Greenspan had something for everybody, as he usually does. It depends on your frame of reference in terms of how you interpret it. I think his comments were pretty benign.
More Quotes from Robert Philips:
I think the oil concerns have gotten overdone, ... but the situation in Iraq is a different story, though, as is a potential attack.Robert Philips
We're pretty locked into this no-man's land as we wait for the Fed. I think that the Fed will probably cut 25 basis points and that you're not going to see much reaction tomorrow, because that size cut is priced in. What Greenspan says is going to be more important.
Robert Philips
It's been a difficult week or two for the stock market. It seems like as soon as we get past one thing, we have another. Overall, it seems the confluence of negative news is making people jittery.
Robert Philips
It'll give some clarity about interest rates, whether the market can break out of this range, and will give us some indications about the presidential election. The better the jobs number, the better for Bush's re-election campaign, and for some on Wall Street, that's preferable, because they know what his policies are, and someone else coming in is more of an unknown.
Robert Philips
From a technical standpoint the market is in a pretty good place. But I think it's a classic summer Friday, and people don't want to commit too much after the week we've seen and ahead of all the news next week.
Robert Philips
To the extent that there remains pressure on stocks even when the company reports some good news means that on a broader level, people don't want to own anything right now.
Robert Philips
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