Don Fails To Satisfy Texas

The residents of south Texas had seen Tropical Storm Don as the hope of their drought-stricken lives;at least initially,it was nothing of the sort.By the time Don reached the Gulf coast,it had been downgraded to a tropical depression.Don seemed to be too weak to significantly penetrate the dry air mass that has been parked there.Scattered showers brought less than an inch of rain to some Texas locations,but the rainfall deficit is on the order of 17 inches.
It is the worst drought in the recorded history of Texas.Agricultural losses from it will inevitably hit consumers in the pocketbook with headline inflation.
Wall Street was disappointed in a Congress that failed to deliver an end to the sovereign debt crisis.In consequence,it had the worst week of the year.The Dow dropped 4.24,and the S&P lost 3.92 as the NASDAQ followed them down 3.58.A dry GDP report didn't help.The nation's economy grew at a worse than expected 1.3% in Q2.That's not enough to create jobs.
The Jefferies/Reuters CRB commodities index fell 0.8 on Friday.Oil was down to 95.70 a barrel,but gold notched a record 1621.20 an ounce in the uncertain economic environment.
The Washington Nationals couldn't create victory,losing their sixth in a row to the New York Mets 8-5 at Nationals Park.The Mets' Jason Bay went 2-4 with a run and RBI to his credit.Reliever Jason Isringhausen,38,successfully closed the game out for the Mets,with whom he started his long major league career in 1995.
Next week sees the release of the critical July employment report.The S&P futures weren't looking forward to it,losing a further 8.40.The longer maturity bond index futures rose.

Tiger Woods Rights Ship

On one of the world's most difficult golf courses,Tiger Woods is beginning to show consistency again.For the second day,he finished at one under par at Whistling Straits in Wisconsin,where the year's last Major,the PGA Championship,is being played this weekend.Despite missing the fairway repeatedly in his twilight-shortened effort,which he will resume early tomorrow morning before going on to the third round provided he makes the +1 cut,Woods steadfastly chipped his way back from the roughs.That was a far cry from his lackadaisical performance at the Bridgestone Invitational in Ohio last weekend.There is definitely more focus in his game so far this tournament.
Another winner of multiple championships,including the PGA also at Whistling Straits in 2004,Vijay Singh of Fiji,thrilled the fans with an eagle shot into the 6th hole,closing his own shortened round at -2.Americans Matt Kuchar and Nick Watney topped the leaderboard at -8 and -7 respectively with their completed second rounds,which they had begun earlier in the day than Woods and Singh.
The New York Mets were grazing the Philadelphia Phillies 1-0 in the seventh inning at Citi Field in Queens.
For the week,the market was moderately down,and the futures continued the trend this evening with single digit losses.Retail sales came in at a disappointing +0.2 ex-autos,and weekly jobless claims rose sharply,crimping the market's ambitions for this week.Next week,housing starts and earnings reports from Lowe's and Home Depot figure prominently in the economic calendar.

Golf Is Normal Again

The Masters is on,drawing viewers into its tranquil intensity,which is the genius of golf broadcasts.Tiger Woods is there,but he's taken up where he left off.The girl stories have faded into the background already.It's almost as if they happened to someone else in some other sport.They just don't seem to matter much anymore,unless you're the National Enquirer.
Wall Street has also been tranquil this week.The Dow rose 0.6,while the S&P moved up 1.4 and the NASDAQ led the field with a 2.1.It was the sixth straight week of moderately higher performance.It has become a near-perfect market.Today's volume was very light,though,at less than a billion shares.That is a flaw.The lack of conviction persists-a reminder that just over a year ago we had hit rock bottom,a fall for the ages.
It's hard to have conviction when there are still so many foreclosures and small businesses can't get the loans they need.Those headwinds may be breezes,but they're still there.
The S&P futures were up 8.9 early this evening.Treasury futures were up as well.Mets fans were freezing at Citi Field as the Mets led the Washington Nationals.