Roy Blumberg
Roy Blumberg
discount energy fact higher inflation market people picking prices rate reality regular sign slightly start taking though willing
Even though the regular rate was slightly higher than expectations, right now the market is willing to discount the fact that energy prices are an important component. The reality is, it's an important sign and inflation is picking up. The fact is, people have to start taking a look at energy prices as a concern.
gains hold market pulled stocks technology
Technology stocks weren't able to hold their gains and the market pulled back.
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The next potential market-moving event is the PPI. Every time there is a number that suggests the economy is too strong, bonds come under pressure, which means large caps come under pressure.
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There's suddenly this new possibility that the Fed will tighten monetary policy again. Most people were going on the assumption that that was not going to happen.
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Technology is really driving the market but we are starting to see a focus on energy. I like these stocks and it looks like they will continue to perform well. I think that group has made its bottom and it's going to start to slowly work higher.
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I don't think this is the beginning of a significant correction in the stock market. I believe the market is overdue to have a correction of 5 to 7 percent, but not a bear market.
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They're trying to turn the boat very, very slowly and Wall Street may not be happy in the initial stages that they're doing that fast enough. So the first cut may not have as big an impact on stock prices as it should, but it should have a nice impact on the economy.
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Take away the Cisco article and you would have had a much better trading day.
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The Nasdaq advance/decline line actually ended the year lower than where it started, and that says that the soldiers weren't really participating, that it was a limited number of stocks driving the average up.
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The strong employment numbers say there's still power out there in the economy and therefore the earnings picture will continue to be good. Meanwhile the hourly wage number was not that strong so it doesn't suggest any pickup in inflation. So it's a good number for Wall Street.
looked portfolio somewhat
I think they're probably somewhat disappointed. They probably looked at their portfolio and said, I didn't do as well as the Dow. I made money, but I'm kind of disappointed.
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Basically, if any of the economic numbers are too far off of expectations -- especially after Greenspan's comments -- that's going to make investors nervous.
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Oracle is putting pressure on the technology stocks, but the Dow was up for seven days in a row before yesterday. The market was more than due for some kind of a sell-off.
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He needs to instill some confidence in the marketplace.