Another quiet week for the markets, and here’s the round up of what happened this week.
- The public has gone LinkedIn crazy. LinkedIn is now at $93.09. People are screaming tech bubble 2.0 once again. At least the LinkedIn people are now amongst the super rich. This should help the Californian government with some additional tax revenue.
- Oil prices are down. But we never know when it’s going back up to $120 (crazy fluctuations this year).
- Initial Jobless Claims fall to 409k from 438k (but still above 400k for 6th straight week).
- The Dow fell only 0.66% this week, S & P fell only 0.34% this week, and the NASDAQ fell only 0.89% this week. Not bad.
- International sales for Wal-Mart are still strong.
- The Philly Fed index was way worse than expected. Existing home sales were worse than expected, and initial claims were once again over 400K.
- Domonique Strauss-Kahn and his sex scandal (it seems like all the big people in the world have too much sex).
- Greece is once again having to restructure their debt (this never seems to end).
- Although the government doesn’t admit it (because how their measure CPI is wrong, they don’t include oil or food), inflation is really making consumers feel the pinch. GAP recently admitted that inflation will take a huge bite out of their profits. Wal-Mart’s recent Q2 2011 earnings report also noted that domestic sales were weak, due to consumers driving less (oil price increases). Consumers really are feeling the pinch from inflation.
- Housing starts and permits were below expectation (double dip in housing maybe?).
- IMF says that Ireland will have problems issuing new debt.
- Spain might reveal secret debt.
- Motor vehicle production falls in April due to Japanese earthquake. This was expected. Nowadays, no retailer of wholesaler or manufacturer keeps a lot of spare inventory. The Japs introduced the efficiency of just-in-time-delivery. It’s efficient all right, until an earthquake comes along and the manufacturer realizes that they have no spare inventory left.