I think the oil concerns have gotten overdone, ... but the situation in Iraq is a different story, though, as is a potential attack.
More Quotes from Robert Philips:
On the day, you're just seeing traders take some profits in response to an overbought condition after the rally, but longer-term there is a real concern about the bond market being at a 45-year low and the risks of deflation.Robert Philips
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.
Robert Philips
I think it's unlikely that it's the retail investor causing this kind of action. You can pretty much bet it's program traders.
Robert Philips
You've got the whole unsettled war threat hanging over us, a slew of corporate malfeasance, and worries that economic recovery won't be as good as expected in the second half of the year, ... But people are getting sick of this, which is the kind of reaction you have when a bottom is being set. So maybe that's one positive.
Robert Philips
The stock market initially got pretty spooked by the strong March payrolls number, ... At that time, the futures market was signaling no rate hike until November. Now, it's signaling August.
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
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