Another inflationary number in consumer spending and personal income is leading the market futures to nudge higher. Repeat, inflationary numbers. Today is the last day of "Window Dressing" but most of that action was concluded yesterday to avoid SEC scrutiny. Today will be interesting as oil continues to edge higher towards $67 on the news of British sailor's aired confessions by Iran. Look for this situation to escalate before calming down. As I said yesterday, Iran has no real vested interest in seeing this crisis cool down as the price of oil has jumped dramatically since this crisis and Iran benefits.
I am looking for continued weakness in the housing market and mortgage market as more "noise" is filtering down to ALT-A loans as not being "prime" and in the same catagory as subprime.
Good luck everyone and please be careful.
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