The weekend is upon us, and the market is jittery.
Companies continue to issue bad forecasts, layoffs, and other news.
Personal Income +0.2%, spending -0.3% (month over month)
American Express to cut 10% of the workforce, about 7,000 jobs
Moody's downgrades GMAC Australia
Japan announces 260 Billion dollar stimulus package
GMAC may become a bank (as every business should) to help overhaul debt
US Treasury debt issuing will top 1 trillion for 08, a record
The Hartford Insurance company stock is cut by 50%, on 2.6 Billion loss news
Questions arise on AIG, how the Insurance company needed Federal loans of 123 Billion dollars in a month
Motorola cuts jobs by 3,000, announces loss
Stock Mutual Funds Saw $9.23B Outflow Thu-Wed
And GDP contracts to 0.3 (from expected 0.5), (many bloggers question this number, due to highly irregular accounting, many suggest in negative territory)
NOTE: We still may be in a short term bull market (1-3 months), the jitters is the bi-polar of reality with market rallying.