It’s been a wild week on Wall Street as an avalanche of information arrived in force — and not much of it was good. Consumer confidence plummeted, the ISM manufacturing report missed by a mile, and the employment data flunked flank this morning, adding the fewest workers in eight months.And that is with massive stimulus from central banks around the world.European debt concerns continue to percolate, state finances are in disarray, Middle East tension is on the rise, and Moody’s announced it will downgrade US Government debt if we don’t raise the debt ceiling.All of this, of course, comes on the heels of an almost-to-the-tick 100% gain in the S&P since that fateful March in 2009. The tape looks forward and economic reports are rear-view, so an obvious question is therefore begged: Are we heading for a double-dip recession?Or put another way: there is a light at the end of the tunnel, but is it affixed to a train?Here are a few observations, in no particular order:
I will say this: Leaders coming out of a crisis are rarely the same as those who enter it, and the greatest opportunities are born from the most profound obstacles. This, too, shall pass. We simply need to go through it to get through it, and we’re going through it now.Have a fantastic weekend. You’ve most certainly earned it.
R.P.
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Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
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