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.
More Quotes from 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
Long term, I think the markets are higher. ... I think on a very short basis, we're due for a pullback of sorts. The government is doing all it can to stimulate the economy, but pricing power is a concern longer term.
Robert Philips
The PPI today obviously affected the bond market. Stocks are more neutral right now in that you have oil stocks, materials and drug stocks doing well today, and that's countering the concerns about inflation.
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
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
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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