There's a cautious backdrop (on Wall Street). We're heading to that glide path toward the Fed meeting. I think there has been a gravitation toward the cyclical stocks and away from the blue chips. And I think we'll continue to see movements into the papers and the metals.
More Quotes from Larry Wachtel:
Rising long rates threaten the bellwether housing industry as well as consumer spending. The higher bond returns begin to compete with stocks for institutional affection.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
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
Last minute tax-loss selling, that's why they stay open on the day before New Year's, so there might be some excitement, but it's just a beginning phase.
Larry Wachtel
We are in a bit of a vacuum with the long three-day weekend coming up. Tomorrow will be a vacuum kind of day.
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
Readers Who Like This Quotation Also Like:
Based on Topics: Moderation & Temperance QuotesAs fighting in Iraq intensifies, President Bush delivered his supplemental war budget to Congress. The money will cover 30 days of fighting, then we'll be sent one war every other month until we cancel our subscription.
Craig Kilborn
My abiding theme is separations.
Judith Rossner
If I am what I have and if I lose what I have who then am I?
Erich Fromm