The key this morning is the 10-year note hovering around a yield of 5. This news trumps any economic or earnings data. It's a rate-driven market, even with oil competing for headlines. Any weakness we may see will be due to these bond yields.
More Quotes from Larry Wachtel:
The earnings numbers are still respectable, but they are softening. The psychology is that you can't make projections about future earnings without having some sense about where the price of oil is going and what the consumer will do.Larry Wachtel
If the consumer starts to cave in, the 'double dip' aura will come back. I think that (the Consumer Credit report) is what created this final selling.
Larry Wachtel
A lot of the results yesterday have been a little disappointing. Microsoft had a decent quarter but was a little below expectations. It was the same with both Amazon and Coke.
Larry Wachtel
The traders wanted 75 basis points (three-quarter percentage point) so they sold on the news. After the traders sold, investors stepped up to the plate (to sell).
Larry Wachtel
It was a very gratifying day. But I'd like to see some follow-through tomorrow (Tuesday).
Larry Wachtel
It's a catch-22. If any of these numbers comes in too strong, it's going to hurt stocks because it means the Fed is going to keep hiking.
Larry Wachtel
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