Gold is at a high and the dollar weakened again. As a result, you would think stocks would be a lot lower today, with people putting money into those areas and taking money out of stocks, but they're not that bad. We're kind of just drifting. The Dow has its own company-specific problems, but the Nasdaq is hanging in there.
More Quotes from Donald Selkin:
People are frustrated. The pattern has been a couple of days of rallies on a little good news and then it fizzles out. There's no reason to make big commitments with all of this unresolved. The hope now is that we can dig in our heels at key support levels and find some balance.Donald Selkin
This is where the earnings growth is. This is where people perceive the opportunities are to make money.
Donald Selkin
I just think we can't seem to get out of that range we're in. We're in a seasonally difficult time of the year. All the good news is in the market ... it needs a new catalyst.
Donald Selkin
Iraq's army is reportedly weaker than it was in 1991 during the Gulf war, and our military technology is reportedly a lot stronger. So there's a perception that if there is a war, it will be quick. Everyone's been hoping that once the war is over, corporations and consumers will pick up spending as well, so you have investors not wanting to be left out should that happen.
Donald Selkin
By November, the bulk of the third-quarter earnings will be out there, and we know that they've been pretty good. But for stocks to go higher, we're going to need another catalyst. Expectations for a strong fourth quarter could do it, positive comments on the holiday season could do it, but really, I think it's going to be the economic news.
Donald Selkin
The market looks ahead, and maybe investors are worried that between the higher interest rate picture and the decelerating profit growth, the market may have a tough time advancing.
Donald Selkin
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