Reply #1: Market WrapUp: Some Might Say: "Thanks for What?"

[ozymandius]

BY MICHAEL PANZNER

This morning, the Conference Board reported that its Index of Leading Economic Indicators fell by a worse-than-expected 0.5%. The year-on-year percentage change came in at -0.5%, not far off the six-year low of -0.6% seen last February. While some analysts discount the indicator’s predictive value, a chart comparing the LEI to U.S. Gross Domestic Product nonetheless suggests that the outlook for the economy remains less-than-sanguine.

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For Americans investing overseas, the continuing slide in the dollar has been a boon, helping to turbocharge returns from various markets, many of which have also been very strong in nominal terms. However, for those foreigners who’ve been dabbling in U.S shares, it hasn’t been a particularly rewarding experience. What might appear to be a bullish breakout when seen through the eyes of a domestic investor looks a lot like an uninspiring correction in a bear market to those based elsewhere.

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Stocks finished near the day’s lows in choppy trading, as continuing weakness in financials, profit-taking in energy shares, and worries over the health of the economy weighed on prices.

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Big losers among financial shares included Countrywide Financial (-8.37%), MBIA (-8.32%), CIT Group (-6.88), Janus Capital (-6.13%) and T. Rowe Price (-6.12%). Patterson Cos, a distributor of dental, veterinary, and rehabilitation supplies, declined 23% after a profit warning.

http://www.financialsense.com/Market/wrapup.htm