It seems the storm is not going to be as strong as we feared and that was enough to take some of the selling pressure off stocks today. We are not likely to see real stock-buying this afternoon as most investors still want to see what happens with the storm during the weekend, but if damage is minimal, we might be bound for a rally on Monday.
More Quotes from John Augustine:
The markets are reacting very positively to the news out of Japan. They're literally starting at the funding level to the banking industry before they start raising interest rates. This seems to be taking some pressure off the cyclical sectors around the world.John Augustine
Energy is going to catch the attention of the market. It's probably a force that's not going to leave because we're in transition from concern about oil to concerns about natural gas and how that will affect consumer spending as we head into winter.
John Augustine
There are fears that any supply disruptions could disturb oil markets and such concerns are holding back both economic growth and stock prices. In the absence of any such disruptions, we expect that crude will stay in the 50-70 range this year and will likely always be on investors' minds.
John Augustine
Big institutions are holding back their own capital. They're looking for an upside catalyst for stock prices. Any activity on the mergers and acquisition, buy-back or dividend fronts, mixed with good news out of energy or the Fed, would be a catalyst to bring the big institutions back into stock market.
John Augustine
The stock market has an opportunity to break upwards if corporate CEOs and CFOs say some good things, or at least some neutral things, about the outlook,
John Augustine
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