David Joy
David Joy
change cycle major spending suggest
Things are stabilizing but there is still not a change that would suggest a major new spending cycle in tech.
consumer fed financial mounting perception pressures raising stocks vulnerable
Stocks in the financial and consumer discretionary sectors look particularly vulnerable as the perception is that inflationary pressures will keep mounting and the Fed is not done with raising rates.
They will probably have to make some estimations.
circumstance fed gets inflation labor market pressure rising wage
The labor market is important to the Fed under any circumstances. Once you get rising wage pressure that's when inflation gets intractable.
afraid fed mark question time
The Fed has been the big question mark for the market. I'm afraid the Fed is not going to get out of the way any time soon.
both candidates cutting deficits dollar economy equal growing half lowering opposed plan proposing roughly seem
Both candidates seem to be proposing roughly equal deficits over time. Both plan on cutting it in half but doing it by growing the economy as opposed to lowering the dollar amount.
bonds boost clearly consumer flight horizon price producer reports
Bonds clearly got a boost from the flight to safety. But looming on the horizon are the consumer and producer price reports and the CPI is going to be the most important,
attention capture deficit jobs losing question terms trade until
The trade deficit will be couched in terms of outsourcing. If you look at trade itself, it doesn't capture a lot of attention until it spills into the question of losing jobs overseas,
keen partner process resolved soon
The upshot of the process is that one partner will be left. We're keen to get it resolved as soon as possible.
buy clear invest reason ruled stock wants
Normally, you buy back a lot of stock when you don't think there's any reason to invest in your own company, ... Parsons hasn't ruled out Icahn's suggestions, but it's clear he wants his flexibility.
break economic expansion feeling general indicative might normally number relatively time
Normally I'd say it's just a number but I think it's relatively important this time around. If we break through 11,000, it might be indicative of a general feeling that the economic expansion is more broadly based.
assumes bit fed language market might raises situation
You might have a situation where the Fed raises rates, modifies the language a little bit but intends to keep on going. If the market assumes that it's one more and done that might be a misread.
jobs plays tie
Protectionism plays well if you can tie it to outsourcing and jobs.
death hikes mean rate tech
Rate hikes don't have to mean the death knell for tech spending. Fundamentals are still strong.