On the surface, the Microsoft news was terrific. When a company says it's paying a dividend and announces a 2-for-1 stock split, that's usually a sign of good things to come. But then they warned about the year and said IT (information technology) spending wasn't going to pick up, and so the stock is selling.
More Quotes from Donald Selkin:
Normally, lower rates would be seen as a positive for stocks, but in this case, it seems like the Fed is behind the curve and the Fed is supposed to be leading us out of this. For months people have been talking about the disconnect between the economy and stock prices. Now it's starting to seem like that disconnect is narrowing.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
With earnings winding down and not as much to focus on, you're getting very volatile reactions to economic numbers that are actually pretty close to estimates. You're also seeing some of the defensive names that are dependent on an economic recovery tradi
Donald Selkin
Between Texas Instruments, the rise in oil prices, and commodities, we got hit today. But the decline wasn't terrible. Last week we had nice gains, and today, we're kind of consolidating.
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
There's nothing much next week in terms of earnings, and not really hugely influential economic news, but the bias is still pretty positive, and I think we're likely to grind higher.
Donald Selkin
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