“It was a respectable day. But after the (Fed) decision tomorrow, I think we can do better. I think the Street is braced for a no-rate-cut, no-rate-hike move from the Fed.”
“The only thing that was positive today was that there was nothing negative, especially no lousy economic reports that we've had over the last four trading days. The summer doldrums have not appeared so far.”
“These surveys give regional snapshots, and that's all they do. I'd never even heard of the Empire State survey until recently -- and I don't think you can build the case that Wall Street sits there panting, waiting for the results.”
“On Friday, we had a ratio of 12 to 1 of losers to winners. That's the worst performance since 1997. We also had over 3,000 declining issues. This shows real weakness.”
“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.”
