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.
More Quotes from John Augustine:
Earnings are driving the testing of the top end for the SP 500, but geopolitical issues are here to stay for some time. That will put downward pressure on the stock market.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
So far financial markets like what they're hearing from the chairman.
John Augustine
This may be one of those years in the stock market where you'll want to sell on Memorial Day and go away until Labor Day.
John Augustine
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.
John Augustine
Overnight, you saw good news coming out of the tech sector and we suspect they are good harbingers of things to come out of the earnings season for the next couple of weeks.
John Augustine
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