I think the focus in the U.S. is on economic data coming out -- things like U.S. import prices. You find a weak dollar will translate into higher import prices, ... In corporate news, Cisco's numbers could have a positive impact, it was helping some of the European tech stocks early ... but European bourses have pulled back a bit.
More Quotes from Khuram Chaudhry:
Today has been different from the past few weeks as we have seen real capitulation in the market as every stock and every sector is down.Khuram Chaudhry
The Royal DutchShell story could be a drag on the sector today.
Khuram Chaudhry
There is a little bit of uncertainty about what exactly Mr. Greenspan will say today. Investors want to hear about interest rates. Yes, the economy has shown some signs of suffering recently, but that's countered by other data indicating continued improvement overall. Investors are cautious until they hear more from Greenspan today.
Khuram Chaudhry
There is U.S. existing home sales data out today that is quite key with what's happening with the state of the U.S. consumer. I think the consensus view is that you're still likely to see a great hold up, but if the data oppose that view it could have some impact on the markets.
Khuram Chaudhry
We could see more of the same today, Europe is still moving lower on the back of where the U.S. was and the catalysts just don't seem to be there.
Khuram Chaudhry
The ISM data is key today, especially in light of last week's data on regional manufacturing activity, combined with some positive comments on economic growth by the Federal Reserve. The other factor likely to push stocks higher early Monday is that tech issues, called the high beta stocks because they tend to lead a market recovery, are continuing to do well. That's certainly a plus for the market.
Khuram Chaudhry
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