Jack Ablin
Jack Ablin
digging factory found orders report traders weakness
Traders found some weakness in the factory orders in the ISM report after digging around.
backdrop creating fed four interest last low played
Over the last four years the Fed has played the part of a surrealistic painter, creating a dreamy backdrop with generously low interest rates.
causing fairly investor issues market stock
Fundamentally, I think the stock market is fairly valued, but there are a lot of issues around that are causing investor concern.
dangerous fed growth holding interest market risky spite stocks value view
I don't view the market as risky or dangerous even in spite of more Fed tightening. We have enough value in U.S. and international growth stocks. What's holding stocks back right now is uncertainty about interest rates, not valuation.
argue backward bit coming economy enthusiasm eventually evidence face maybe news slap today ugly woods
We have some very ugly numbers. You can argue that the ISM is still backward looking, and maybe even the jobless claims, but eventually we're going to need some evidence that the economy is improving. We had a lot of enthusiasm coming from earnings, but the news today is a little bit of a slap in the face that we're not out of the woods yet.
believe clear conflict few holding issues market next pattern tied trend until
We can't believe any trend right now, until the issues tied to this conflict are resolved. Unfortunately, in this kind of market there's going to be no clear direction. We're going to be in this holding pattern for the next few weeks, at least.
believe economic fed improving infer jobs moderate oil past perhaps prices somewhat statement time
I would infer from the statement that the Fed is somewhat more sanguine on the economic recovery. Perhaps they believe that $55 oil prices are, at least for the time being, something of the past and that jobs are just improving at a moderate pace.
ahead bets clues economy expect growth investors number traders
I would not expect investors and traders to make any big bets ahead of the number tomorrow. It clues us in on growth in the economy but also inflation.
base fear form maybe rally
Maybe now there's enough fear out there to form a base to rally again.
clarify cloud creating dark gold inflation numbers tomorrow upside
Gold is creating a psychological dark cloud over the market. With gold on the upside and inflation fears, the numbers we get tomorrow will clarify some of these concerns.
certainly economic footing solid
We're certainly on solid footing on an economic front.
consumer credit deal favorable huge
For the fee-based deal business, it's still a favorable environment. But they also have a huge consumer credit exposure.
I don't see any last-day-of-the-year rebound. I think it will be more of the same tomorrow.
came catalyst consumer expected face forced housing investors likely news number primary reality slow suspect thereby worse
The housing news was the big setback today. While we suspect that housing is likely to slow and thereby take the primary catalyst away from consumer spending, the number came in worse than expected and forced investors to face reality much sooner.