I think we are still in a consolidation period, ... and I think we can't afford to overlook the impact of the economic news on the market. You had a retail sales number this morning that was in line but nothing spectacular and a rise in jobless claims.
More Quotes from Barry Hyman:
They're (investors) looking for the Fed to be absolutely aggressive and see the economy as slow as can be and to be measured in terms of understanding how important the consumer is at this point. And how important the stock market is to consumer confidence.Barry Hyman
Based upon how we've seen retail stocks perform, any continued low (consumer confidence) number puts a crimp in the Christmas spending story.
Barry Hyman
The dreaded whisper number -- that's Wall Street for you. This is day-to-day noise. Normal profit taking in the technology area can be considered to be 20 percent to 30 percent moves.
Barry Hyman
That's going to dominate the market today until we get more information. A potential story like this from an OPEC producer brings up the worry that oil can spike to new highs very easily. We see the reaction in equities when oil goes higher. It stops equities in their tracks.
Barry Hyman
What you are seeing is the likelihood that interest rates will not go higher next week, making it easier to give these big cap growth stocks high valuations.
Barry Hyman
It is quite astounding. One week revenue-based companies are forbidden (psychologically) from investors' minds and one week later, as interest rate (fears) return, technology (stock) is the place to be because they are less affected.
Barry Hyman
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