What happened

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What happened?
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Shanghai Surprise
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(No Transcript)
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SSE vs. SP 500
-8.84
3.94
1.41
-3.47
-1.25
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Just how big is Shanghai?

• VGTSX (Total International Index)

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Factors

• Old Info
• 4th quarter GDP revised down from 3.5 to 2.2
• 4th quarter bus. investment (equipment and
  software) fell 1.8
• New home sales down 16.6 in January
• Bernanke vs. Greenspan
• B My view is that taking all the new data into
  account, that there is really no material change
  in our expectations for the U.S. economyWe are
  looking for moderate growth in the U.S. economy
  going forward
• G "When you get this far away from a recession,
  invariably forces build up for the next
  recession, and indeed we are beginning to see
  that sign"
• New Info
• Freddie Mac tightening standards on subprime
  repurchasing
• Durable goods orders down 7.8 in January

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Flight to Quality
10 yr. Bond yields
Stock Prices (SP 500)