We've had a lot of good news in the last couple of months. Most recently, we had the Fed hold the line, we had another employment report that was reasonable and now we've had gold plunge -- all of which have been encouraging to the bond market. Stocks have come along with the bond market.
More Quotes from Charles Crane:
The irony of all this summer rally is that the more vigorous it gets the higher the odds are that Mr. Greenspan continues to tighten the screws. And whether that will then lead to a more severe hangover the next morning is what we're all wrestling with.Charles Crane
If there's any doubt about this bull market's stamina, yesterday should have quieted some of those doubts. There was no news, positive or negative, in the marketplace. And yet the Dow rose to an all-time high and the broader market was strong as well.
Charles Crane
Second quarter earnings are very likely to be satisfactory in aggregate. A number of visible companies have warned of disappointments, but they are the exception rather than the rule. Earnings growth will probably be in the high-teens range when everything is tallied up.
Charles Crane
The market behaved worse than most anticipated going into this period because the conditions of the economy were worse than any of us judged it to be. Earnings were revised down steadily and that kind of downward revision was not tolerated well.
Charles Crane
Any time you get more than one central banker in a room together the antennas are bound to go up and send a shiver down the market's spine.
Charles Crane
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