If the consumer starts to cave in, the 'double dip' aura will come back. I think that (the Consumer Credit report) is what created this final selling.
More Quotes from Larry Wachtel:
Tech is suffering from one big inventory overhang. It's going to take a long time to work through that.Larry Wachtel
Tomorrow (Tuesday) we get numbers on industrial production and housing and big reports from Intel, Coke, Johnson Johnson -- maybe that can turn us around.
Larry Wachtel
Attention will be focused on the statement that follows the 215 p. m. ET rate announcement, as it will give us a better indication on the Fed's future course of action. Noteworthy is that the tendency has been for the market to rally ahead of the Fed meeting and to sell-on-the-news after the announcement, ... While the market is advancing, it is on light volume due to this being a Monday in the slow month of August in front of tomorrow's economic policy uncertainty.
Larry Wachtel
It doesn't tell you anything in terms of the fundamentals. I think there will be a bet made tomorrow (Tuesday) and early Wednesday that the Fed goes 50 basis points (a half-percentage point). If it pays off, I think there will be a trading flurry.
Larry Wachtel
The only thing that was positive today was that there was nothing negative, especially no lousy economic reports that we've had over the last four trading days. The summer doldrums have not appeared so far.
Larry Wachtel
The traders wanted 75 basis points (three-quarter percentage point) so they sold on the news. After the traders sold, investors stepped up to the plate (to sell).
Larry Wachtel
Readers Who Like This Quotation Also Like:
Based on Topics: Sales Quotes, Selling QuotesA person with a new idea is a crank until the idea succeeds.
Mark Twain
One of my favorite movies is The Little Foxes.
Donna Mills
What moves those of genius, what inspires their work is not new ideas, but their obsession with the idea that what has already been said is still not enough.
Eugene Delacroix