Paul Nolte
Paul Nolte
adding chasing coming commodity economic fall focused inflation investors market numbers reacting rest trading until weaker
Investors are chasing commodity prices. Until we fall even lower, though, we're still in a trading range. We'll be very focused on inflation for the rest of the week. Economic numbers are coming a little weaker lately, adding to why the market is reacting poorly.
certain coast colored confidence consumer gulf helping increased low number speech spending surprised terribly
To a certain extent, Bush's speech about increased spending in the U.S. Gulf Coast is helping the market. I am not too terribly surprised that consumer confidence is low because the number is colored by Katrina.
crazy expensive
We went from being expensive 10 years ago to crazy expensive, and now we're back to just expensive.
context declining percent rally within
We could see a 3 to 5 percent rally and still be within the context of a declining market,
competition energy higher prices providing rise struggling
We're struggling with higher energy prices and also the rise in bonds, which is providing some competition for stocks.
aging coming concern expense fact integral keeping looking patents population possibly
There is some concern over drugs coming off of patents and the expense of those drugs, and in some cases, such as with Pfizer and Merck, the efficacy issues, ... But we still can't get away from the fact that we're looking at an aging population and drugs are an integral part of keeping us going as long as we possibly can.
erosion expect gradual movement sharp stocks
I don't expect to see a sharp movement in stocks -- it will be a gradual erosion over time.
attention economic paying phenomenon worth
But that's more of a short-term phenomenon than anything worth paying a lot of attention to, ... it's going to come down to better economic numbers.
carry companies couple earnings gas large news ran
We ran out of gas after yesterday's large advance. We only had earnings news from a couple companies today, and that couldn't carry us.
game gives late loaded process putting running sentiment side top
Right now sentiment is all loaded on one side of the market. It gives you the idea we're running late in the game -- we may be in the process of putting in a short-term top in the market.
additional broken commit dollars trading
We may have broken out of our trading range, but we would like to see some follow-through before we commit additional dollars to the market.
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Greenspan is not going to wake up in June of next year and say 'I should have really raised rates more aggressively.' His legacy of price stability is pretty secure so I don't think the last six months of his tenure will destroy it for him.
difference diplomatic east japanese less markets middle oil prices stellar week
What a difference a week makes, from improprieties in the Japanese markets to still-higher oil prices amid diplomatic rumblings in the Middle East to less than stellar earnings.
environment fact happens matter
We still like the fact that we're in an environment where no matter what happens in the economy, they (pharmaceutical companies) are still going to be doing business.