(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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