Joseph Battipaglia
Joseph Battipaglia
catalyst certainly data earnings economic issues kinds levels market oil prices providing unable
Oil prices at these levels are providing all kinds of dislocation issues for stocks. Earnings and the economic data are O.K., but with oil where it is, the market is unable to make a decision, long or short, and there's certainly no real catalyst for buying.
pc sales tie
Right now, the slowdown in PC sales I tie to the Pentium III,
balance companies decent environment fairly talking
The techs on balance have put in a fairly decent performance, ... We're getting a sense that there's a bottoming going on in the semiconductors. Some of the bellwether companies like Cisco are talking about a better environment in the future.
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My guess is you're going to get back into this sort of stutter-step approach to the market. Clearly the leadership here has stalled after the run-up from the October lows.
companies declining focus helps main warning
One of the main focus of course, is earnings, and it never helps when companies are warning about declining profits.
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One of the most extraordinary things about technology stocks is that they're the first ones to crack under any pressure in the marketplace. Investors wax from enthusiasm to extreme distress very quickly with that group more than any other.
adverse economy impact including materials
If China's economy does simmer down, it will have an adverse impact on the materials sector, and on commodities, including oil,
good lower recent room start trading
It's a good start to the quarter, ... We're at the lower end of the recent trading range, so there's probably more room to gain.
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We're in this transition period right now, getting ready for interest rates to start rising, which will happen June 30, and for second-quarter profit reporting season to start, which will be early July, ... Those things could get the market going again.
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The positive tone has more to do with the economic data that showed some signs of life in the economy. We've got through the Enron debacle and some selling that represented investors looking to lock in profits earlier on. Now we're starting to get a serious picture of what next year looks like, and it's probably the first serious step toward an upward move in the market.
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What happens with Iraq is very important in January and February to pretty much set the tone for how the economy will fare for the rest of the year. So when we have that answer, then you can get your market direction. In the meantime, you essentially move sideways.
business consumers number side soft
Clearly, it's all about the economy. The consumers are doing their part . Now the business side has to come along, too. That's why today's soft ISM number was so disappointing.
earnings interest pull push range rising seems step trading
But if you step back, it seems to me that we're still in the trading range we've been in for some time. There's still the push and pull between rising earnings and rising interest rates.
continue cut earnings estimates investors market next point several though
Investors are not put off now by the onslaught of disappointing earnings expectations. I think we're well through the inflection point where the market will continue to recover, even though earnings estimates will continue to be cut for the next several months.