Friday, May 11, 2007

Morning Market Comment

I'm way behind today.... actually had FEMA here this morning to survey damage done here from the heavy rains last month. Our usually quiet mountain stream nearly took our driveway bridge out and caused a nice long section of property to literally sink about six feet. I have no idea what FEMA will decide, but it was interesting.

The market dodged a bullet with unchanged core inflation. Retail sales fell .2%, so the combo of a supposedly tame core PPI and weak consumer has sparked the cry that Fed will eventually cut interest rates.

I'm going to keep 1460 as a key support area in my mind and I'm still thinking 1550, or a takeout of the old highs is still possible.

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