Crude prices marched toward $68 per barrel. |
Everyone has talked about the industry making a comeback, but I never really thought it was down to begin with. There were certainly inventory issues. But, you had an absolutely blockbuster 2003 and in 2004 you saw reasonable growth - if that's bad, then we'll take it. |
First of all, (AOL) stock is down ... 50, 60 percent from its high, ... And it really hasn't changed its spots. I mean my grandchildren, if I'm lucky enough to have grandchildren, and their grandchildren are still going to know about Bugs Bunny and Time magazine. AOL is here for the count. (The stock) could end up earning a buck a share next year, maybe even a little bit more than that, 15-to-18 percent growth. Where do you get that kind of quality at that kind of price? (That's) very, very difficult to find. |
Goldman Sachs ... yesterday took it off their recommended list for reasons that made no sense whatsoever. This is as high a quality company as you can imagine. They did make some round-trip energy trades, there's no doubt, [but] they amounted to one quarter of one percent of their business. It had no effect on their profits. Energy trading is about 65 cents or about 30 percent of Duke's earnings. I would just buy Duke with my eyes closed at this point. |
Heaven forbid there is another attack and the impact of this becomes broader; then you could see a longer-term effect, ... it's not going to change the basic outlook for stocks and the economy. |
I think the market very much revolves around oil, which backed off a bit this week, but remains over $65 a barrel. Higher oil is a double whammy for the market, slowing the economy and increasing inflation. |
If the retail sales number is a little lighter than forecast, that may be seen as bullish for stocks in that it takes the edge off the inflation issue, |
Investors will adjust to the $55 a barrel range, ... but if it continues to rise, it's going to upset stocks. |
It doesn't take a lot to get people worried. It just comes down to oil and interest rates. |
It's a mixed bag, |
It's almost like energy is leading the market higher and lower at the same time. |
The economy is on good footing, the earnings in the first quarter are expected to be better, but I can't see anything that's going to have a big impact on the market in the short term other than the price of oil. |
The Fed is going to be the key driver for the stock market next week. But additionally, the driver will be the bond market reaction to the Fed and what that implies for interest rates going forward. |
The financial markets are pretty resilient to anything other than a recession, |
The problem is I don't think you're going to get that kind of break, ... There's no way supply is going to keep up with demand. |