Rising long rates threaten the bellwether housing industry as well as consumer spending. The higher bond returns begin to compete with stocks for institutional affection.
More Quotes from Larry Wachtel:
They were destined to be disappointing. One, the weather was against you and we have a cautious consumer.Larry Wachtel
It's been a slightly negative day, but after three good days and three good months, I fail to see how this is going to be a significant problem. It's just a breather today.
Larry Wachtel
Confession may be good for the soul, but not on Wall Street. The negative pre-announcements that have been with us for the past two weeks has begun to accelerate with 21 confessions yesterday (Wednesday) and a handful this morning. This sets up some fear and trembling about the wide range of reports to come through most of July.
Larry Wachtel
Getting back to inflation, it is important to note that the producer price Index does not reflect wage pressures -- and that is where the inflation threat really lies.
Larry Wachtel
Tomorrow (Tuesday) we get numbers on industrial production and housing and big reports from Intel, Coke, Johnson Johnson -- maybe that can turn us around.
Larry Wachtel
Tech is suffering from one big inventory overhang. It's going to take a long time to work through that.
Larry Wachtel
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