Oh, now the fun begins!
Well, markets in China took a bath last night with the Shanghai Composite plummeting 6.7% over concerns about--what else--tighter credit lending. I wrote about this very same subject in an August 21st piece for Taipan Publishing about the amount of subordinated bonds being issued. Here's the article if you want to take a quick look.
What does this mean for the markets here in the U.S.? Well, futures are down this morning (no surprise), but it really doesn't matter because there will be a flood of data to go through before the meaningless Labor Day weekend. And, the markets will no doubt be as up-and-down as one of those Six Flags rollercoasters.
The big story of the week will be the employment report, scheduled to be released on Friday. The Challenger report is released on Wednesday, but this data has had a tough time lately of syncing up with the actual Labor Dept. release.
Tomorrow should be a fun day because 1) it's the first of the month (and markets have historically rallied on the first trading day of each month) and 2) Cars data will be released. Now we'll be able to see how Cash for Clunkers really did!
Finally--thanks for all of the awesome comments about the FOX News clips. It is truly appreciated and I hope to be on again.
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.