David Edwards and Buff Parham presented a 30 minute overview of development over the past year in Economics and the Pandemic, and made projections about Stocks, Interest Rates, and Politics for the year to come.
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Two weeks ago, we wrote, "with US stocks up an incredible 79.5% from the March 9th, 2009 low, a pause or even a pullback is to be expected. Our forecast for the S&P 500 for all of 2010 is only 8%, so reason enough to be cautious 4 ½ months into the year."
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US stocks rallied 24% between the low set November 20th and January 6th. However, the release of universally dismal economic reports in the United States dropped stocks over 11%, leaving the S&P 500 down 7.4% on the year, and down 47.0% from the record high set in October 2007.
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It was another challenging month for stocks, with three month returns from August 31st through November 20th the worst in 80 years. On November 20th, US stocks closed at a level last seen in April 1997.
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Stocks began the day 1.5% higher following a good earnings report from IBM. As it typical of the whole week, some investors used the opportunity to sell into strength. Even so, by 2PM, the S&P 500 was close to unchanged.
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Stock futures reacted poorly to the news that Lehman would not be purchased either by Barclays Bank or Bank of America and would instead enter bankruptcy.
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