Markets start new quarter down

Markets continue in a negative mood. Dow is down 53, decliners over advancers 2-1 & NAZ is down 14. Overseas markets sold off on their first day of trading in the new quarter & it looks like the US may continue. Oil can be counted on for more stores. Oil approached 143 on more tensions from the Mideast. Fundamentals remain sour for oil with no new supply & plenty of demand. Construction spending fell 0.4% in May, the 25th decline in the last 26 months. Lehman (LEH) is down 10% this week as it tries to reassure investors they are in good shape & will not need a bail-out. Banks rallied a little from being GREATLY oversold! The Alerian MLP index has a slight negative slope this year & has been weak in recent weeks along with about everything else. They may have to test this year's lows in the 260s again.

New quarter with old economic problems

Economic times continue tough in the new qtr. This is a holiday shortened week ending with a ½ day on Thurs. Just before markets close here, the European Central Bank is expected to finally raise rates to help curb inflation. Meanwhile trading here should be limited but probably will have a negative tone if buyers remain on holiday.