Attached/linked please find And That’s The Week That Was, the Brounes & Associates market/economic commentary for the week ended May 16, 2008.  Is it Memorial Day yet?  We can all use a little vacation (affording it is another story).  With oil and gas prices seemingly setting new records with each passing day, the prognosticators are out in earnest, some predicting gloom, others calling for a retreat.  Earnings season is winding down and the numbers (sans financials) are not half-bad (though not half-good either). Suddenly, the daily recession talk has been replaced by inflation chatter and economists seem to be dissecting every word of the latest Fed-speak. (Imagine the over-analysis of the upcoming Fed minutes from the last policy-meeting.)   Investors have been a bit immune to the latest energy woes as they continue to bottom-fish and bargain-hunt for value in the marketplace.  (Just don’t let Goldman rain on their parades again.) 

Coming up in the week ahead:  Leading Economic Indicators (Monday), PPI (Tuesday), Fed Minutes (Wednesday), Existing Home Sales (Friday)

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