This is a real story of a split market ... some of the tech stocks have been weak for most of the day, but generally most of the market has fared quite well.
More Quotes from Doug Porter:
I suspect it was just a bout of profit taking, a bit of nervousness ahead of next week's Fed meeting. Not that anyone's expecting anything out of the Fed's next week, but I think there still are some lingering concerns about the longer-term interest rate outlook. Especially with oil prices pushing above 32 a barrel,Doug Porter
Manufacturing is just down 0.1 percent in the past year. It shows there's enough strength in other sectors to offset an outright decline in manufacturing, so there's enough room for the Bank of Canada to keep tightening.
Doug Porter
What's interesting is that there's a real split between present expectations and the future. Consumers still view their present situation as exceptionally good, but there does seem to be a little bit of trepidation about the outlook going forward.
Doug Porter
I think there are more pieces of good news here than bad news.
Doug Porter
The main message for me in the (U.S.) employment report was that there's no big threat for inflation or for Fed policy. Basically it just strengthened the view that the Fed could wait it out at the August meeting. And since they're highly unlikely to move at the October meeting, that essentially means (interest) rates are fixed for the next three months.
Doug Porter
The central bank is more upbeat about the economy. The market expects the bank to raise interest rates next month. But I think the risks are for the bank to do more than that.
Doug Porter
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