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.
More Quotes from Joseph Battipaglia:
It's still a situation where fundamentals are decent, but the pressure of the continuing high oil prices and a profit surprise, like HP today, persist,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 bond market still believes that the Fed is an inflation fighter, the bond market still believes that there really isn't inflation today, and they applaud the moves by the Fed to be ready for future,
Joseph Battipaglia
We're at a point where there is some rotation, but I believe it's a very positive development because you're getting broader participation on the economically sensitive sector because, the fear of recession is going away and the deflation fear is gone, ... Business Day.
Joseph Battipaglia
The market anticipated a very weak third quarter. There was concern this would roll over into an on-going problem. Once we have evidence that it is not and the third quarter comes in a little better than expected, that will be the basis for the next leg up,
Joseph Battipaglia
I don't see them getting much worse than 6-14 percent on the long end, ... The overall bond market is not completely convinced that we're going to see meaningful higher interest rates. Something is going to give here, and my sense is that the Fed is not going beyond this second cut.
Joseph Battipaglia
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