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.
More Quotes from Joseph Battipaglia:
I'd have to see some significant production cuts and some pain from the producers before I would even take a nibble at it.Joseph Battipaglia
It's a good start to the quarter, ... We're at the lower end of the recent trading range, so there's probably more room to gain.
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
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
The big-cap technology leaders are doing reasonably well, ... I still believe technology companies will provide leadership. They will be followed alongside by pharmaceuticals and financials.
Joseph Battipaglia
What's going to be positive here is delivered earnings, a fairly bright outlook for the second half by corporations, and a growing comfort among investors that perhaps the tightening initiative by the Fed is coming to a close,
Joseph Battipaglia
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