David Joy Quotations

The persistence of high oil prices can't be lost on the Fed. Consumers have to pay for higher energy even though it's volatile. It is a real cost.

We'll see what impact, if anything, the hurricane had on them, and it may be a harbinger.

The fact that long-term rates didn't rise in some sense offset some of the impacts of the higher costs of energy. They fought to a draw, and as a result the markets weren't affected by either interest rates or energy.

Part of the reason we see inflation rising next year is the dollar. Clearly, there is upward pressure on prices because of the falling dollar.

Some of the tax proposals that are part of the Democratic platform do call for the rollback of dividend tax cuts. That has a direct impact on the stock market.

It doesn't take a lot of money moving into these stocks to move them higher. But valuations will put a cap on how far things will go.

We'll see if Goldman can keep that string going.

Both candidates seem to be proposing roughly equal deficits over time. Both plan on cutting it in half but doing it by growing the economy as opposed to lowering the dollar amount.

Bonds clearly got a boost from the flight to safety. But looming on the horizon are the consumer and producer price reports and the CPI is going to be the most important,

The trade deficit will be couched in terms of outsourcing. If you look at trade itself, it doesn't capture a lot of attention until it spills into the question of losing jobs overseas,

Things are stabilizing but there is still not a change that would suggest a major new spending cycle in tech.

Protectionism plays well if you can tie it to outsourcing and jobs.

Rate hikes don't have to mean the death knell for tech spending. Fundamentals are still strong.

Normally, you buy back a lot of stock when you don't think there's any reason to invest in your own company, ... Parsons hasn't ruled out Icahn's suggestions, but it's clear he wants his flexibility.

Normally I'd say it's just a number but I think it's relatively important this time around. If we break through 11,000, it might be indicative of a general feeling that the economic expansion is more broadly based.

You might have a situation where the Fed raises rates, modifies the language a little bit but intends to keep on going. If the market assumes that it's one more and done that might be a misread.

The upshot of the process is that one partner will be left. We're keen to get it resolved as soon as possible.

They profited from that last year, and it looks as though corporate America is positioned to do the same or more this year.

There seems to be a wide disconnect between the headline growth numbers and individual perception about the relative health of the economy.

Stocks in the financial and consumer discretionary sectors look particularly vulnerable as the perception is that inflationary pressures will keep mounting and the Fed is not done with raising rates.

They will probably have to make some estimations.

The labor market is important to the Fed under any circumstances. Once you get rising wage pressure that's when inflation gets intractable.

The Fed has been the big question mark for the market. I'm afraid the Fed is not going to get out of the way any time soon.

In the early 1990s, we were coming out of a recession and you typically expect a burst of tech spending. That's what we witnessed last year. That pattern is quite analogous.

Clearly the far more important factor for tech is the relative strength of the economy. It trumps the dollar situation. But if the dollar improves, it does take the bloom off the rose for some of the sales numbers that companies have reported.

Higher oil prices, concerns about rising interest rates here and in Europe, and weak economic data are all pushing the markets down today. The scenario is not clear enough for investors to support sustained gains in stocks.

The market got a little optimistic and ahead of itself anticipating the end of rate hikes. The market will churn sideways for the immediate future.

The evidence of gathering economic strength is becoming increasingly difficult to ignore.

The market is going to sort of tread water until we hear the results of the (Fed) meeting and what the Fed has to say about their decision. That's the 500-pound gorilla of events next week.