Oil pulled back sharply on Friday, the US Dollar pulled back a bit from the recent rally, and Gold started a small rally after falling below $800. Interesting to note that the US Mint has run out of the Gold Eagle 1oz coins!
Next week we close out August and the slow summer trading period. The market is still in a small up-trend, though a weak one, so be careful. We may see some new developments on the Fannie and Freddie situation next week.
On another note, food commodity prices have recently started to rise again.
A Double Dose of Bad Economic News
Bernanke: Financial crisis taking toll on economy
The Final Fate of Fannie and Freddie
The Endgame Nears For Fannie and Freddie
Lehman Could Be Taken Over Soon: Analyst Bove
Ten Financial Entities On The Brink
Billionaires say US debts need attention
U.S. Mint runs out of 1-ounce gold coins as demand jumps
Have commodities hit bottom?
Report: One trader held 11 pct of Nymex contracts (Crude Oil)
UK Economy Grinds to Standstill in Second Quarter
Japanese Banks Halt Lending as Bounced Checks Rise to Record
Stocks and Indexes mentioned in this blog are for educational and illustration purposes only.
In other news...
Google founders make $2 billion each in an hour
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