Some weaker-than-expected economic data is supporting the plight of equities (Thursday). With six rate hikes from the Fed now under our belt, we are beginning to see signs of an economic slowdown, suggesting that there could be light at the end of the proverbial tunnel.
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The fact that bonds are falling has the markets a little worried. The past couple times that oil spiked, bonds rose higher and the equity investors took solace in that. Now you've got to wonder if bonds are feeling the effects of inflation as well.
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It was really a story of positive earnings on the tape and no major hiccups on the economic front. You had decent reports from three sectors in general industrial, tech and health care.
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The fact that we're seeing some profit taking is a good thing. Yesterday, for all intents and purposes, was a win, in that we didn't sell off more after hitting those early week highs.
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The stock market is still hung over after Greenspan's speech yesterday,
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The Fed cut 100 basis points (one percentage point) in January and we've got another 50 under our belt now. Monetary policy is a slow moving beast and ultimately it's going to take some time to turn this economy around.
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