Michael Sheldon
Michael Sheldon
Michael Sheldonis a former Australian rules footballer who played with Essendon in the Victorian Football League...
footing market poor start trying
The market is trying to find its footing here, amid what has been a poor start to the year.
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That's likely to remain the case until we start to resolve a few of the issues overhanging the markets include interest rates, energy prices and the strength of the economy over the next several months.
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My sense is we continue to see this correction over the next few weeks, but I think once we get through this period and some of the March data starts to come out, stocks will move higher.
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If we can build on Tuesday's significant . . . turnaround, you could see buyers start coming back into the market and you could see a further push higher over the next several days.
build buyers coming further higher market next push several start
If we can build on Tuesday's significant intraday turnaround, you could see buyers start coming back into the market and you could see a further push higher over the next several days.
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Despite terrorist events around the world, rising oil prices and a lukewarm job market, consumer spending has remained fairly strong, much better than many would have thought. But if the economic data starts to slow and oil rises above $60 a barrel, that could eat into consumer spending.
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So far, we haven't seen a major increase in core inflation, all we've seen is a sharp rise in energy prices. It seems logical that higher energy prices should start to feed through to higher inflation.
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In terms of the broader market, it looks like we may have entered a short period of consolidation or profit taking following the strong advance at the start of this year.
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There's a major rise in oil prices, increased investor worry about the upcoming earnings season and you're also seeing some profit-taking after the market's six-week run-up.
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I think the number is likely to be below the median estimate.
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I think the fact that Greenspan brought the issue of a declining dollar, global trade imbalances and protectionism to the forefront adds to the pressure today.
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The fall has traditionally caused anxiety for investors and produced some big declines, particularly in late August and early September.
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Intel's news is going to hurt techs tomorrow, ... I think if the payroll numbers are disappointing, too, you're going to see a broader sell-off.
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I think the last few weeks have probably been frustrating for investors. Earnings have been very positive, but the focus has been on interest rates. Over the next few sessions, it looks like the fear of higher interest rates will probably outweigh the earnings.