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The Bureau of Economic Analysis (BEA) released the first look at third quarter GDP, which showed the economy expanded at a 3.9% annualized rate in real GDP.

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The refining industry bolted out of the gate this year with returns ranging from 40% to 150% from the start of the year to the July highs. Part of the reason that the refining stocks did so well was due to the expansion in refining margins.

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As was expected, employment in September rebounded and the decline seen in August payrolls of 4,000 jobs was revised into a gain of 89,000 jobs.

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With oil north of $80 a barrel it seems appropriate to revisit another conundrum facing economists, which is why high energy prices have yet to derail the economy.

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The Fed's decision to lower both the federal funds rate and discount rate by half a percent vaulted the markets northward with the Dow putting in its greatest advance in years.

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The tide has clearly gone out in the financial markets with the reining in of debt expansion in the mortgage markets, particularly to the subprime market.

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As the saying goes, "What goes up must come down," is also true for financial markets and investing themes. Not only does sector rotation occur during a business cycle, but there can also be secular sector rotation into one sector.

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As highlighted last week (08.22.07 Market Observation), the housing recession has spilled over, affecting consumer spending levels.

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We are in a precarious position with the current credit crisis precipitated by the subprime mess. To see how the tentacles of the housing recession are spreading into the economy and financial markets and how serious things are, take a look at...

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It's looking like 2007 will be the year that reality sets in for the financial markets. How many times were financial pundits calling for a housing bottom after we saw a brief up tick in various housing economic measures earlier in the spring?

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