Wednesday's rally on FedEx earnings, FedEx being a bellwether, was quickly reversed on Thursday's, weaker leading indicators. I think by now everyone agrees the economy is going to slow, and the market is fighting about how much, how soon. Today, the takeover of Kerr-McGee, helping energy stocks of course, was offset by earnings warning of City National Bank blaming the yield curve. So the market overall is kind of sideways.
Next week doesn't look that great either, with new and existing home sales probably showing weakness, potential earnings warnings, the Fed raising rates with the potential for more hawkish rhetoric and the consumer sentiment indexes being a toss up. We will see if month end window dressing can save the day.
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