Today’s News and The Market
June 29, 2009 – 9:16 am
Today Bernie Madoff is being sentenced for stealing billions of dollars in the world’s largest Ponzi scheme that he ran for years. He should never leave prison for his crime and truth be told that might be the safest place for him as there may well be a few people he ruined who might take matters in their own hands.
The financial news media apparently have little to report as they focused all morning on the sentencing of Madoff. To be honest there is not a lot of important news items out this morning. Later in the week we have the greatly anticipated labor report for May. Job losses are on everyone’s mind and that report will be released on Thursday. The unemployment rate is estimated to rise to 9.6% from 9.4% nationwide. In California it is already well over 10%.
The stock market seems to be taking a breather from its torrid pace since March but at the same time it is not falling but rather moving sideways for the last month.
That might be an indication of consolidation before the next leg up. Of course this assumes continued improvement in the economy even if it is very slight.
Good Trading
Steve Peasley
