The stock market tumbled. The stock market rebounded.  Oil prices soared. Oil prices plunged.  The excessive volatility could only mean one thing.  The summer is winding down and traders are on vacation.  When volume is light, price movements in many major markets tend to be exaggerated based on the moods of those unfortunate folks who happen to be working (and guess what kind of mood they are in when their buddies are in the Hamptons or even Beijing).  In any case, the pessimists emerged early on poor inflation numbers and new scares about Freddie and Fannie.  By week’s end, Bernanke eased some fears and Lehman rumors brought some joy back to financials. Hope that R&R was worth it. 

Read more in the  attached/linked please find And That’s The Week That Was, the Brounes & Associates market/economic commentary for the week ended August 22, 2008.

Coming up this week:
  Existing Home Sales (Yesterday), Consumer Confidence (Tuesday), New Home Sales (Tuesday), Fed Meeting Minutes (Tuesday), GDP - 2nd Quarter (Thursday), Personal Income/Spending (Friday)

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