Few companies are pounding the table and saying things are terrific so there's not the wild enthusiasm you would expect with a good earnings season,
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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.Paul Nolte
Now, instead of every bit of good news being hailed as the latest sign of recovery, it is being scorned as another nail in the coffin for easy money.
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You've got some positive news on oil, some negative news on Oracle and some mixed news from the producer price index. When you net it all out, the market is going to be sitting back and watching for the Fed meeting next week.
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Right now sentiment is all loaded on one side of the market. It gives you the idea we're running late in the game -- we may be in the process of putting in a short-term top in the market.
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We have some continuation of the good news from yesterday.
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