The highest bid always won. |
The key this morning is the 10-year note hovering around a yield of 5%. This news trumps any economic or earnings data. It's a rate-driven market, even with oil competing for headlines. Any weakness we may see will be due to these bond yields. |
The leadership of the marketplace moved out of techs and into quality stocks today, |
The leadership of the marketplace moved out of techs and into quality stocks today. |
The market finished sloppy yesterday and it rolled over into today. We've been resilient, though. We're coming to the end of the quarter, so there's a lot of speculation popping up as to what [earnings] are going to look like. |
The market is extremely overbought, |
The market is extremely overbought. |
The market is plagued by warnings. There have been over 500 negative preannouncements in the last four to five weeks, |
The market is plagued by warnings. There have been over 500 negative preannouncements in the last four to five weeks. |
The market's not exactly cheap anymore. |
The mergers helped, but you also had some asset reallocation, with people taking money out of Treasurys and putting it into equities. |
The Microsoft delay has hurt the Nasdaq and will reverberate throughout all of technology. That will be today's big headline. We closed ragged yesterday, so we're going to have a tired market to start. |
The only thing that was positive today was that there was nothing negative, especially no lousy economic reports that we've had over the last four trading days. The summer doldrums have not appeared so far. |
The only thing that would shake me would be a fundamental change, if rates would rise dramatically to 7 percent, if the profit margin contraction continued, if the love affair by the public with mutual funds would cool off. The fact that the Dow is fluctuating more than it used to doesn't turn me on or turn me off. |
The popular indexes have managed to reach 4 1/2-year highs, while small and midsize indexes flirt with all-time highs. The lack of sustainability is likely due to the senior citizen status of the bull market, now in its 41st month. The restless rotation is keeping hope alive with money shifting from energy stocks to home building to technology to financials. |