Today bonds rallied because of the softer new home sales. Yesterday, bonds fell because the purchasing managers report was too strong. Now we go to Friday and the non-farm payrolls, which is the main part of the economic reporting cycle, and if that number comes in too strong, the bonds get whacked again -- and so do the stocks.
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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
Tech is suffering from one big inventory overhang. It's going to take a long time to work through that.
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The Dow components are weak because the Fed is threatening to slow the economy down. Its cyclical components are the ones that are most sensitive to that.
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Now, this day prior to the long weekend, I don't think we'll have the cavalry charge at the close today. But I think this has legs. I think it could drive forward to, say, Dow 8500,
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This is a way to dip your toe in the water without getting into deep vulnerability, so you're participating in the blue chips.
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We are in a bit of a vacuum with the long three-day weekend coming up. Tomorrow will be a vacuum kind of day.
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