A Rough Summer Begins

The week got off to a rocky start.  Credit worries once again permeated the market atmosphere and the result was not good.  Although stocks managed to pare their losses late in the session the day was a downer. I wonder about all the bullish outlooks that are out there and for the life of me can’t agree.  There are so many hurdles for this market to overcome it all but seems impossible.  Oil remains a big problem.  Inflation is more than a nuisance; it’s becoming a menace.  The housing market is still in the toilet. And to top it all off the next president of the United States will likely be Barack Obama who has stated his intention to raise the capital gains tax rate. Truly if any stock market observer can with a straight face portend to be bullish they are practicing extreme self-delusion. I thought it would be a rough summer and we saw the beginning of it yesterday.

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