This was the the worst June since the depression. Bloomberg TV mentioned that a lot! Today Dow & S&P 500 inched up, but decliners beat advancers 3-2 & NAZ got hit hard, down 22. For June, Dow dropped 1300, which should rank it as one of the worst monthly declines in history! Most popular market indicators in the first half were down around 15%. Overseas markets have also been hammered. Grrrrr!
Oil settled little changed at 140 after going over 143 earlier in the day. There were more reports indicating the economy is in a slow growth period or a full recession, take your pick. Another analyst cut bank estimates because of greater credit worries, so they got hammered once again. Most are selling at multi year lows (some are at the lowest prices in over a decade). The Alerian MLP Index was essentially even, at 279 but still below it's recent sideways trading range. CNBC has some investment ideas for H2, maybe that will help. I don't know!
Larger, macro kind of problems persist. Oil, housing & the credit crunch are each a mess with no quick fixes. A huge problem for oil is that higher prices is not bringing more supply & none can be seen over the near term. Meanwhile, demand is a growing as conservation measures are doing little to cut demand in the short term. Credit problems will continue and the oversupply of housing is not going away. This is a time to hunker down & look for investments with higher yields to help make the waiting period go a little easier.
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