Thursday Market Thoughts

With oil and Libya in the headlines, it's easy to dismiss some of the other economic news coming out. After all, the market is always subject to short-term headline risk, but over the longer term, it's the economic data that matters.

Today was a mixed picture. We had jobless claims drop, which was a good thing. We had new home sales drop, which was a bad thing. Although, to be honest, it is winter. Not exactly smack dab in the middle of home buying season.

Just saying.

But data is data, and as we cruise into the final days of February the economy is melting the snowbanks, if you know what I mean. The economy is growing slowly. Status quo.

And back to the headline risk, the whole oil thing is a real problem. I don't want to beat on this drum 24x7, but when folks are paying close to $4 a gallon, it means that there is less money left over to spend on other things. That's part of the reason we had a second bear market the past decade.

Tomorrow brings protests in Saudi Arabia. Fantastic. More turmoil from where we get oil.

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Speaking of turmoil, we have celebrity issues from Charlie Sheen (not pictured) to Lindsay Lohan. While the stock market could care less, it is sad to watch these once promising talents circle the drain.

And... snow in Sacramento this weekend?