Ken Tower
Ken Tower
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You have to be a little nervous about this number. This is going to do nothing but make us focus more on next week's Fed meeting as investors keep searching about inflation clues.
almost face factor major nervous people trouble
These are things that people can be nervous about and, yes, they're concerns. But let's face it: the world has trouble almost every day. It's probably not a major factor for our market.
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A new Fed chairman is an unknown and as such offers nervous investors an excuse to sell.
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In my experience the market doesn't remain trapped in that kind of narrow trading range for long. So expect the market to break out. But which way?
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I'm left with the sense that this is a trading-range market, not a larger decline. The major averages are now coming down to their late August lows, which are presumably the low end of this trading range. There wasn't any real sign of a reversal yesterday, but support is nearby and downside leadership is poor.
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There's this almost universal sense that we're in this big cap-ex spending cycle and the big stocks should be moving on that, but they haven't been.
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The correction is likely to go on for another month or two, ... before there's really a compelling reason for investors and traders to move more money from the sidelines into the markets.
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If (Microsoft) can stay above 80, then the whole broad sector of technology stocks may have bottomed out this week and had a re-test low and be ready to turn higher.
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The Fed is going to have a hard time stopping their (rate) increases if the economy seems to be gaining strength.
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The Fed is going to have a hard time stopping their increases if the economy seems to be gaining strength. I think the Fed will have a very hard time talking down the inflation hawks if the data comes in stronger than expected.
markets money moved
They haven't so much moved their money out of the markets as they have moved it from one place to another.
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What's happening in front of us right now is discouraging, but the market's telling us that these will be short-term disruptions.
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The recent stock rally was fueled by the idea that the Fed is nearly done and I am concerned that such a hope could be in trouble. If the economy is growing faster than investors are expecting, that could be a problem.
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And Wrigley has been very strong for some time, continues to move higher, ... Just had another breakout to a new high. There are lots of stocks in this market that are doing quite well. They just aren't technology stocks.