Tim Heekin
Tim Heekin
exception last seeing seven six
I think this is a continuation of what we've been seeing for the last six or seven weeks, with the exception of last week,
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It's the last week of August, people are on vacation and a lot of the big institutions in New York are half-staffed.
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The news created volume on positive speculation about other potential corporate mergers. However, last week was a down week, so we have a little bit of a bounce-back rally Monday.
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You've had a strong move in the market in the last two months and this to me looks like healthy consolidation.
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Citigroup was disappointing and financials are the worst performing group today, ... You pair that with weakness in technology and energy -- the two leaders for the market over the last eight weeks -- and you have sort of a ho-hum day.
bonds coming fixed funds income money pension seeing shifting weeks
What started this two weeks ago was the big pension funds and other institutions coming in, seeing that bonds were getting over-valued and shifting money out of fixed income and into equities.
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Earnings have been fine, but they just haven't been as robust as people were hoping. The guidance for the third and fourth quarters hasn't been that strong, and part of the rally was based on people betting that the second half of the year would be good, so with the numbers not saying that, you're seeing some selling.
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FedEx is a big drag today, Merck is down, steel is down, airlines are down, it's all weighing on the transports,
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There's a good tone to the market. We're moving towards some key technical levels, particularly with the S&P 500. I think that if we can hold and then break through them, we could go higher.
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Bonds finally showed a little reversal. We put in a high on the long-terms and then dipped off of that. I think the big bond funds came in and started taking profits after the recent run. The real test will be if we can hold these levels.
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The tech sector as a whole has performed so badly this year; the Nasdaq has been the worst performer year-to-date. I think a lot of money flew into the 10-year bond during the conventions, during the Olympics, and now people are looking to put their money into the beaten-down sectors, like tech.
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There's going to be no true market direction until the earnings picture and military actions become clearer.
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There's no economic news out Friday or Monday, and the economic news the rest of next week is not hugely influential,
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There's nothing fundamental driving these gains. The Nasdaq had sold off over 10 percent, the Dow and the S&P had started to correct as well, so you're seeing a bounce off of that.