Tom Schrader
Tom Schrader
economic gains gasoline less morning news unusual yesterday
We had such big gains yesterday that it is not unusual for us to consolidate a little bit. Then, oil's down but gasoline is up and that is counterbalancing each other. The economic news we had this morning was less than inspiring.
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Friday's payrolls number is certainly the week's biggest news, and you may see some hesitation ahead of that.
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We're suffering from a dearth of information -- there's no economic news until Thursday.
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The news that Bush was aware of or maybe authorized the (intelligence) leak is what's causing the weakness in the market.
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It seems to be some natural selling, an extension of last week ... Terrorist activity over the weekend in Turkey led to selling in Japan and selling here; the earnings this morning were mixed, and you have no staggering economic news until Thursday, so people are taking some money off the table right now.
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We're starting to get into that no man's land of lack of earnings, with most of the S&P 500 having reported already. We'll have durable goods orders tomorrow and beyond that, the market is going to have to count on the economic news and the price of oil for drivers.
area builders coming home led negative news obviously
We have negative news coming out of the home builders this morning, and obviously that's been an area that has led the economy.
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I think the rally got started by news of the super-secret meeting with the Iraqi military this morning and just kept going from there. Everybody loves equities and the dollar today and everything else is down.
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Last week was very busy and I think today there is less impetus to move. There's no earnings news, no economic news until later in the week, and so there's nothing really to move us.
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I think we're going to see some sideways action this week. We had a nice run last week and there's a significant amount of economic and earnings news due out later in the week. I think people are taking a 'wait and see' approach ahead of that.
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They like the CPI news this morning and the action in oil markets, with oil down 2 percent. Investors are less worried about inflation, and with energy prices coming in a little bit, that will give more money for the consumer to spend.
bad hammered news
The Dow's getting hammered by all the bad news this morning,
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The storm is drifting east, and the further east of Houston it gets, the less damage it is going to do to refineries in the Houston area.
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The semiconductor index right now is a broken index. Until it finds some support, it will continue to sell off and that tends to drag down the market as a whole.