President and Troops Celebrate With Basketball

President Barack Obama and U.S. troops celebrated the Veterans Day holiday with a twilight basketball game aboard the USS Carl Vinson(CVN 70)at Naval Base Coronado,California.The first Carrier Classic,sponsored by Quicken Loans,went off seamlessly aboard the aircraft carrier before about 7,000 Sailors,Marines and other service members and veterans.Captain Bruce O. Lindsey is Commanding Officer of the warship,which will be deployed at the end of the month.
The President said our gratitude to the troops does not stop when they take off the uniform.We make our commitment to serve you as well as you have served us.Mr.Obama seemed to be very relaxed and having a good time watching his favorite sport with our military men and women.Former NBA star Magic Johnson also attended,saying the event was a bucket list day for him.Number one-ranked North Carolina beat Michigan State 67-55.
On Wall Street,Veterans Day was marked by strong gains on light volume as Greece and Italy seemed to be ironing out some of their political problems.For the week,the Dow was up 1.42%,while the NASDAQ rose 2.04 and the S&P climbed 0.85.The S&P is up 0.49 on the year.
Next week will be influenced by any further news from Europe,as well as reports on inflation,retail sales,industrial production,housing starts and Leading Economic Indicators.The Philly Fed manufacturing survey will also be released,as will earnings reports from Home Depot,Wal-Mart,JC Penney and Sears.
On Friday evening,the S&P futures continued the rally,gaining 24.20.Gold futures added 24.40 to reach 1789 dollars an ounce.The bond market was closed for Veterans Day.
Wal-Mart(WMT),Home Depot(HD),JC Penney(JCP),Sears(SHLD)




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Jays Lose,But Canadian Powers Nats Win

The Toronto Blue Jays could not deliver a victory to fans on Canada Day,losing 7-6 as the Philidelphia Phillies came from behind to win Friday afternoon in Toronto.Canadian Matt Stairs,however,celebrated his homeland's birthday with a walk-off base hit,earning a 2-1 win for his team,the Washington Nationals,over the Pittsburgh Pirates at Nationals Park Friday evening.
Reliever Chris Resop had shut the Nats down with his fastballs in the eighth inning,but the veteran Stairs came through in the bottom of the ninth with his second RBI in a Nationals uniform.It was a nice hit,Stairs said;it was a good feeling.
Traders were having a good feeling on Friday as well,with all three major averages logging a successful week at the closing bell.The Dow rose 5.4 on the week,and the NASDAQ gained 6.2,while the broadly-based S&P added 5.6.The Jefferies-Reuters CRB Index showed a commodities loss of 0.4.
The S&P futures continued the rally,up 19.30,while bond index futures declined.
The holiday-shortened next week will test the rally with several data points,including the ISM service sector reading;factory orders;chain store sales;and the crucial employment report on Friday.

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.

The Pond Is Small

A one-track market was linked to European affairs this week,with very choppy conditions prevailing.Even so,all the major indexes were up for the week,with the Dow garnering a 2.3 rise,and the NASDAQ climbing 3.6 as the S&P notched 2.2.All the major overseas markets rose as well.Until the Eurozone debt arrangements are actually implemented,the U.S. markets are unlikely to settle down.Triple digit swings may be expected to continue,regardless of positive economic data,such as today's retail sales report showing an increase for the seventh straight month.The days of Fortress America are long over.Today there are nothing but bridges to distant territories.
In college baseball,Miami was wishing it was distant from Georgia Tech tonight.The Yellow Jackets were pounding the Hurricanes 13-1 as a rain delay stopped the 6th inning.ESPN was already talking about college football,while the S&P futures headed down 21.50 and bond futures gained.

Consumer Mixed,Transports Up

It was a week of modest achievement,with muted gains for a toppy market.The S&P was up 1.0,while the Dow rose 0.6 and the NASDAQ climbed 1.8 for the week.Consumer assessments were mixed.Retail sales were good,but consumer sentiment fell.Next week could have some significant headlines,with a vote on health care looking increasingly likely by the end of the week,and the Federal Reserve announcing its interest rate decision and releasing an explanatory statement.Rates will be held steady,but the Fed's statement could always sway the market.
The price of gas is steadily making its way up.It is expected to crest 3.00 a gallon this summer,getting as high as 3.50.That means higher prices for many goods and services.The transport stocks were strong this week,but more expensive fuel would take a toll on them eventually.With interest in basketball heating up,perhaps few will notice energy costs in the near term.
The S&P futures were up 0.70 early this evening.