on CNBC this weekend and mentioned that the electronic portions of the exchanges are working. He said commuters might have issues but the markets should have no issues opening. Estimates on Irene's path of destruction could be close to $2 billion. I have to say, I disagree and think the estimates are too low.

Consumer spending rose 0.8% in July which is the biggest increase in over 5 months. This could give the market a bullish lift as fears of a recession start to ease. Over 70% of spending is done from the consumer which spawns economic activity. The increase was due to purchases of durable goods such as automobiles and appliances.

What is the market hoping for? The market wants to see more bond buy backs from the Fed or as the financial world knows it, quantitative easing. Ok, yes this would artificially help the economy but, will it help get rid of the other issues? No, debt is still an issue overseas, housing still stinks, and job are not being created. This could be a short lived rally.

Could the dollar go up if gold keeps selling off? It is a possibility and something that should be watched. Some economists think the $1,600 mark on gold is the area where US dollar buying might take place.

**chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.

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