Well, I hope everyone had a fabulous holiday weekend. Sandwiched in between the two party conventions was a 3 day weekend and a hurricane aimed at New Orleans. All's well that ends well though and the markets are certainly responding. Oil plunged below $110 as Gustav caused minimal damage to Gulf oil rigs. For all the beating the oil companies take, it is simply amazing to consider the oil rigs floating in the Gulf. Hurricanes Katrina, Rita, Gustav et al., have plowed through the Gulf in recent years and the damage to offshore rigs has been trite. Simply amazing.
The plunge in oil prices, a recent strengthening of the dollar, 3.3% growth in Q2, the impending end to this election cycle and what I think is the bottom of the housing market have me thinking the second half of 2009 and 2010 are going to be stellar for the market, if and only if the next president's administration doesn't do too much to get in the way. The worst thing for the housing market right now would be for the government to interfere with the housing market by bailing out failed entities. This would only cause the housing markets doldrums to continue.
As I review my own savings and investments, this year has been turbulent but fun (at least for me). For those of you who's portfolio's have taken a beating, take heart, the market is poised well for a recovery; this again has the caveat that the next administration's policies don't send everything off track.
I had a few people ask me about IRA's over the weekend, so I think I'll dedicate my next post to talking about their differences and how best to play them in an overall tax strategy. Until then!
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