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.
More Quotes from Roy Blumberg:
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.Roy Blumberg
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.
Roy Blumberg
The market is up so much that it's got to become a little bit more difficult to make progress. I don't think it's necessarily a sign of anything big I'm bullish, but not enthusiastically, jumping up-and-down bullish.
Roy Blumberg
This is a funny kind of market, because earnings aren't really a positive driver for the market and haven't been for quite some time. The good ones don't really help, but the bad reports slaughter (the offending companies).
Roy Blumberg
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.
Roy Blumberg
Investors have to be patient. You still have to ride the winners at this point, which are usually found in technology. I think you need to be a little bit more defensive in where you are in tech and biotech. But you have to wait until you get that correction and prices stay down. Until then, the money is hot right now and the hot money is going back to many of the same names.
Roy Blumberg
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