Warren Buffett was clearly in a selling mood during the second quarter: He unloaded big stakes in consumer products companies and put Intel outside his portfolio altogether. But he didn't just sit on the cash.
The stock market came to life this week, as investors bet that the economy wouldn't be as bad as had been priced in. The ISM Index, a gauge of manufacturing activity, rose more than expected, construction spending grew, and Europe started to get its act together on a massive bailout fund. But as usual, it all starts with unemployment.