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...
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.
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.
continue corporate dismal economic economy news offset stocks until
So there's nothing to offset the economic news and stocks are muddling along. Until we get some surety about the economy or corporate earnings, we'll continue to have this drifting, dismal kind of day.
coming economic sidelines signals strong
Basically, the (people on the) sidelines are coming in. The economic signals are just too strong to ignore.
bad coming data earnings economic expecting fed good hike increasing likelihood likely news phenomenon rate strange street stronger
We have good earnings today, but there's just too much good economic news. We're increasing the likelihood of a rate hike in June. The data are coming in stronger than expected, so the Street is expecting another hike. The better the news, the more likely the Fed will tighten. It's a strange phenomenon that good news can be bad news.
appeared economic four last lousy positive reports summer today trading
The only thing that was positive today was that there was nothing negative, especially no lousy economic reports that we've had over the last four trading days. The summer doldrums have not appeared so far.
again bonds economic fell friday home main managers number purchasing report reporting softer today whacked
Today bonds rallied because of the softer new home sales. Yesterday, bonds fell because the purchasing managers report was too strong. Now we go to Friday and the non-farm payrolls, which is the main part of the economic reporting cycle, and if that number comes in too strong, the bonds get whacked again -- and so do the stocks.
again bonds economic fell friday home main managers number purchasing report reporting softer today whacked
Today bonds rallied because of the softer new home sales, ... Yesterday, bonds fell because the purchasing managers report was too strong. Now we go to Friday and the non-farm payrolls, which is the main part of the economic reporting cycle, and if that number comes in too strong, the bonds get whacked again -- and so do the stocks.
bring economic federal figures inflation job pace rash signs slowing street week
The abbreviated week will bring with it a rash of economic numbers, culminating in the May job figures on Friday. The Street would like to see some signs of a slowing economic pace so as to assuage the inflation junkies on the Federal Reserve.
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.
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.