High Gas Prices Not Stopping Drivers This Weekend
The ISM Manufacturing Index was 53.8, better than expected. Construction
Spending for May fell -0.9%, weaker than expected. The University of Michigan
Consumer Sentiment Index was 96 in June vs. 86.9 in May.
AAA said this could be the biggest driving weekend–ever. This, despite higher gasoline prices.
T. Boone Pickens said on Monday he sees gasoline reaching
$3/gallon within a year.
The Senate passed CAFTA–the Central American Free
Trade Agreement–it now goes to the House.
The USDA said beef production rose 1.3% compared to
this week last year. Pork production rose 6.3%.
Unemployment in the Euro zone improved from 8.9% to
8.8% in May.
Among newsletter writers, 55.1% are bullish, the highest level since
March. Bears are 19.1%, the lowest figure since December.
Brice Wightman
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