“The abbreviated week will bring with it a rash of economic numbers, culminating in the May job figures on Friday, ... The Street would like to see some signs of a slowing economic pace so as to assuage the inflation junkies on the Federal Reserve.”
“Attention will be focused on the statement that follows the 2:15 p.m. ET rate announcement, as it will give us a better indication on the Fed's future course of action. Noteworthy is that the tendency has been for the market to rally ahead of the Fed meeting and to sell-on-the-news after the announcement, ... While the market is advancing, it is on light volume due to this being a Monday in the slow month of August in front of tomorrow's economic policy uncertainty.”
“So far the earnings season is kind of a mixed bag. It's not the catalyst that everyone was expecting it to be. Nokia was disappointing, Apple was positive and Citigroup is in the middle. We're still waiting for IBM,”
“ I think the market has done quite well in what is supposed to be the worst month of the year, but at some point you're going to run into an overbought condition,”
