Happy New Year

To me, the first day back to work post-Labor day was like the start of the new business year.  The lazy days of August are gone, there is an ever so slight chill in the night air, and many traders return to Wall Street to get serious.  The days of light volume will be no more and in a short-time we will know whether the incredulous rally of this summer has any staying power.  Indeed, during the summer the market did quite well seeming to reflect an improving economy.  To be sure, some of the economic numbers are beginning to improve, but key economic sectors remain in serious trouble.  The body politic came apart during the summer, as right wing terrorists found their weapon against Obama – the pretense of caring about health care.  Town hall meetings turned into anti-Obama hate fests where just plain "made up facts" gained national prominence through constant harping by Fox News.  The strong president that I had hoped for has proven to be a shrinking violet.  Still like the guy but beginning to wonder about the maturity level.  That maturity level will be tested in the foreign affairs arena in the months ahead.  Several potential international points of contention could give the financial markets lots of aggravation in the near future. So as Americans start the new business year they should do so will low expectations. 

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