Weak week!!

This was a weak week, maybe it wasn't so bad being the first week in 3 when the Dow didn't decline more than 500 (due to a shortened time frame?). Today Dow was up 73 but I don't know how since there were only 2 (CVX & UTX) with gains of more than 1. Decliners led advancers 2-1, NAZ declined 6 while S&P 500 only gained 1 to 1263 (staying below the important 1270). Even with low volume, there were 500 new lows on NYSE. Oil was pushing 146, slipping back to the 145s at present. After the ECB raised its rate 25 basis points, it signalled not to hold your breath for the next rate hike. The Euro remains at a hefty $1.57.

Next week, the first 2 Dow stocks release earnings. Earnings for non-financials are expected to be OK, but guidance going forward will grab most of the attention. The same theme should continue: overseas business is strong while domestic is weak producing a cautious outlook for the balance of the year. I like banks, some interesting thoughts about problems they face. Overseas markets will generally be open on July 4 if you want to peak. Otherwise, have a good holiday!