The Market On Thursday

Good morning. It is 68 degrees, cloudy, and on the verge of raining here in Upstate NY. The weather report also has the lightning logo, kaboom. It was an uneventful morning walk not that it ever is eventful. I saw more walkers than joggers this time. I like seeing couples and groups out walking. Its a good thing.

At 8:15 a.m. futures are moderately down, the dollar is up, and oil is down.

In a word the market will sink today, unless, somebody help me out here...

Bernanke laid it out in raw terms yesterday. The economy is slowing again and the recovery is not really taking hold well. Investors are stock shy and ready to sell.

Is there a silver lining? In July second quarter reports will be coming out and that will be the tangible tale of the tape. I will not be surprised to read of record oil profits - just saying.

Adding kindling to the fire, today we also get reports on new homes sales and weekly first time unemployment benefit claims. This could get messy.

CNN: Stocks: Deflated after Fed

...the Fed issued a dour assessment of the economy but gave no indication that any additional stimulus measures are in the works.


In a widely expected move, the Fed held its benchmark interest rate near zero percent, saying the economic recovery has been weaker than expected.


Oil for August delivery slipped $2.51, or 2.6%, to $92.90 a barrel.