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What To Expect For the Week Of 8-4-2008

Let’s start with what I expected last week. Out of the five companies that I spoke of, I was two for five. One can never tell what’s going to happen, this is why I took a lot of the table early this past week. I do have to say that I was pretty much on the mark when I said that the market itself would be basically flat. The DOW started at 11,371 and finished at 11,326, NASDAQ was down 3 points for the week and S&P 500 gained 5 points. Jim Cramer stated this week that the bottom is here. Well we’ll have to wait and see.

The week ahead doesn’t look like it will be anything good. It’s the first business day of the month so we’ll get a few monthly reports (personal income, personal spending and factory orders). The price of oil moved upward late last week and with crude inventories coming out on Wednesday, I believe we’ll have the price back over $130 by the end of the week. Last week Congress decided it was more important to vote on vacation than it was to vote on possible drilling in the United states. In turn that might give the alternative energy stocks a little boost. This past week news came out that Americans drove 9.6 million miles less in May 2008 compared to May 2007. I do expect the inventory to be lower than the street wants to see.

The Federal Reserve will be meeting this week and the consensus is that they will not change the rate. keeping it at 2% for the time being.

I’m going to sit on the sidelines for this week and see where the chips may fall. I see the markets being lower at the end on the week. Keep an eye on the alternative energy sector. As for the financials, it will be too volatile to feel safe in for any length.

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