Richard Cripps
Richard Cripps
buyers certainty keeps lack prefer
What this does is it keeps buyers away. It's a lack of buyers. And they would prefer some certainty.
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I think that the correction that we've seen in the market averages, in the Nasdaq, is probably reflecting an inflection point for the equity market that's going to be not as focused on technology. It's going to be shifting more into the broader segments of the equity market.
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I think if you are bullish here, you go back and look to the last time the Fed eased up on interest rates which was 1995, which, of course, was a good year for investors. The S&P shot up almost 35 percent. So using that as a guide, some investor think that is what we're going to see.
buyers fear left result
I think it's more a result of a fear of buyers being left behind.
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I think (the market) needs the ECI price deflator numbers coming in at acceptable levels, meaning that they don't raise the fear of inflation, it needs the Fed not raising interest rates in August and as we move toward the fall, continuing signs that the economy is moderating and that inflation is low.
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I think you are near (capitulation) at the moment and you are getting close to the bottom. Technology stocks are driven on the expectation and we're in a period now where expectations are being lowered. What you'll have happen is stocks will react to the fact that expectations are too low.
brave buying opposed trying
I would let this play out as opposed to trying to be brave and buying here.
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This was a good, constructive quarter. The market overcame two problem areas: the Fed raising interest rates and high oil prices.
dressing market mind next people window
Keep in mind most people are now working into the next quarter. The window dressing that has been powering the market may be gone.
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Good earning growth. Next year, their earnings will be about $1.90 (per share). That's just 10 times this year's current stock price.
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From a trading desk standpoint, you'd rather be long (own stocks) here than short, and that starts to build its own dynamic and attract its own level of interest. The market is oversold and selling pressure is easing.
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There is a lack of buyer conviction. The whole dynamic of the Nasdaq rise and correction is, in a broader sense, an inflection point. But investors just view it as weakness.
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There are no signs here that give you the impression that the selling pressure has bottomed. There's just not a lot of conviction out there.
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There is an underlying bullish tone. We continue to see the action on the downside, in terms of force, to be not as great as what it's been on the upside. (The reports) didn't really change anything.