New week starts, it's time for us to check out the financial market under the new market analysis by expert -
Pitguru Frank LaMantia.
The Financials Review
For the week of June 27, 2011
Consumers are not spending which could be a sign that gas prices have deeply affected the economy. Spending was unchanged for May and when it is adjusted for inflation it shows a drop of 0.1%. Incomes rose 0.3% but when adjusted for inflation the increase was 0.1%. Essentially, this means incomes have been flat since the beginning of 2011. George Soros thinks that the euro will not be used in the near future and that a plan B should be created in case the immediate plan does not work. He thinks the euro is flawed due to the fact that it is not backed by a joined treasury or a political union. There are estimates being thrown around of losses that might come to fruition if the United States loses its triple A rating. Investors that buy U.S. debt could lose over $100 billion if Standard & Poor's and other rating agencies drop the rating. The date that is being given is Aug. 2 which is the day before the U.S. has to raise the debt ceiling. If Capitol Hill comes to an agreement the market could turn bullish however, if there is no decision fear could set in rather fast. This trader thinks a rally will happen this week which would create a cushion if this agreement does not take place.
*chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.
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Financial Markets This Week: June 27, 2011 
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