Wednesday Outlook: Bulls Keep Damage to a Minimum

May 19, 2009



That’s NASCAR driver Jeff Gordon pictured above festooned with sponsor logos. I’ve been thinking that politicians from the president down to an elected town clerk should be decorated like this. This way we’d know who owns them versus the people they were elected to represent. You’d have some with Goldman Sachs (GS) caps, UAW T-shirts and NEA jackets and etc. It would be fun and make things clear to us sheeple.

Okay, enough of the fun stuff and on to markets.

You know, sometimes bad news is really just what it seems no matter how some spin it. Housing Starts were “worse than expected” and GS Same Store Sales were also “less than expected”. That’s not the bottom-type news bulls were hoping for but let’s give them credit for keeping the damage to a minimum.

Volume remains light and breadth was positive—mostly on the NASDAQ.

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