Michael Sheldon
Michael Sheldon
Michael Sheldonis a former Australian rules footballer who played with Essendon in the Victorian Football League...
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The tone in the market is a little better. We saw strong gains in Japan as they move toward an end to quantitative easing.
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Oil prices in the morning would've been the biggest story, but by the close the market's incredible resilience is what investors are left with, ... It's a contrast to how the markets ended yesterday. I think so far higher oil prices have not had a major impact. There are a lot of positives driving the consumer and the stock market.
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The mood of the market has clearly improved in recent weeks and this most likely reflects optimism that the Fed is close to the end of its recent rate tightening cycle.
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Despite the Democratic National Convention, the biggest story of the week has been energy prices. That's prevented the market from seeing a bigger rally off these oversold conditions.
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Despite terrorist events around the world, rising oil prices and a lukewarm job market, consumer spending has remained fairly strong, much better than many would have thought. But if the economic data starts to slow and oil rises above $60 a barrel, that could eat into consumer spending.
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Texas Instruments' numbers were broadly in line with estimates, but there may have been some disappointment that they didn't raise the high end of the range.
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Temporarily, the market may have run out of gas. On a technical basis, we're looking overextended, so you're seeing a little profit taking,
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That's likely to remain the case until we start to resolve a few of the issues overhanging the markets include interest rates, energy prices and the strength of the economy over the next several months.
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The technical trends of the market and the sentiment has improved over the last few weeks, plus there are seasonal factors working in the market's favor.
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Right now, I think the market needs a catalyst in order to get out of this difficult environment. Hopefully if oil prices continue to decline and move back into the mid $50s, that could turn sentiment more positive on Wall Street.
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Pepsi's report looked pretty positive, in addition to Cisco, which is a bellwether in technology industry. Cisco's results last night were certainly a positive.
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My sense is we continue to see this correction over the next few weeks, but I think once we get through this period and some of the March data starts to come out, stocks will move higher.
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Looks like the stock market has gotten off on positive footing after yesterday's broad-based decline. We're seeing gains in eight of 10 S&P sectors. The data that came out so far was pretty much in line with expectations. Looking ahead, investors will be keeping an eye on auto sales.
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So far, we haven't seen a major increase in core inflation, all we've seen is a sharp rise in energy prices. It seems logical that higher energy prices should start to feed through to higher inflation.