I think now that that is digested, people are looking at some reasonable values our view is that crude oil prices are going to remain high.
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Earnings growth for the SP 500 continues to be robust, and could end up beating north of 10 percent for the year.Ben Halliburton
The biggest concern is how high the Fed will go with rates. That's clearly destabilizing the markets and causing choppiness.
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Even so, he thinks oil exploration and production stocks may still be worth a look. Some of the stocks are trading as if oil is 50 a barrel whereas oil is at 65 right now, ... So even if oil prices were to fall back, that sub-sector would still be undervalued.
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The stock market is hoping that the Katrina effect will cause the Fed to stop its campaign, or at least pause, until it becomes clear just how big the impact of Katrina is on the economy.
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I think Greenspan basically said the obvious, that long rates are too low and against his desire for the economy to grow ... His comments indicated that the Fed will remain in a tightening stance and that we should see further raising as the year progresses.
Ben Halliburton
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