“If you spend too much time thinking about a thing, you’ll never get it done.”
– Bruce Lee
While scholarships are offered to students, no one offers a scholarship for retirement. Put your own retirement planning before any college planning (or risk moving in with your kids someday).
It can be told and made, and cracked and played – and yet, it is only spoken. What is it?
Last week’s riddle:
I can’t walk, but at times I run and I am very difficult to hide. I am always with you. What am I?
Last week’s answer:
June 25, 2012
WALL STREET FINDS THE POSITIVE IN THE NEGATIVE
Moody’s Investors Service downgraded 15 major banks late last week, yet financial stocks rallied Friday – Wall Street was bracing for deeper cuts. Investors also liked a new accord in Europe – Germany joined France, Italy and Spain in support of a €130 billion stimulus plan to help EU economies in the face of coming austerity cuts. It could be approved at this week’s EU summit. Even with last Thursday’s Dow dive of more than 250 points, the DJIA is up about 2% for June.1
EXISTING HOME SALES FALL 1.5% in MAY
In the view of the National Association of Realtors, a lack of cheap inventory was behind the downturn. The sales pace in May was still 9.6% better than a year ago with the median price up 7.9% year-over-year to $182,600, a 2-year high. May housing starts fell to 708,000, down from April’s 744,000; building permits rose to 780,000 in May compared to April’s 723,000.2,3
LEADING INDICATORS BOUNCE BACK
A VOLATILE WEEK TAKES DOW DOWN 1%
The DJIA lost 0.99%, to be precise; Friday, it settled at 12,640.78. The S&P 500 lost 0.58% for the week, closing Friday at 1,335.02. The NASDAQ pulled off a 0.68% weekly gain to get to 2,892.42. Oil dove 5.08% last week on the NYMEX to $79.76 a barrel; gold retreated 3.76% on the COMEX to $1,566.90 an ounce. Gas prices also fell slightly: AAA’s survey fell to $3.45 a gallon last week.1,5
THIS WEEK: A Supreme Court ruling on the Obama administration’s health care reforms could come as early as today … or later this week. Monday will bring the May new home sales report. Tuesday, the April Case-Shiller Home Price Index and the Conference Board’s June consumer confidence survey appear plus earnings from H&R Block and CKE Restaurants. Earnings from Monsanto, Lennar and General Mills complement Wednesday’s releases on May durable goods orders and May pending home sales. Thursday, EU leaders meet for another summit on the debt crisis; also, the final read on Q1 GDP comes out along with new weekly jobless claims figures and earnings from Accenture, RiM, Family Dollar and Nike. Friday, May consumer spending data and June’s final University of Michigan consumer sentiment survey arrive plus earnings from KB Home and Constellation Brands.
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1 – money.msn.com/market-news/post.aspx?post=95f998bd-6fbe-4de1-9b51-8cb1f437973a [6/22/12]
2 – articles.marketwatch.com/2012-06-21/economy/32343033_1_median-prices-prices-surge-home-sales [6/21/12]
3 – briefing.com/investor/calendars/economic/2012/06/18-22 [6/22/12]
4 – www.conference-board.org/data/bcicountry.cfm?cid=1 [6/21/12]
5 – montoyaregistry.com/Financial-Market.aspx?financial-market=common-financial-mistakes-and-how-to-avoid-them&category=29 [6/22/12]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F22%2F11&x=0&y=0 [6/22/12]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F22%2F11&x=0&y=0 [6/22/12]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F22%2F11&x=0&y=0 [6/22/12]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F22%2F07&x=0&y=0 [6/22/12]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F22%2F07&x=0&y=0 [6/22/12]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F22%2F07&x=0&y=0 [6/22/12]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F21%2F02&x=0&y=0 [6/22/12]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F21%2F02&x=0&y=0 [6/22/12]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F21%2F02&x=0&y=0 [6/22/12]
7 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [6/22/12]
7 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [6/22/12]
8 – treasurydirect.gov/instit/annceresult/press/preanre/2002/ofm10902.pdf [1/9/02]