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Larry Wachtel  Quotes
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.

—Larry Wachtel

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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.

—Larry Wachtel

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News
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Last minute tax-loss selling, that’s why they stay open on the day before New Year’s, so there might be some excitement, but it’s just a beginning phase.

—Larry Wachtel

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We remain in a stimulus vacuum and the underlying motif this week will be the Federal Reserve meeting next week.

—Larry Wachtel

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A lot of the market is beginning to resist the downside because it’s already been hurt so badly. That’s what I think will be the primary factor next week.

—Larry Wachtel

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Beginning
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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...

—Larry Wachtel

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In technology, I think the semiconductors, semiconductor equipment makers, and the companies that sell you electronic gear look attractive.

—Larry Wachtel

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

—Larry Wachtel

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The basic problem this week has been the arrival of third quarter earnings and the non response,

—Larry Wachtel

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It is a media event and it will be a big deal, but I don’t think that the money managers will go rushing into stocks just simply because we got to Dow 10,000,

—Larry Wachtel

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It’s primarily a manufacturing recession. Just because it hasn’t kicked in yet doesn’t mean that eventually it won’t work its way through, but it has to be accompanied by this inventory draw down.

—Larry Wachtel

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We’re completing the first quarter now, but we’re still getting data from the fourth quarter. This is old news. I fail to see what relevance this will have for the market today.

—Larry Wachtel

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News
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[Calling August a] hazy, hot and hateful month, … TGIO thank God it’s over.

—Larry Wachtel

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God
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Low-end consumers, the ones that spend every penny of their paycheck, are really hurting with these gasoline prices.

—Larry Wachtel

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Consumers
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The bottom line is really the bottom line [on income statements] in the stock market and earnings just don’t look good. The jobs data wasn’t terrible but the economy has run into a wall. Basically,...

—Larry Wachtel

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Income
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Getting back to inflation, it is important to note that the producer price Index does not reflect wage pressures — and that is where the inflation threat really lies.

—Larry Wachtel

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Inflation
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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...

—Larry Wachtel

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Empire
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There are lots of positive triggers today,

—Larry Wachtel

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Obviously, companies split when the stock price has gotten beyond the pocketbook of the average investor.

—Larry Wachtel

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I also like Tandy ( TAN : Research , Estimates ). They sell all the electronic gear that is so exciting on the dip.

—Larry Wachtel

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

—Larry Wachtel

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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...

—Larry Wachtel

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I don’t know that money managers controlling billions of dollars are going to make major choices based on this minor development,

—Larry Wachtel

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Choices
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If the consumer starts to cave in, the ‘double dip’ aura will come back. I think that (the Consumer Credit report) is what created this final selling.

—Larry Wachtel

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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...

—Larry Wachtel

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The market’s not exactly cheap anymore.

—Larry Wachtel

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All the sacred cows of one year ago are getting decimated.

—Larry Wachtel

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Once we get to April and the first quarter earnings are reported — and I think they’re going to be pretty good — (that) could be helpful. I doubt if you’ll get anything out of...

—Larry Wachtel

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If the Fed is seeking to slow the economy down that’s always the conundrum,

—Larry Wachtel

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Economy
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For Warner-Lambert shareholders, the danger is that Pfizer takes its marbles and goes home. But the potential reward is that you can get [the deal] for a higher price.

—Larry Wachtel

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Danger
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However, given that the volume yesterday was almost at the lowest level of the year, caution prevails. I can promise a decent opening but it’s still a bell to bell story.

—Larry Wachtel

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Caution
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The Dow is dopey. It gained 1,000 points since mid-April. That’s impressive. If it falls 100 points, so be it.

—Larry Wachtel

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…There is no scientific way of determining where the Nasdaq bottom is…the money is flowing into safer havens.

—Larry Wachtel

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Money
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It doesn’t tell you anything in terms of the fundamentals. I think there will be a bet made tomorrow (Tuesday) and early Wednesday that the Fed goes 50 basis points (a half-percentage point). If it...

—Larry Wachtel

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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...

—Larry Wachtel

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Intel hit everything in its report but said inventories are rising and profit margins are falling. And that’s all she wrote.

—Larry Wachtel

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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.

—Larry Wachtel

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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...

—Larry Wachtel

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News
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It’s becoming a day-to-day struggle between bears and bulls. Once oil and yields move to highs, the bears take advantage. Those are the twin dreadnoughts of the market. But earnings news has been strong and...

—Larry Wachtel

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A lot of the results yesterday have been a little disappointing. Microsoft had a decent quarter but was a little below expectations. It was the same with both Amazon and Coke.

—Larry Wachtel

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I think the Dow is going to be under a little bit of short-term pressure, particularly with technology under a bit of a cloud. But I see it as a temporary situation.

—Larry Wachtel

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Technology
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The high drama was yesterday, and now it fades into the void as we await the appeals process,

—Larry Wachtel

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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.

—Larry Wachtel

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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...

—Larry Wachtel

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The highest bid always won.

—Larry Wachtel

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The leadership of the marketplace moved out of techs and into quality stocks today.

—Larry Wachtel

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When you see this kind of quick move, that’s a mechanical sell program from one of the brokerages.

—Larry Wachtel

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Kind
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There’s nothing really to sink your teeth into next week, except for the possibility of a Santa Claus rally.

—Larry Wachtel

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We had a good day with surprising strength, but I need to see a follow-through tomorrow to believe it will stick.

—Larry Wachtel

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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...

—Larry Wachtel

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