The Bottom May Be Close...
"For the market as a whole we have not seen that capitulatory, cathartic purging that often spells the very final bottom." —David Darst, chief investment strategist of Morgan Stanley Global Wealth Management Group.
CNBC reports that Morgan Stanley feels a turnaround may be in our future— but not yet. By year-end, the dollar may begin to improve and stocks (and the economy as a whole) may start to recover. But that's a long six months away.
In related news, the days of a Starbucks on every corner may be over: the company says it'll close 600 stores nationwide. IMHO, good riddance. I've never found the need for an espresso cappucino latte with a shot (or some such abomination) while paying for internet access. The recently-opened local Starbucks has put out of business at least three local coffeeshops that offered free internet access, leaving only one that I know of. As a believer in locally-owned and -operated businesses, I say, "Starbucks go home."
Starbucks is closing 600 stores but opening up 300 new ones. The real reason for the closing is the lawsuit that was brought against them about tip sharing. Most of the stores they are closing are associated with the lawsuit and the stores they are opening will be under a different name, sheltering their profits from future lawsuits. It's the truth the media does not care to tell. That and the impact their stores have on the environment. But they lean left and have green advertisements so they are off limits.
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Not to me. They're just another Wal-Mart, coming to town and putting the locals out of business. Except Wal-Mart carries stuff I need that no one else in town does. Starbucks doesn't carry much of anything I can eat or drink (I gave up both coffee and sugar years ago-- the locals, this being Mormon country, always have non-coffee alternatives). And Starbucks charges for internet access. Go home, I say!
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