Jack Ablin
Jack Ablin
backdrop creating fed four interest last low played
Over the last four years the Fed has played the part of a surrealistic painter, creating a dreamy backdrop with generously low interest rates.
clarify cloud creating dark gold inflation numbers tomorrow upside
Gold is creating a psychological dark cloud over the market. With gold on the upside and inflation fears, the numbers we get tomorrow will clarify some of these concerns.
creating earnings engine environment market
Earnings are still the engine and the market is not overvalued, but the environment we are in is creating pressure.
certainly economic footing solid
We're certainly on solid footing on an economic front.
argue backward bit coming economy enthusiasm eventually evidence face maybe news slap today ugly woods
We have some very ugly numbers. You can argue that the ISM is still backward looking, and maybe even the jobless claims, but eventually we're going to need some evidence that the economy is improving. We had a lot of enthusiasm coming from earnings, but the news today is a little bit of a slap in the face that we're not out of the woods yet.
base fear form maybe rally
Maybe now there's enough fear out there to form a base to rally again.
chief corporate growth low strong
When you have strong growth and low wages, the chief beneficiary is corporate America.
leading names phenomenal seen stocks
We've come off a phenomenal July. And we've seen a real reversal in the stocks that were leading the market, with economically-sensitive names doing well.
growth job mark number previous projected strong
The projected job growth number would mark a pretty strong snapback from the previous month.
digging factory found orders report traders weakness
Traders found some weakness in the factory orders in the ISM report after digging around.
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We're still getting more negatives on the economic front today, and this is a period where we're really looking for economic growth to avoid a Fed rate cut.
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Fundamentally, I think the stock market is fairly valued, but there are a lot of issues around that are causing investor concern.
dangerous fed growth holding interest market risky spite stocks value view
I don't view the market as risky or dangerous even in spite of more Fed tightening. We have enough value in U.S. and international growth stocks. What's holding stocks back right now is uncertainty about interest rates, not valuation.
cause commit continues error fed financial since time worry
What I worry about is that if the Fed continues to tighten, they could commit the same error they have done every time since 1980 and cause a financial crisis.