Thursday, August 07, 2008

Market Flight

  • Brett Favre (not pictured) traded to ... the New York Jets!  Poor guy.  But I think Jets cheerleader (flight girl) Kate is happy about that.
  • Opening weekend, Sept 7th, Brett Favre and the NY Jets travel to Miami to play the Mighty Mighty Dolphins. 
  • And you know the Miami rules... You have to pound a beer everytime the Dolphins PUNT.   (Because if you wait for them to score, you may never ever get a beer...)
  • Meanwhile, the market had a big late-day fade today.  One of the earlier Yahoo Finance reports called it "a pessimistic day of trade."  End of day report says that New unemployment benefit claims climbed to a six year high, AIG posted its third consecutive loss quarterly loss, crude oil prices rose and retailers reported disappointing July same-store sales. In turn, the stock market posted a steep loss on Thursday, with all ten sectors posting ended the day in negative territory.
  • Maybe it's just that we're seeing another quarterback hero leave his team that set the melancholy pace.  Maybe it's the realization that no matter how oil prices go, there is significant resistance by the US Congress to even bother coming up with a well-thought out energy plan.
  • As oil goes, so goes stocks.  So goes the economy.  Higher oil prices are a big tax on you, me and the companies we deal with on a daily basis.  Without an energy plan that reduces our future demand on fossil fuels, it seems likely that energy prices will continue to trend higher.  Even if we inflate our tires to the proper level.

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