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.
More Quotes from 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
In that environment, markets could retest lows, but if we get the policy response then we'll get more of a rally.
Khuram Chaudhry
We are in the midst of the third-quarter reporting season and it's quite likely the numbers will meet expectations or be below, so there is still scope for bad news.
Khuram Chaudhry
Iraq is still impinging on the market making any move firmer. My concern is that it is going to become more of an issue as we enter next year.
Khuram Chaudhry
We're finding that the data from the U.S. on industrial activity were pretty weak. It's so-so on the consumer although housing activity is still holding up. When you look at Europe, Sweden and Hungary both cut interest rates this week.
Khuram Chaudhry
It looks like the worse the outlook for corporate profits the better it's becoming for investors who are beginning to sense that perhaps the central bank will not raise interest rates again.
Khuram Chaudhry
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