There's a lot of skittishness about the Middle East, with crude prices up above 27. We're not going to see the situation get as dire as it did in the '70s, because we get oil from more sources now, but you will see prices continue to rise and markets will keep feeling the effects.
More Quotes from Matt Ruane:
You're seeing some profit taking across the board after yesterday's Monday's bounce. You've got a little shift back into bonds, but basically trading is calm. It's kind of the standard summer doldrums. On the upside, you're seeing some money go into some high-risk areas ... which tells you something about how the psychology is changing from a month ago.Matt Ruane
We're seeing a little bounce from oversold conditions, with stocks not being down quite as much as they were this morning, but it's still nasty out there. We're in a bear market, where we have these false rallies on a little short-covering, but there's nothing on the horizon to push it past that. It's also the end of the quarter, so you've got a lot of people sitting on the sidelines.
Matt Ruane
The utilities are really breaking down today Tuesday. They were seen as a safe haven play and now you have people worrying about dividends being cut across the board.
Matt Ruane
Bush's comments provided some short-term comfort. But shortly after, we sold back down again.
Matt Ruane
You have pretty light volume ahead of the Fed meeting. You also had the Dow have one of its best weeks in 15 years last week, so you're going to see some pullback from that. Airlines are down again and it's pressuring the broader market, particularly the Dow. US Airways' filing wasn't a surprise but it still sets a negative tone.
Matt Ruane
The near term out of these companies is shaky. It's the forecast for higher growth in the second half that is really bringing markets higher today. People are seeing a little light at the end of the tunnel.
Matt Ruane
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