It looks like we will start post Labor Day trading with a bounce. The market seems to be taking heart from lower oil and gas prices as a result of crude coming out of the SPR and products coming from IEA reserves. Also progress is finally being made in Louisiana. So the glass is half full at the moment.
The volatility in perception will continue for the next several months at least. The data will be lousy, but if you wish to view the glass as half full you can ignore it as temporary, due to Katrina. The bears will view it more ominoulsy of course, as undermining the fabric of economic growth. I continue to lean toward the bears and view this shock as one pushing and economy that was already slowing toward stall speed and a recession next year.
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