Larry Wachtel News Quotations

So there's nothing to offset the economic news and stocks are muddling along. Until we get some surety about the economy or corporate earnings, we'll continue to have this drifting, dismal kind of day.

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.

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.

We knew deep down there was some good news in the bottom line, but we were beginning to have our doubts.

We have good earnings today, but there's just too much good economic news. We're increasing the likelihood of a rate hike in June. The data are coming in stronger than expected, so the Street is expecting another hike. The better the news, the more likely the Fed will tighten. It's a strange phenomenon that good news can be bad news.