Ned Riley
Ned Riley
economic federal move reserve stock support yesterday
The Federal Reserve is not here to support the stock market. This move yesterday (Wednesday) was done for economic reasons.
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I think the Fed has at least one further tightening in June and another one in August. Until the American consumer changes his or her outlook on further income growth, the economy is going to remain vibrant and inflation will continue to rise.
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The Fed is still maintaining its supportive stance. They are not going to raise rates until the economy begins to generate more jobs.
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The bottom line is clearly the Fed has dashed the hopes of a hiatus after this January increase.
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I do think we're searching for a bottom on the Nasdaq and the action looks good so far. I see a lot of stocks doing well and people are going bottom fishing. Interest rates matter and clearly the Federal Reserve needs to focus on the Nasdaq.
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It is another piece of good news in that it leaves the Fed in an unfettered position to exercise more discretion in monetary easing. Because the economy has displayed such weakness and inflation has been non-existent with the exception of energy-related prices, the short-term inflation number may be less relevant.
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People are joining the camp of easier money for a longer period of time. The Fed should be willing to provide any and all support.
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The market is also still living with the legacy of the Fed's decision yesterday to raise rates, ... There are a number of people who feel the Fed should have paused, and should have considered the ramifications of Katrina and Rita.
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If the Fed is committed to slowing the economy, then I do think demand for technology will slow.
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There wasn't enough in my judgment to alleviate the fears that we are in the throes of a lack of confidence in the market.
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There was a combination of things that really depressed it. One was Hewlett-Packard's shortfall and we had a sympathetic sell-off using the political environment as a backdrop. Ironically, IBM remained the stalwart and it probably gave the notion of stability to the tech sector and we saw some people looking for bargains.
earnings growth means rate risk
Any (profit) short-fall in that growth rate at 110 times earnings means there's some risk in these stocks.
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I like this rally, and even if this is a shortened day, we turned 'Black Friday' into 'Green Friday' on the New York Stock Exchange.
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Clearly, the focus going forward is going to stay on the macro news to either enforce or dispel the notion that inflation is rising.