Monday, April 29, 2013

Economic Journal - Monday, 4/29/2013

(As of 7:07 am PST)
 
Consumer spending was weak in March, but slightly ahead of expectations.  There is no question that the sequester, the automatic budget cuts that took effect on March 1st, has had an effect with economic reports coming in very soft over the last couple of weeks.  Still, there is some growth showing.  Asia and Europe look very stable.  The markets opened with a positive push, but have given up some of the gain as the session has progressed.  Gold is up 1% and oil is up moderately as well.  The US dollar is down against all other currencies.  Expect selling pressure as the week wears on.  The ‘sell in May and go away’ effect, an anomaly that speaks to the retail investor and belief that market returns subside during the May to October time frame, might result in mild market declines.

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