The market selling off yet again. Normally, I'd expect Friday to move in the opposite direction of the weekly trend. But watching The Oil Channel (CNBC), there seems to be a sense that the Sell in May effect is going on, and investors would rather be on vacation. Who can blame them? The market has given back a lot this week.
I think this week's catalyst had to be the FOMC comments on negative GDP for the first half of 2008, even though we didn't even have in the first quarter, and their comments on the threat of inflation, also nowhere in the numbers. At this time, I expect the market rally to continue once everyone realizes that the Fed is wrong and that 2nd half 2008 and then 2009's growth will be stronger.
Pass me a mint julep and some rose-colored sunglasses!
That's Los Angeles Laker girl Vivian!