We got a double dose of good news. The Yahoo revenues and earnings were better than expected, helping to pump some life into the dreary internet group and we continue to get a trickling of second-quarter earnings.
More Quotes from Bill Meehan:
The market is having a little trouble making up its mind. We'll probably waffle around a little but the tone of the market should improve as the earnings continue to come in.Bill Meehan
It seemed to me that Wall Street analysts fired all their cannons this morning in defense of technology and look at the result. Some of these stocks will get bailed out if they significantly beat expectations over the coming weeks but I also suspect there may be some further warnings announced. We're at significant risk of companies guiding analysts lower in terms of the fourth quarter and next year.
Bill Meehan
It's a bit much to expect we're going to rock and roll to new highs. But I don't see an extraordinary amount of downside, so investors shouldn't worry too much about the ups and downs.
Bill Meehan
Don't confuse weakness in the market as indicative of proof that the economy is coming apart at the seams. We're not in a freefall, economically speaking, and the technology sector has problems -- we all know that.
Bill Meehan
Everybody knows the Fed is going to lower rates. You'll start hearing people talk about more than a 50-basis-point (a half-percentage-point) rate cut -- that wouldn't shock me.
Bill Meehan
I don't think that an increase trend in inflation is going to be very positively viewed by the market, and so many believe not only that the inflationary outlook is good, there are many out there that think that there is no inflation in the United States.
Bill Meehan
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