We've had very sharp moves both in the U.S. and international markets,
More Quotes from 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
If there are no interest rate cuts before the end of the year, the concern will be that we are going down the deflation road, since economic data is unlikely to turn up of its own accord,
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
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
The markets are still very defensive in tone. Airlines are still being hit quite sharply. But we saw some renewed interest in some of the telecommunication names.
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
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