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.
More Quotes from Larry Wachtel:
The bull market only ends on a fundamental reason. It ends if inflation rises and rates rise. It ends if profits dive. It doesn't end because the Dow goes down on a random day based on program trading.Larry Wachtel
However, the history of the stock market is that everyone sells into the strength. So I'll be taking it one hour at a time. I'm in a show-me mood today.
Larry Wachtel
Obviously, companies split when the stock price has gotten beyond the pocketbook of the average investor.
Larry Wachtel
Getting back to inflation, it is important to note that the producer price Index does not reflect wage pressures -- and that is where the inflation threat really lies.
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
The weakness from Friday carried forward to the international markets and we could get a horrific open here today. The concerns stem from the rising rates structure and what we got on Friday was something of a good news, bad news syndrome.
Larry Wachtel
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