Michael Sheldon
Michael Sheldon
Michael Sheldonis a former Australian rules footballer who played with Essendon in the Victorian Football League...
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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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If we can build on Tuesday's significant . . . turnaround, you could see buyers start coming back into the market and you could see a further push higher over the next several days.
build buyers coming further higher market next push several start
If we can build on Tuesday's significant intraday turnaround, you could see buyers start coming back into the market and you could see a further push higher over the next several days.
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Once bond yields started moving higher again, investors reflected on the interest rate environment and decided to take profits off the recent highs.
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A further rise in oil prices and a retreat in Treasury yields could also create more headwinds for the market,
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The fall has traditionally caused anxiety for investors and produced some big declines, particularly in late August and early September.
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Intel's numbers were clearly disappointing, as is reflected in the futures. The one thing is that you never know what will happen to the market given that the monthly jobs report comes out before the bell.
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Intel's news is going to hurt techs tomorrow. I think if the payroll numbers are disappointing, too, you're going to see a broader sell-off.
broader hurt news numbers payroll
Intel's news is going to hurt techs tomorrow, ... I think if the payroll numbers are disappointing, too, you're going to see a broader sell-off.
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In terms of the broader market, it looks like we may have entered a short period of consolidation or profit taking following the strong advance at the start of this year.
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If you take all those comments together, it implies the Fed is less worried about deflation and more about inflation, all of which sets the stage for higher rates.
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Stock prices moved lower for most of the day, but closed off their lows after oil prices retreated. All in all, there was a lot of hesitation before the earnings by the two tech bellwethers.
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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.