It's becoming a day-to-day struggle between bears and bulls. Once oil and yields move to highs, the bears take advantage. Those are the twin dreadnoughts of the market. But earnings news has been strong and has kept bulls on top.
More Quotes from Larry Wachtel:
The Microsoft delay has hurt the Nasdaq and will reverberate throughout all of technology. That will be today's big headline. We closed ragged yesterday, so we're going to have a tired market to start.Larry Wachtel
Confession may be good for the soul, but not on Wall Street. The negative pre-announcements that have been with us for the past two weeks has begun to accelerate with 21 confessions yesterday (Wednesday) and a handful this morning. This sets up some fear and trembling about the wide range of reports to come through most of July.
Larry Wachtel
This is all promulgated by overseas markets. We started with the festering Asian situation, Russia then spilled over into Latin America, and Wall Street has trouble dealing with all these overseas situations.
Larry Wachtel
so you can see how narrow (the rally) really is.
Larry Wachtel
It is a media event and it will be a big deal, but I don't think that the money managers will go rushing into stocks just simply because we got to Dow 10,000,
Larry Wachtel
For Warner-Lambert shareholders, the danger is that Pfizer takes its marbles and goes home. But the potential reward is that you can get the deal for a higher price.
Larry Wachtel
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I think that you make the best choice with the information that you have before you at that given time.
Eriq La Salle
I have no respect for the passion of equality, which seems to me merely idealizing envy.
Oliver Wendell Holmes, Jr.
Means must be subsidiary to ends and to our desire for dignity and value.
Ludwig Mies van der Rohe