July 6th, 2011 11:40 AM

Similarly, the world's decision to release oil from reserves represented good timing. In reality, 60 million barrels is a drop in the bucket. If oil prices were rising, there would have been little effect upon the markets. However, oil prices were already retreating when the announcement was made. To describe our point, we will adapt an old adage. It is more effective to kick a ball that is already rolling downhill. The point is that government moves are more likely to affect the markets when they are implemented "with the wind," to quote Bob Seeger. Lower oil prices and lower rates are both good news for those hoping that the economic soft patch will end shortly. The economic news has been tepid at best and some pleasantly surprising reports will help as well. The stock market rally ending the quarter was accompanied by a reversal of these trends based upon at least some good economic news with regard to housing and manufacturing data. With regard to this Friday's job report we may find out if the economy ended the quarter with some momentum and whether the markets' reversal we experienced this week was temporary or the beginning of a new trend. Again, we have emphasized all along that we were only a few good economic reports away of reversing the downward momentum in oil prices, rates and the stock market.

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