(The GDP) doesn't justify the slower earnings picture later in the year, ... There's a little bit of saving grace in there because we're seeing a strong economy still with no dramatic inflationary prospects.
More Quotes from Barry Hyman:
For some reason, today we're painting the whole picture with a broad brush and a few profit warnings are really damaging that landscape for the companies that are good (performers).Barry Hyman
There's going to be this flip-flop next week and continually until we get through earnings season, going from earnings to worrying about the economic slowdown and what inflation brings so I think next week is going to be marked by that. We're getting to the point where the market needs good earnings. It needs to have a catalyst to get the growth sector moving again.
Barry Hyman
The retail sales numbers we saw should have presumed a rally but we had some selling in Hewlett-Packard and NBC Internet. During the day, people started to realize that retail sales were good news.
Barry Hyman
There is a fear that we'll have a negative surprise and inflationary fears are keeping people on the sidelines, ... There's no real great impetus out there to drive the market.
Barry Hyman
People look for the summer rally, and people have always complained - well, what happened to the summer rally - not understanding that the summer rally started the day after Memorial Day. So we really have had a very good summer rally. In the Nasdaq, it went up almost 40 percent off of the bottom. The Dow went up around 12 percent off the bottom. The SP similarly. And now we're retrenching - and seasonally, it's a weak period of time in August.
Barry Hyman
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