The question is, how seriously do we take what's going on today, considering the volume, and what's going to happen next week when people come back? ... I would take today as a positive with the caveat that not many people are here. |
The question is, how seriously do we take what's going on today, considering the volume, and what's going to happen next week when people come back? I would take today as a positive with the caveat that not many people are here. |
The rally is clearly influenced by the ISM number, |
The rally is clearly influenced by the ISM number. While the market looks good today, we are also getting near the upper end of the trading range, and that's something to look out for. |
The rally that we've had for the last couple of weeks was basically concluded this week. You're seeing investors starting to discount positive news from companies and a Fed rate cut next week, |
The sentiment is changing. Airlines are bottoming, the 10-year note yield has bottomed, making it more attractive to be in stocks, and people are feeling more comfortable, |
The sentiment is changing. Airlines are bottoming, the 10-year note yield has bottomed, making it more attractive to be in stocks, and people are feeling more comfortable. |
The Sox, which had been positive on a relative basis during the last three sessions, is now accelerating, and the composite is leading, which is important. |
The stock looks very attractive, and they have a potential cancer drug and a potential Alzheimer's drug, |
The stock market is a discounting mechanism. Many people recently have seen their mortgages raised -- and many people have adjustable rate mortgages -- unfortunately they have been raised. Oil prices are at near highs. It impacts people's discretionary income. And I think we're seeing it in those stocks that would have a relationship to that discretionary income. |
There's a perception that the economy is getting better, whether that perception is real or not. You have a lot of people choosing to see the glass as half full at the moment. But I would expect that in a few days we're going to see some profit taking. This is really just a big trading range. |
There's big fear. People are selling because they don't know what's going to happen. The news out of the BBC this morning that Iraq is getting ready for chemical warfare is a big part of it. |
There's disappointment about the economic reports right now, but my sense is that this is going to be short-lived. The overall economic trend is higher, with the exception of the labor market, so it seems to me that declines are going to be used as an opportunity to buy. |
There's incredible volatility at the end of a quarter and a lot of window dressing going on. |
There's no economic news due Friday, no earnings, and not many people are going to be around. We could gain a little Friday if the seasonal tendencies kick in, but it won't be a significant move. I don't think this week is indicative of what's going on in the market generally. |