The abbreviated week will bring with it a rash of economic numbers, culminating in the May job figures on Friday. The Street would like to see some signs of a slowing economic pace so as to assuage the inflation junkies on the Federal Reserve.
More Quotes from Larry Wachtel:
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.Larry Wachtel
so you can see how narrow (the rally) really is.
Larry Wachtel
It's been a slightly negative day, but after three good days and three good months, I fail to see how this is going to be a significant problem. It's just a breather today.
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 market is beginning to resist the downside because it's already been hurt so badly. That's what I think will be the primary factor next week.
Larry Wachtel
The Microsoft delay has hurt the Nasdaq and will reverberate throughout all of technology. That will be today's big headline. We closed ragged yesterday, so we're going to have a tired market to start.
Larry Wachtel
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