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The Push and Pull

March 30, 2012 – 5:05 pm

There was not a lot of economic data released this week and the bits and pieces that did get reported, while not showing much in the way of weakness, certainly was not a confidence builder either. This morning the consumer spending report for last month showed a little more strength than expected and that gave the market a reason to move higher at the opening. Our economy is still showing signs of growth, weak though it may be.

The news from the EU is that they have increased their ability to bail out troubled countries, raising the cash available to 700 billion Euros. No one knows if that is enough but it is an effort to build confidence which for the time being seems to be working. The biggest danger at this time is coming from Spain. They are not meeting their targets in reduction of debt. And let us not forget Greece. You cannot rule out a third bailout down the road as protesters in the streets give no one any confidence.

For the U.S. we are weathering the rest of the world’s slowdown in China and Europe. The Middle East and its volatile nature is keeping oil prices high and if that boils over they will spike or if the fear fades oil will fall and that will help us, reducing prices at the pump.

There is always something for the stock market to worry about. Just do not let it control your actions.

Good Trading
Steve Peasley

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