Art Hogan
Art Hogan
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I think we're going through this natural vacuum in the news cycle where we have a quiet economic calendar and the fourth-quarter earnings reports are slowing down. It's difficult to generate any interest in the market.
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I think this can sustain for the next day or two, at least until we get to all the earning and economic news in the second half of the week, ... Right now, the path of least resistance is still to the upside.
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I think there's a lot of things going on, ... We had some good news from companies like Oracle, great economic data this morning, and you had the market clear two key psychological hurdles recently -- the Dow passing 10,000 and the capture of Saddam Hussein. All of that brings buyers back in for the short term.
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It didn't really come as a surprise -- but, having said that, the broader thought process that the economy isn't doing well in the second half compared with the first half has investors concerned that we may need to test the lows of the market again.
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When the Federal Reserve is in a (interest rate) tightening mode it's difficult to get excited about old economy stocks,
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We shouldn't get too far ahead of ourselves in terms of an economic recovery, ... I think the debate will become much more macro-economic instead of the micro focus we have had.
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Today wasn't much of a day. There was a lot of positive news and the economic data was good, but the reaction was a very quiet, almost muted one. Tomorrow may be even quieter in terms of volume as we approach the end of this holiday-shortened week.
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What we've gotten, in terms of economic data and earnings, is no sense things are picking up ? they're (investors) afraid of another ledge to go over,
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Today we had some positive economic data and we came into the market oversold, ... I don't think we've fixed the oversold position -- I think we're still cheap. Tomorrow there will be some focus on factory orders and Cisco earnings.
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We spent the week worrying about yields and what the economic data would do. We managed to work our way through it. We finished off the week the best we could. Next week we have a host of economic data that may or may not change our mind. We'll see how it plays out.
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Historically, the market has tried to move four months ahead of an economic recovery.
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Historically, six to nine months after rate cuts, the economy stabilizes and starts to swing in the other direction, ... But a lot of things are different this time. The Fed came off an aggressive tightening mode, and there's a global economic slowdown. It's just going to take a while longer this time.
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(Greenspan's) a proponent of what productivity gains have brought to this new economy, ... Of all the things he says, the least hawkish is when he talks about productivity and the new economy. In terms of Wall Street's reaction, I wouldn't say we could garner anything but a positive feeling.
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We've had a lot of bad news today -- the economic data, Cigna and the insurance sector is doing poorly, a bunch of companies missing estimates or warning -- but this is a market that really doesn't want to sell off,