Just got back from kayaking. The advantage of heading out earlier in the day is that there isn't much wind. The downside is that the Sun is beating down on your head. But it was great out, not too hot, and very peaceful. I love summer!
- The market continued to disappoint after Tuesday's follow-through day. I'm not sure how many of those days we've had since the bear market started, but certainly enough head fakes to make us all dizzy.
- Even Larry Kudlow on CNBC, a notorious economic Pollyanna, says the country is in a "mild recession." "There's no way around it," he said.
- Yahoo Finance makes the link between oil and stocks, as if any other economic news is on the back burner.
Crude oil prices continued the recent trend of volatile swings. Prices climbed as much as 3.6% on reports that Israel's prime minister said that Iran is close to a major breakthrough in its nuclear weapons program. Prices eased off their highs, however, to settle with a 0.8% gain at $125.09. The stock market's worst level of the session, a loss of 1.0%, corresponded with the session high for oil prices.
- Now, even Barack Obama wants to drill for oil offshore. "If, in order to get that passed, we have to compromise in terms of a careful, well thought-out drilling strategy that was carefully circumscribed to avoid significant environmental damage — I don't want to be so rigid that we can't get something done."
- TGIF!
