Despite the ongoing doom and gloom, a slight glimmer of hope.  Gas prices have actually dropped just in time for travelers to take those last minute summer vacations.  (Of course, $3.90/gallon is still far from affordable.) While oil prices “threaten” to continue their downward spiral, news out of Nigeria and Iran prevented the decline from continuing (at least this week). Investors took their cues from some weaker than expected economic releases and, despite some significant daily volatility, equity indexes ended the week not that far from where they began.  The Fed gets together again next week to set policy, though most analysts expect far more talk than substance.  And as for earnings season, does anyone really care at this point? 

Coming up in this week:  Personal Spending/Income (Monday), Factory Orders (Monday), ISM - Services (Wednesday), Fed Policy Meeting statement (Wednesday)

Attached/linked please find And That’s The Week That Was, the Brounes & Associates market/economic commentary for the week ended August 1, 2008.

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