Peter Greene
Peter Greene
Peter Greeneis an American character actor, generally known for playing villains. Peter lives in New York...
ProfessionMovie Actor
Date of Birth8 October 1965
CityMontclair, NJ
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Greenspan's comments are obviously a big turnaround from what he said last year. But the bond market is usually ahead of the Fed about interest rates, and it has priced in a rise.
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What's happening today is very telling of where the market is right now. Typically, when there is negative news people tend to make 'flight-to-safety' moves into bonds and gold, but that isn't happening. That tells me that asset classes in the near term are very tired, and that we could see more of a pull back from here over the next few months.
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Interest rate fears are fully discounted now, which is why bonds are up today. That's why stocks are bouncing, why the utilities are rallying, regional bank groups are rallying. But I don't think the market is going to have much more lift here.
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Interest rate fears are fully discounted now, which is why bonds are up today, ... That's why stocks are bouncing, why the utilities are rallying, regional bank groups are rallying. But I don't think the market is going to have much more lift here.
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You've got a lot of factors lifting stocks today, ... You've got all the tech upgrades, money flowing out of gold, oil and the bond market, and the ISM this morning was all-in-all pretty good.
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The dollar's strength and the bond market's weakness right now is changing the way people are seeing things, ... It's telling us that interest rates are likely to rise and that commodity prices are likely to come down.
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I think traders are quick to take profits right now, because what else is there that stocks can do for an encore in the short term? We're still in an uptrend, but the probability right now, from a technical standpoint, is that we're going to have a little more selling.
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People are comforted by Intel, but it's unsurprising that they had a good quarter, so you're seeing a little sell on the news, ... Market events get discounted more and more these days, and I think you're especially seeing that as we get into this period of digesting the earnings news.
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It appears to me that fiber-optics and semiconductors have begun to make bottoms, ... Particularly in the semiconductor area, I think we're seeing very early stages of the fiber optic area.
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I think it's going to continue to be a sideways market in August and into September. Seasonally, there's the tendency for selling, but as of now, there aren't any big events on tap that could take us a lot higher or a lot lower.
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Microsoft is the second-largest company in the world, so when its shares are seeing that kind of surge, it's going to spill over into all kinds of other companies.
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People have been talking for some time about large-cap stocks, and that's where the money is going today. They want to be in more secure companies that are going to benefit from global expansion.
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My opinion is it's only natural for the Nasdaq composite to undergo some profit taking after a 30-plus percent advance in two months. Also, many groups that have been very strong -- like the semiconductor group, the drug group -- these are up against relative strength resistance. So it stands to reason that they're going to be profit taking,
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The 2003 rally was on low interest rates and a weak dollar. Now, that's changed. The dollar bottomed in February, and I think people are realizing what higher rates are going to mean for the stock market.