Khuram Chaudhry Market Quotations

The markets are still very defensive in tone. Airlines are still being hit quite sharply. But we saw some renewed interest in some of the telecommunication names.

The market has been watching oil prices very closely and there appears to be a near-term reprieve. Oil will continue to remain a dominant story with respect to the market.

Markets in Europe moved down after a turnaround in the U.S. markets. The good news was that the Bank of England cut interest rates at the same time other European bourses and the Bank of Japan joined in.

It seems like the U.S. markets are likely to see a sloppy start after Friday's sessions,

Iraq is still impinging on the market making any move firmer. My concern is that it is going to become more of an issue as we enter next year.

The likelihood that oil hovers near the $59 mark is not a positive for markets because at that level investors are now looking at new highs for the commodity.

Today has been different from the past few weeks as we have seen real capitulation in the market as every stock and every sector is down.

While this appears no more than a routine reshuffle, September's review is likely the impact the markets in a positive way.

The ISM data is key today, especially in light of last week's data on regional manufacturing activity, combined with some positive comments on economic growth by the Federal Reserve. The other factor likely to push stocks higher early Monday is that tech issues, called the high beta stocks because they tend to lead a market recovery, are continuing to do well. That's certainly a plus for the market.

In that environment, markets could retest lows, but if we get the policy response then we'll get more of a rally.