We're facing the realization that rising (interest) rates and rising stock prices are incompatible. The higher rates are really starting to make themselves felt.
More Quotes from Richard Cripps:
We have good optimism out there and that's always the time to think about what dark clouds are out there.Richard Cripps
There is a lack of buyer conviction. The whole dynamic of the Nasdaq rise and correction is, in a broader sense, an inflection point. But investors just view it as weakness.
Richard Cripps
I'm of the view that the Nasdaq really goes into a consolidation, and historically, for technology, it really performs fairly poorly in the April-to-June time frame. So my view is that Nasdaq, on the whole, pretty much always goes into a consolidation pattern, not much upside from the current level.
Richard Cripps
You're getting money flowing back into some of these big stocks and the tone is good. What's powering it is optimism that at some point and time, we're going to get this final turn in earnings -- it's buying with the thought that you don't fight the Fed.
Richard Cripps
There are no signs here that give you the impression that the selling pressure has bottomed. There's just not a lot of conviction out there.
Richard Cripps
But I think that the global picture in 1995 was a little bit more murky than it is today. Economy was slower than today. As we look at the world scene it is actually quite good. A lot of foreign economies are expected to grow a little bit faster than the U.S. economy this year. So that is a major difference. And again it probably keeps the Fed from decreasing or cutting interest rates anytime soon.
Richard Cripps
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