Donald Selkin
Donald Selkin
determine events fed hurdles jobs market meeting month next november reaction report tone tuesday week whether
The big hurdles next week are the Fed meeting Tuesday and the jobs report Friday. The market reaction to those events may set the tone for the month and determine whether we'll see a November rally.
decline hit last nice oil rise texas week
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.
bias economic grind hugely likely next terms week
There's nothing much next week in terms of earnings, and not really hugely influential economic news, but the bias is still pretty positive, and I think we're likely to grind higher.
earnings few grind maybe mostly next period weeks
I would say in the next few weeks we can kind of grind in place, maybe a little to the upside. Maybe we'll get through the pre-announcement period without too much trouble, and then we'll get into third-quarter earnings in October, and they should be mostly in line.
next week
Next week is the big one for earnings. You've got Microsoft, Intel, all the banks.
crossed fact held week
The fact that the Dow crossed 11,000 this week and held it is important for sentiment.
bottoms small volatile week
It's been a really volatile week. I think the bottoms that we made this week will hold, but that's small consolation.
bad data economic faded few good half last month ok quarter sour weeks
We did OK for the first half of the month and then faded out -- a lot of the economic data in the last few weeks have been a little discouraging. It's kind of a sour way to end a good quarter but not too bad for the month.
bear few grin maybe next november optimistic run
I'm maybe more optimistic for the end of the year, but for the next few weeks, I think we are still in these treacherous waters. We're just going to have to grin and bear it, and then maybe we'll see a run up in November and December.
completed extent fed justifies rally reaction stunned
It's such a knee-jerk reaction. I don't think that what the Fed said justifies the kind of reaction we saw. I would like to think that we could rally back after the certification is completed tomorrow, but I don't know. I am just stunned by the extent of this decline. Hopefully, it was a one-time reaction.
bad earnings
Earnings have come in not as bad as the expectations.
mean relief tremendous
There's tremendous relief after all the selling, and statistically, we have some verification that this could be a bottom. But that doesn't mean we're going to see another day like this. There's still tremendous negativity.
felt low maybe news people rally rates seeing seemed sure
I'm not so sure that the rally was commensurate with the news out of the Fed. They seemed to say that they're going to keep rates low for a long time, which wasn't a surprise, but maybe people felt better seeing it spelled out more clearly.
buyers classic couple days definition few lower people rally selling strong
I'm encouraged. You get a strong rally for a few days, a couple of days of selling so people can take some profits, then new buyers come in at the lower level. That's the classic definition of an uptrend.