Friday, March 11, 2011

Market comments for March 11th

Much news in the world today. There is the big 8.9 magnitude earthquake in Japan with a Tsunami following. There is the trouble in Libya, the unrest still in Egypt, and new protests in Saudi Arabia. But if that isn't enough, the Michigan Sentiment for March came in at only 68.2, while expectations were for a 78.0 reading. That is a huge drop and most likely based upon the recent rise in Oil prices because of the trouble in Libya and Egypt. The prior reading was a 77.5 reading. The reading today was the lowest since Oct. 2010. See the chart below.

The market is meandering today after the big sell-off yesterday. It has been both down and up today but the total range is about 94 points today for the Dow. It does not change my view that we are headed lower next week.

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