Larry Wachtel
Larry Wachtel
Larry Wachtelwas a stock, bonds, and equities commentator on the New York City metropolitan area radio. He added a populist flavor to his commentary on the stock market and spoke in a thick Brooklyn accent...
ahead attention august course due economic fed focused follows front future indication light market meeting monday month policy rally rate slow statement tendency volume
Attention will be focused on the statement that follows the 2:15 p.m. ET rate announcement, as it will give us a better indication on the Fed's future course of action. Noteworthy is that the tendency has been for the market to rally ahead of the Fed meeting and to sell-on-the-news after the announcement, ... While the market is advancing, it is on light volume due to this being a Monday in the slow month of August in front of tomorrow's economic policy uncertainty.
arrival basic earnings problem quarter third week
The basic problem this week has been the arrival of third quarter earnings and the non response,
build case empire heard recently regional state street survey until waiting wall
These surveys give regional snapshots, and that's all they do. I'd never even heard of the Empire State survey until recently -- and I don't think you can build the case that Wall Street sits there panting, waiting for the results.
conditions dismal
It was a pretty dismal day. We're really in oversold conditions at this point.
bond competing due earnings economic hovering key morning news note oil weakness yield
The key this morning is the 10-year note hovering around a yield of 5%. This news trumps any economic or earnings data. It's a rate-driven market, even with oil competing for headlines. Any weakness we may see will be due to these bond yields.
asset mergers money people putting taking
The mergers helped, but you also had some asset reallocation, with people taking money out of Treasurys and putting it into equities.
closed delay hurt market microsoft ragged throughout tired
The Microsoft delay has hurt the Nasdaq and will reverberate throughout all of technology. That will be today's big headline. We closed ragged yesterday, so we're going to have a tired market to start.
continue hurdles interest major market oil quarter rates snap
The two major hurdles continue to be oil and interest rates on the Treasuries. The market has demonstrated through the first quarter that we can snap back.
certainly close intel market microsoft ok
The two biggies after the close (Tuesday) -- Microsoft and Intel -- were OK but certainly not a market turn-on,
doom gloom negative period statements
We're going through this pre-announcement period where all the gloom and all the doom and all the negative statements are being made.
again based consumer depends economy since true
We say it again and again, but it's true that everything depends on the consumer, since around 70% of our economy is based around consumer spending.
bottom flowing money safer scientific
...There is no scientific way of determining where the Nasdaq bottom is...the money is flowing into safer havens.
believe good surprising tomorrow
We had a good day with surprising strength, but I need to see a follow-through tomorrow to believe it will stick.
chemical chemicals cyclical giving helping morgan stanley stocks
Cyclical stocks are helping the Dow today. Morgan Stanley upgraded some chemical stocks and that's giving cyclical stocks -- paper, chemicals -- a boost.