Jack Ablin
Jack Ablin
both good
In both fees and commissions, they're in good shape.
consumer credit deal favorable huge
For the fee-based deal business, it's still a favorable environment. But they also have a huge consumer credit exposure.
I don't see any last-day-of-the-year rebound. I think it will be more of the same tomorrow.
behind bond chip continues economy economy-and-economics inflation market seem
The bond market is still behind the inflation curve. The inflation story continues to chip away at our economy and it doesn't seem to be getting any weaker.
among believed fed next possibly skip
It's increasingly believed among participants that the Fed will skip the next meeting, and possibly one more by the end of the year.
accounting concerns continue dominate investing seeing
Accounting concerns continue to dominate the market. We're going to be seeing this 'Prove it to me' investing for a while.
bond derived fuel invest market move raise seems somewhat
It seems like the market is obsessing on this bond market fallout, which was somewhat precipitated by the move to raise (interest rates) in Japan. A lot of the fuel that has been used to invest in this bond market has been derived from 'easy money' in Japan.
bond market seems
It seems like the market is obsessing on this bond market fallout.
bad employment happened higher jobs last mean news perceived pickup recession recovery report seen sign throw track year
Any bad news can throw us, and the jobs report was perceived as bad news, seen as a sign that the recovery is fragile, but that's not necessarily true. In the last two recessions, a pickup in employment only happened a year after the recession had ended. So just because unemployment is higher doesn't mean we're not on track for a recovery.
asset bottom deal finding increasing line paying portion trading
They're going to get a deal done, but they may end up paying a premium. These firms are finding an increasing portion of their bottom line attributed to trading and asset management.
confidence investors katrina looking minds punch report rita
The confidence report really personifies what's going on in consumers' minds right now. Investors are looking at Katrina and Rita as a one-two punch for the economy.
came catalyst consumer expected face forced housing investors likely news number primary reality slow suspect thereby worse
The housing news was the big setback today. While we suspect that housing is likely to slow and thereby take the primary catalyst away from consumer spending, the number came in worse than expected and forced investors to face reality much sooner.
create difficult environment
All of those things conspired to create a difficult environment for stocks.
market quality shift starting
The market is starting to shift back to quality stocks.