I suspect 'Well we're in a directionless market' is likely to persist until we get a better read on how much higher rates will go. |
I think what's happening is a continuation of the correction in the overbought technology sector that began a couple weeks ago. |
I'm going to be especially interested if the stock can sustain any upside moves behind the earnings report that is expected to be very good. |
It's all related, I think, to the news from Colgate-Palmolive. It's (earnings) preview season, which is always treacherous. |
Perhaps as the year unfolds, you are going to see repeat (earnings) disappointments. |
Perhaps it's a function of the fears that (Fed Chief Alan) Greenspan has already gone too far (with interest-rate hikes) and the worst news is yet to come. |
Technically, it looks like no more than a reflex rebound, an oversold bounce. |
The comments from the Gore campaign this afternoon accelerated the selling. |
The stocks I would watch would be the wireless companies like Qualcomm and Motorola. |
There seems to be a growing perception that (Fed Chairman Alan) Greenspan is engineering what has historically been so elusive on Wall Street. And that's a soft landing, which is generally good for stocks. |
There's a possibility that we may have a very volatile market a very choppy market over the next few weeks. The evidence is growing that the rally (of late April) was just an oversold bounce. |
These earnings estimates are falling in some cases in as fast as the (stock) prices. |
This morning's PPI would suggest to us in all likelihood, the market has yet seen its bottom, and it's probably headed lower. |
We would characterize today's rally in the tech sector as an oversold bounce. |
We're still going to get some stray previews. I am much more confident the disappointments will be punished than good earnings will be rewarded. |