Just what we need (NOT) – higher oil prices. The jump in oil prices in the last week is one more dagger in the consumer heart. More than one commenter on this site has noted that if you want to know where the economy is going just watch energy prices. With oil prices up 10% in the last week the ‘have nots’ will be harmed more than the rest of us as gasoline prices will move quickly to match the higher crude prices. It will be interesting to see where this goes as the summer driving season arrives.
Last night I posted in the ‘headlines of interest’ new statistics on bankruptcy filings in March–I don’t think the absolute numbers are that huge, but they are way up in the last year. No surprise here – when the free money stops flowing from the government there is certainly some percentage of folks (and companies) that will go belly up. This will be interesting to watch over the next number of months as we inch toward the so-called recession ahead (when?).
Well markets are pretty quiet again today–equities up slightly with interest rates up a couple of basis points with the 10 year treasury yield at 3.46%. Seems like there isn’t current news to move markets–and the big news of the week is the employment report on Friday–and markets will be closed Friday for Good Friday.
Last Friday I started setting up Good Til Canceled orders on many issues–all which would be additive to some of my current positions–I will try to get a detailed list out yet today of what I am doing and why. Needless to say I am looking for ‘sales’—with CDs still available in the 5% area I need to be paid for ‘risk’ so my buy prices are at ‘sales’ levels.
Well let’s get this day rolling and see what the markets bring to us.