It's pretty quiet today, ... We've got an FOMC meeting behind us, most of the earnings behind us, an employment number behind us. The next piece of economic news everyone will look at will be retail sales on Thursday. |
It's pretty quiet today. We've got an FOMC meeting behind us, most of the earnings behind us, an employment number behind us. The next piece of economic news everyone will look at will be retail sales on Thursday. |
It's the last week of August, people are on vacation and a lot of the big institutions in New York are half-staffed. |
It's the Wednesday before Thanksgiving, there's no one here, desks are half-staffed. There are going to be even less people around Friday. |
People are looking for more clarity in terms of Iraq, interest rates, oil prices and the dollar. |
People will be looking for hints about the direction of the earnings throughout the week, ... both in terms of individual stocks and sectors. |
Pharmaceuticals and energy and financials are doing well. For sure, that's helping the overall Dow. |
Retailers are still taking a hit off of Best Buy's loss yesterday and now today's data is providing some more selling pressure in the sector, |
Retailers are still taking a hit off of Best Buy's loss yesterday and now today's data is providing some more selling pressure in the sector. |
Right now, it's going to be a push and pull, |
Semiconductors and software have been the leadership for the past few months, so when there's tech selling now, they tend to lose support first. But we're at the top of a range, technically, so we're going to see some selling for the next two or three sessions. |
Technology is taking its cue from Apple. |
The duration of the up move has been pretty significant. The buyers are just taking a little bit of a pause. |
The election will take center stage next week, but hopefully that will actually end on Tuesday. Then later in the week, people can focus on the jobs report and the earnings. |
The lead up to the Fed meeting was that we are going to be done soon, they are going to put the brakes on, and that fueled the momentum. But now people are realizing that they aren't done yet, and that's shifted the psychology. |