Already the futures markets are pricing in another rate hike and talk about a 5.0-plus fed funds rate is making the rounds. The currently inverted yield curve may also be a signal to the Fed that the economic growth of the past couple of years may be waning and any added tightening may be like kicking a good man while he is down.
More Quotes from Paul Nolte:
Stocks have had a real tough time maintaining gains this whole week. When we start taking a look around, gains tend to evaporate. Today, investors are looking at tech leaders. Those stocks are where the weight is being carried.Paul Nolte
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After a nice rally, investors are just taking a little bit of money off the table.
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To a certain extent, Bush's speech about increased spending in the U.S. Gulf Coast is helping the market. I am not too terribly surprised that consumer confidence is low because the number is colored by Katrina.
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We ran out of gas after yesterday's large advance. We only had earnings news from a couple companies today, and that couldn't carry us.
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But whether the market is going to have the staying power beyond today, I think we will be able to determine that toward the close,
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