Paul Nolte
Paul Nolte
erosion expect gradual movement sharp stocks
I don't expect to see a sharp movement in stocks -- it will be a gradual erosion over time.
couple interested investors last selling strong telling trend volume weak
We have strong volume on down days, and weak volume on up days. That's the trend for the last couple weeks. That's telling that investors are more interested in selling than they are buying.
overall paid prices
Overall it doesn't look too bad. The prices paid is a concern. We'd like to see it come down a little. It's an inflationary key.
game gives late loaded process putting running sentiment side top
Right now sentiment is all loaded on one side of the market. It gives you the idea we're running late in the game -- we may be in the process of putting in a short-term top in the market.
difference diplomatic east japanese less markets middle oil prices stellar week
What a difference a week makes, from improprieties in the Japanese markets to still-higher oil prices amid diplomatic rumblings in the Middle East to less than stellar earnings.
analysis bond came debating energy federal heading hikes looking moderation next prices residual seeing
We're getting a moderation in bond yields, and energy prices came down today. We're looking at things more favorably than this morning. There's still residual analysis about the Federal Reserve, and we're seeing some gamesmanship heading into next week's meeting, debating how more hikes we have.
environment fact happens matter
We still like the fact that we're in an environment where no matter what happens in the economy, they (pharmaceutical companies) are still going to be doing business.
economy figuring growth investors reasonable seeing strength translate
We're still seeing reasonable growth in the economy ... and investors are figuring this is going to translate into strength in earnings.
bond certainly competition good providing risks
We're still absorbing a lot of things. The risks right now are certainly still with the bond market. It's providing some good competition for stocks.
additional broken commit dollars trading
We may have broken out of our trading range, but we would like to see some follow-through before we commit additional dollars to the market.
attention economic paying phenomenon worth
But that's more of a short-term phenomenon than anything worth paying a lot of attention to, ... it's going to come down to better economic numbers.
destroy greenspan june last legacy months next price raised rates secure six stability tenure wake year
Greenspan is not going to wake up in June of next year and say 'I should have really raised rates more aggressively.' His legacy of price stability is pretty secure so I don't think the last six months of his tenure will destroy it for him.
certain coast colored confidence consumer gulf helping increased low number speech spending surprised terribly
To a certain extent, Bush's speech about increased spending in the U.S. Gulf Coast is helping the market. I am not too terribly surprised that consumer confidence is low because the number is colored by Katrina.
context declining percent rally within
We could see a 3 to 5 percent rally and still be within the context of a declining market,