We're really in a trading range, drifting sideways for the time being as the market waits for its next catalyst.
More Quotes from 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
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
It's all Texas Instruments today. After IBM and Intel last week, we're seeing tech take two steps forward, one step back.
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 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
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
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