And That’s The Week That Was: 10.19.07

October 22, 2007 |

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Attached/linked please find And That’s The Week That Was…the Brounes & Associates market/economic commentary for the week ended October 19, 2007.  First the good news…at least the Dow didn’t plummet 23% today (like it did 20 years ago).  And now the bad news…366 points and a 2.6% decline ain’t nothing to sneeze about (especially on the fifth straight down market day of the week).  With oil prices climbing through the proverbial roof (for no real reason…besides ongoing turmoil in and around Iraq), investors needed something positive to sink their teeth into.  Unfortunately some weak (though expected) earnings reports by financial services companies (and others) sent them looking for the safe-haven of the treasury markets.  Dr. B. and Treasury Secretary Hank confirmed that housing won’t be improving anytime soon.  Oh well…in 1987, the Dow close at 1,738.74…today it stands at 13,522.  (How’s that for a bright side?) 

Coming up in the week ahead:  Existing Home Sales (Wednesday), New Home Sales (Thursday)

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