Jack Ablin
Jack Ablin
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.
earnings economic news positive
Right now, we have this positive confluence of earnings and economic news that has been propelling the market.
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.
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.
certainly economic footing solid
We're certainly on solid footing on an economic front.
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.
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.
avoid economic fed front growth looking negatives period rate
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.
causing fairly investor issues market stock
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.