It's a transition market. I think (last week) indicated the willingness to look forward at the upside of the story. There isn't a lone voice expressing positive attitudes toward technology but this week indicated the ability of the market to look forward.
More Quotes from Barry Hyman:
I expect (ECI) to be very tame and show now inflation. It's the GDP I'm concerned about. If either one doesn't come in line (with expectations), the market will remain under pressure, ... I'm looking at the GDP number because that's going to give us a direct causal effect to how well the interest rate hikes have slowed the economy down.Barry Hyman
Greenspan's commentary sure indicated there is more than one interest-rate hike to come, and that's not what the market wanted to hear.
Barry Hyman
The market has created this wealth effect because there have been a lot of gains over the past two or three years, ... That has provided the ability for consumers to increase spending on regular goods and luxury goods.
Barry Hyman
Traders are dominating this market when investors are just waiting for these pre-releases to really reveal what these companies look like. We're just waiting for the first signs of a turn and there's little optimism as we go through this pre-release season and no one is focusing on the second-half of the year (2001).
Barry Hyman
Most of the growth stories are not performing today and that is how we'll go into the Fed meeting. There's still very little conviction in the market.
Barry Hyman
Earnings are coming in better than expected, and they're helping the market preserve the rally, but the overriding concern to me is high energy prices and what the Fed is doing.
Barry Hyman
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