What an exciting week in the market. Triple digits changes on both the up and down side were the norm. Stocks ending one of the most volatile weeks of the year little changed as economic concerns resurfaced amid rising oil prices, rising unemployment, and a huge quarterly loss at General Motors Corp.
Nonfarm payrolls fell by 51,000 in July, the seventh straight month in July, while the unemployment rate jumped to 5.7%, a four-year high, the Labor Department reported Friday. Since December, 463,000 jobs have been lost, the strongest signal that the economy is in a recession.
The investing climate continues to be weak and the smart money is staying on the sidelines waiting for the perfect moment to pounce when stocks are in freefall. It will be the strong hands taking money from the weak hands.
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