Last week’s market action was all about containing Greece as Europe’s leaders hammered out a deal to “solve” their sovereign debt issues. Greece is just the worst case, as Portugal, Ireland, Spain, Italy and probably France (down the road a bit) all wait for their trips to the barbershop. The Dow Jones rose over 3.5% for the week on the good news out of Europe and some improvement in domestic economic numbers. These events triggered the traders to boost the market (for more on the complex trading action last week, read John Mauldin’s column)
For movie lovers, this weekend was not about Greece but an escape from fear (Paranormal Activity 3) and back to family fare with Puss In Boots (see the MarketBOB Review in a previous post) topping the box office with a new Halloween record of $34 million. With an increase in both the consumer confidence index and consumer spending, the positive movie mood we’ve seen for over a month continued (the Paranormal Activity at the box office resulted in Normal Activity in the financial markets). The MarketBOB Long Wave continues to recover from the earlier correction:
Movies coming soon appear to be an lackluster group until November 18 and the release of the third Twilight saga, Breaking Dawn Part 1, or Bella’s Having a Baby. Is there anyone out there pumped up to see another Harold and Kumar movie, this time in 3D? Or maybe Eddie Murphy in Tower Heist? We do have Immortals coming up (set in Ancient Greece), but it is not discounted 50%.