Larry Wachtel Quotes

Clearly, the gulf between technology and the rest of the market was so wide it was impossible to sustain. And there had to be a correction somewhere and the correction is under way.

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It's a catch-22. If any of these numbers comes in too strong, it's going to hurt stocks because it means the Fed is going to keep hiking.

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Tech is suffering from one big inventory overhang. It's going to take a long time to work through that.

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They were destined to be disappointing. One, the weather was against you and we have a cautious consumer.

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This is a way to dip your toe in the water without getting into deep vulnerability, so you're participating in the blue chips.

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There were a couple of one-shot deals in the PPI -- auto prices and tobacco prices. If you took those two items out, the core rate was up 0.1. That's the reason why the markets have come back a little. I've analyzed the numbers and realized that this is not inflation out of control.

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The popular indexes have managed to reach 4-year highs, while small and midsize indexes flirt with all-time highs. The lack of sustainability is likely due to the senior citizen status of the bull market, now in its 41st month. The restless rotation is keeping hope alive with money shifting from energy stocks to home building to technology to financials.

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At this point, the task of the component suppliers is to find enough chips to meet the demand, ... But there's always the psychological turning point as to when you begin to slow the demand down. I think that's the problem. I think it's been overdone, and I think the chip stocks are very good buys here.

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The popular indexes have managed to reach 4 12-year highs, while small and midsize indexes flirt with all-time highs. The lack of sustainability is likely due to the senior citizen status of the bull market, now in its 41st month. The restless rotation is keeping hope alive with money shifting from energy stocks to home building to technology to financials.

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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.

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The differentiation is where the recession is coming from. When you're in a consumer-housing situation, the rate cuts have a very dramatic effect and hit much sooner. But when you're in a manufacturing recession involving overcapacity and inventory overhang, it's not going to make people borrow.

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

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The two major hurdles continue to be oil and interest rates on the Treasuries. The market has demonstrated through the first quarter that we can snap back.

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Tomorrow (Tuesday) we get numbers on industrial production and housing and big reports from Intel, Coke, Johnson Johnson -- maybe that can turn us around.

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There are many facets to the market. One facet has been that money managers have been willing to dip their toe in the water.

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This is the first day of the month, you may have seen some end-of-the-month portfolio selling dissipating, ... And this is the day that Microsoft is distributing 33 billion in cash, so there is some anticipation of that finding its way back to the market.

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It's been a slightly negative day, but after three good days and three good months, I fail to see how this is going to be a significant problem. It's just a breather today.

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This is all promulgated by overseas markets. We started with the festering Asian situation, Russia then spilled over into Latin America, and Wall Street has trouble dealing with all these overseas situations.

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The Dow components are weak because the Fed is threatening to slow the economy down. Its cyclical components are the ones that are most sensitive to that.

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If we get any kind of word that we can avert military action, avoid a war, certainly that would be helpful.

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It's an earnings-driven market. The big question is whether the flow of earnings can rescue the market from the twin dreadnoughts of higher oil and interest rates.

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Now, this day prior to the long weekend, I don't think we'll have the cavalry charge at the close today. But I think this has legs. I think it could drive forward to, say, Dow 8500.

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Rising long rates threaten the bellwether housing industry as well as consumer spending. The higher bond returns begin to compete with stocks for institutional affection.

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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.

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The bull market only ends on a fundamental reason. It ends if inflation rises and rates rise. It ends if profits dive. It doesn't end because the Dow goes down on a random day based on program trading.

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