There were a couple of one-shot deals in the PPI -- auto prices and tobacco prices. If you took those two items out, the core rate was up 0.1. That's the reason why the markets have come back a little. I've analyzed the numbers and realized that this is not inflation out of control.
More Quotes from Larry Wachtel:
Now, this day prior to the long weekend, I don't think we'll have the cavalry charge at the close today. But I think this has legs. I think it could drive forward to, say, Dow 8500,Larry Wachtel
Obviously, companies split when the stock price has gotten beyond the pocketbook of the average investor.
Larry Wachtel
Confession may be good for the soul, but not on Wall Street. The negative pre-announcements that have been with us for the past two weeks has begun to accelerate with 21 confessions yesterday (Wednesday) and a handful this morning. This sets up some fear and trembling about the wide range of reports to come through most of July.
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
They were destined to be disappointing. One, the weather was against you and we have a cautious consumer.
Larry Wachtel
Suddenly these inflation figures have a psychological impact.
Larry Wachtel
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