Donald Selkin
Donald Selkin
business confidence consumer corporate economic good industry linked negative profits recovery reports suffering travel worried
Right now business stinks, consumer confidence is down, the travel industry is suffering and the economic reports haven't been good and any economic recovery is going to be linked to the war. There haven't been too many first-quarter negative pre-announcements, but I'm still worried about corporate profits in the first quarter.
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The reports after the bell looked pretty good, including Texas Instruments, and that should probably help the techs tomorrow.
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Today is very news driven. You've got GE, you've got HPQ, and the economic reports were a little better. It's the tech stocks that are leading the way. You're seeing a rotation out of the consumer stocks and into the techs.
economic fed historic job months morning near raise rates reports several strong until
The Fed is not going to raise rates until they see several months of strong job growth. And even if they do raise rates slightly, the rates will still be right near these historic lows. GDP this morning was not as strong as expected, but you had the other two economic reports that were good.
earnings small stocks
The stocks that are benefiting most from better earnings are the small and mid-cap ones.
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The statement wasn't that negative, but it was a bit clumsily worded. They reminded people of the dangers.
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The silver lining on this is that it confirms that the Federal Reserve will not be raising interest rates anytime soon, which is good news for the market.
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Things are still very volatile and there's been an aversion to technology all day.
next reporting statement
The wording of the statement will be important, and then you've also got Cisco and Dell reporting next week.
beat pathetic revenge sector stocks
Prudential upgraded the semiconductors and that got the sector going. This was the revenge of the nerds. The most beat up, pathetic stocks had one of their up days.
action averages situations special themselves though
Even though the averages themselves are doing nothing, there are some special situations going on here. There's a lot of action away from the averages.
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Between Texas Instruments, the rise in oil prices, and commodities, we got hit today. But the decline wasn't terrible. Last week we had nice gains, and today, we're kind of consolidating.
blair expected maybe perspective progress saying trying work
Blair is trying to put people's perspective in the right place. Maybe they expected too much in the first week. He's saying that we are making progress and we are going to try and work with the U.N., and that reassures people.
cut self short
Sometimes these things are put out for self-serving reasons. But these short sellers want to cut their losses.