I think it is a quarter of a point move up, but a neutral stance by the Fed, opening up the way I think for a big rally for the rest of the year,
More Quotes from Joseph Battipaglia:
The real story is how well the U.S. economy is performing, ... Brazil is important, but I think we're seeing the end of the emerging markets crisis, not the beginning.Joseph Battipaglia
This earnings season, instead of getting a ripple effect on positive news, you're seeing that particular company's stock react, but very little spillover, like with IBM today. The negative news has tended to spill over to the rest of that sector, and in some cases, the broader market.
Joseph Battipaglia
The techs on balance have put in a fairly decent performance, ... We're getting a sense that there's a bottoming going on in the semiconductors. Some of the bellwether companies like Cisco are talking about a better environment in the future.
Joseph Battipaglia
There are two things that got this rally started late last week -- short-covering and an expectation that this (war) action will be brief, ... If this war is executed right, you could see a bounce off the action, but it's going to remain volatile this week with so much up in the air.
Joseph Battipaglia
CPI data was benign but the data was prior to Hurricane Katrina, ... Still, no one is quite sure about what the Fed is going to do going ahead. So the market is not showing much conviction.
Joseph Battipaglia
Oil prices at these levels are providing all kinds of dislocation issues for stocks. Earnings and the economic data are O.K., but with oil where it is, the market is unable to make a decision, long or short, and there's certainly no real catalyst for buying.
Joseph Battipaglia
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