The weakness from Friday carried forward to the international markets and we could get a horrific open here today. The concerns stem from the rising rates structure and what we got on Friday was something of a good news, bad news syndrome.
The market`s not exactly cheap anymore.
It`s a good rally and it`s got some legs for a few days, but I wouldn`t go nuts chasing after it. It`s going to be challenged in the near future.
These surveys give regional snapshots, and that`s all they do. I`d never even heard of the Empire State survey until recently -- and I don`t think you can build the case that Wall Street sits there panting, waiting for the results.
(Calling August a) hazy, hot and hateful month, ... TGIO '” thank God it`s over.
Everything continues to revolve around oil after we got licked pretty good yesterday. Everything is a knee-jerk reaction now.
It was a respectable day. But after the (Fed) decision tomorrow, I think we can do better. I think the Street is braced for a no-rate-cut, no-rate-hike move from the Fed.
The only thing that was positive today was that there was nothing negative, especially no lousy economic reports that we`ve had over the last four trading days. The summer doldrums have not appeared so far.
On Friday, we had a ratio of 12 to 1 of losers to winners. That`s the worst performance since 1997. We also had over 3,000 declining issues. This shows real weakness.
We are in a bit of a vacuum with the long three-day weekend coming up. Tomorrow will be a vacuum kind of day.