Ned Riley
Ned Riley
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The profits numbers will be mostly dismissed in the first quarter as a casualty of war. Now we'll see how much momentum we can pick up from the reverse of war negativity.
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It is another piece of good news in that it leaves the Fed in an unfettered position to exercise more discretion in monetary easing. Because the economy has displayed such weakness and inflation has been non-existent with the exception of energy-related prices, the short-term inflation number may be less relevant.
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The retail sales number today reinforces the notion that the consumer hasn't fallen apart. Today's market is encouraging from the perspective that there is less of an Enron hangover.
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Clearly the retail numbers in general were just a shade above the consensus estimate. Ex-auto sales ... were right in line.
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Enron is providing the counterforce right now. It's undermining a number of industries such as utilities, banks, insurance and energy companies.
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The market is also still living with the legacy of the Fed's decision yesterday to raise rates, ... There are a number of people who feel the Fed should have paused, and should have considered the ramifications of Katrina and Rita.
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There has been a dearth of negative news, which to the market has to be a sign of good news.
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We're nearing an inflection point. I think the market will start to work higher as investors become more comfortable with higher oil prices -- particularly if oil can fall below $50 -- and after the presidential election.
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We're just beginning to see justification for the market's rise, with the earnings that have already come in. The next test comes tomorrow, with the banks. People will be looking to see if loan demand in the economy has picked up.
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What really happened today is the retail sales report set the right tone, ... It appears that consumer spending is down.
tech win
You had to be in tech to win in this period.
commentary companies negative prepared second warn
Be prepared for a continuation of negative commentary by companies as they warn about the second quarter.
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Today we're in the bottom- fishing mode and there are a lot of people who think the tech correction is complete and we've established our lows for this cycle.
banks basically bit comments continue created financial market moving stocks took treasury
What unnerved the market the most and will continue to keep moving it was Greenspan's comments about the treasury market, ... The comments basically took a lot of financial stocks off guard, all the banks and brokers. That paired with PPI created a bit of a panic.