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Election
Trying to remember who won what and why? All the information is right here. |
Daily Digest
This is Jake
He's been lost in Pittsfield for weeks but frequently sited. He was last seen heading toward the fire station on Peck's Road. He's tired, dirty and needs seizure medication. He's chipped. If you see him, call Julie at 413-537-5616, the vet 24/7 at 413-499-2820 or animal control at 413-448-9700. |
ObituariesSales FliersWhat's Playing
The popular anime character "Astro Boy" searches for acceptance on the big screen.
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BazaarsNov. 7:
VNA & Hospice, Community Room, North Adams
North Adams Elks
10-4; Nov. 8, 9-2
Crafters, Chinese auction, bake sale
For vendor information, Melanie at 413-743-5562.
Nov. 14
Berkshire Community Church, Richmond
10-4; Crafters, bake sale. Contact Evelyn Goggia at 413-445-5747
Lanesborough Elementary School annual Fall Craft Fair from 10 to 4. Free admission, huge variety of arts and crafts, raffles, food and more. Proceeds go to sixth-grade trip to Cape Cod.
Vendors can contact Deb at 413-738-5349 or debhutton@aol.com or Lori at 413-499-0065 or lorittod@yahoo.com to secure a spot.
Dec. 12-13
North Adams Country Club, crafts 9-4; food from That's a Wrap from 11-2. Contact Sheryl Morehouse at 413-822-3329.
Planning a bazaar this season? Submit information to info@iberkshires.com to have it listed here. |
Sports | Thursday, Nov. 06
Boys' Soccer: State Vocational Championship Game
McCann Tech 3, Keefe Tech 2
Girls' Soccer: State Vocational Championship Game
Blackstone Valley 8, McCann Tech 0 |
Related Stories |
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@theMarket: Back to Square OneBy Bill Schmick
iBerkshires Columnist
10:13PM / Friday, July 03, 2009
 | | Bill Schmick |
Mixed economic signals once again kept the markets in check during this holiday shortened week.
The averages moved up and down in slow motion with most of the gains and losses posted in the first half hour of trading each day on low volume and with even less conviction. Second quarter earnings begin next week and maybe, just maybe the markets might finally break out of their trading range but which way, up or down? That may depend on how investors perceive company results.
Thursday, we experienced a deep sell-off that drove the S&P 500 Index back down to the 900 level, approximately 30 points below its level at the beginning of the year. The Dow Jones fared no better and is now almost 700 points below where it began the year. Only the tech heavy NASDAQ market has done better gaining 170 points or about 10 percent for the year.
Ostensibly, investors were disappointed by the latest unemployment data: 467,000 jobs went down the tubes which pushed the unemployment rate to 9.5 percent. We have now lost more jobs than anytime in the last 26 years. And even before U.S. markets opened, European markets were already down more than a percent as the Euro zone jobless rate also hit 9.5 percent. Given that the world's stock market rally since March has already priced in an early recovery, any departure from that expectation will be most likely be met with sell orders.
Throughout the week macroeconomic data continued to surprise the markets, sometimes pleasantly as in housing starts and manufacturing orders and then negatively as housing prices dropped 18% nation wide and job losses continued to mount.
"Given that expectations of at least a 10 percent unemployment rate has been talked about for months, why should the markets react so violently to today's number?" asked one mystified weekender who called me from his cell phone on his way to his house in the Berkshires. He was planning to spend the long Fourth of July weekend in blissful solitude.
I tried to explain to him that the markets have been biding their time for well over a month waiting for evidence that the recovery has truly begun. Numbers like Thursday's unemployment rate seem to refute that notion. What many fail to understand is that we may very well be on the mend but recoveries take time and are a process, not an event.
First we see a lessening in the rate of decline in areas like housing starts, auto sales, unemployment, etc. That does not mean that we should expect the rate of decline to lessen each week, month or even quarter like clockwork. There will be numbers that seemingly contradict the trend, like todays. Unfortunately, markets these days are so attuned (thanks to instantaneous media reporting and analysis) to every number and statistic that is announced that volatility is higher than it has ever been even on quiet days.
Think about it. Just about everyone knows that these macroeconomic statistics will be revised up or down over the next few months and sometimes these revisions are huge and in the opposite direction of the initial number. Yet, today's traders couldn't wait to sell down the market averages by 2.5 percent in less than an hour. Take oil prices as another example. Weekly numbers report inventory levels of various types of oil and gas can easily move a barrel of oil by $3 to $5 a barrel. However those numbers have little if any impact on the fundamental long or even short term demands for energy in this country.
You see, my reader, we live in a trader's market where investing has gone by the wayside and speculation has become the norm. Is it any wonder that $9 trillion in investment funds sit in cash as the volume in today's markets continue to dwindle? Until some perspective returns to the stock markets, I advise readers to stay where they are in income and defensive funds until some real signs appear that this market is going higher and that this period of speculation has come to an end.
Bill Schmick is a registered investment adviser and portfolio manager with Berkshire Money Management, managing over $180 million for Americans in the Berkshires. Bill's forecasts and opinions are purely his own and do not necessarily represent the views of BMM. None of his commentary is or should be considered investment advice. Anyone seeking individualized investment advice should contact a qualified investment adviser.
None of the information presented in this article is intended to be and should not be construed as an endorsement of BMM or a solicitation to become a client of BMM. The reader should not assume that any strategies, or specific investments discussed are employed, bought, sold or held by BMM. Direct your inquiries to Bill at     1-888-232-6072 (toll free) or wschmick@berkshiremm.com. Visit www.afewdollarsmore.com for more of his insights. |
| I agree with Iberkshire reader that Bill needs to stick to his unbias and usually wrong commentary on the economy. He needs to entertain us but even though he is a smart New Yorker he needs to know that people in the Berkshires are smarter than he thinks. Stay away from shilling for Harris. | | from: Agree with reader | on: 07-04-2009 |
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| Dear Bill, Good article about the state of the economy as we enjoy the 4th of July in the Berkshires away from crowds of NYC. I'm glad you are now clearly disclosing that you are working for Harris and Berkshire Money Management and you have stopped putting other professionals down. Hopefully, you have learnt your morality lesson and you stay away from last month's Bill "the shill" Schmick activity and focus on delivering your opinionated views of the markets. | | from: IBerkshire Reader | on: 07-04-2009 |
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