There's a lot of nervousness on the political front and that's keeping the buyers out of the market. We've got 50 significant companies reporting results this week - but at this point, bad news is almost good news, because it's so built in to people's expectations.
More Quotes from Matt Ruane:
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.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
But this is a normal pullback after the run up we've seen in October. I wouldn't read too much into it.
Matt Ruane
The economic news helps, but I don't know if this is more than a short-covering rally. If there was something more substantial that could sustain us for two or three days, I would be a believer, but I just don't see anything out there.
Matt Ruane
The key here is still commodities. Oil has been above 30 a barrel for what, the last 90 days. Commodity prices need to come down. Wholesale numbers yesterday were high because of energy, because of oil. It's a concern. It's a drag on the economy and the dollar.
Matt Ruane
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