Attached/linked please find And That’s The Week That Was, the Brounes & Associates market/economic commentary for the week ended May 30, 2008. Aha.those oil prices may, in fact, be inflated!!!  Leave it to the Commodity Futures Trading Commission to get to the bottom of this speculation mess (after a long drawn out and expensive investigation, of course).  Then again, oil export data released during the week confirmed that the supply/demand issues are very real.  So, the debate continues (and unfortunately gas prices moved even more into unchartered territory).  With oil prices falling from their recent record highs, equity investors returned from the long Memorial Day holiday and searched out some bargains that may have emerged over the past few weeks.   Bonds took it on the chin as inflation suddenly became a greater fear than recession (and inflation is bad for bondholders).  A upwardly revised GDP release brought a collective sign of relief for some economists, though next week’s hectic economic calendar  an shift that sentiment in a heartbeat.  Any news to report from the CFTC? 

Coming up in the week ahead:  Construction Spending (Monday), ISM - Manu (Tuesday), ISM - Services (Wednesday), Unemployment Rate (Friday), Non-farm Payroll Additions (Friday)

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