Douglas Altabef Economic Quotations

We're looking at the first day of the rest of the year and it's looking like more of the same. On an up note, there is more discussion that maybe we have worked through some of the intense negativity of late and that the disconnect between the economic data and market action may end soon.

On a macro level, we are at the beginnings of an economic recovery, not as fast as some people want, and we may have some altercation with Iraq in the next six months. That uncertainty is putting the foot on the accelerator and pulling it off the accelerator at the same time.

I think as the year goes on there is going to be more conviction about an economic recovery. I think the market's sort of sideways with an upside bias at least for the next couple of months. I think we'll have a nice fourth quarter.

Today, there isn't any economic news, and the earnings news is having an impact on those stocks but not the broader market.

Profit news continues to be good, and we are seeing some relief from the profit taking of the last few weeks. But there is an ongoing tug-of-war between 'we've come too far too fast,' and 'the economic recovery is strong' and you're seeing that played out on a day-to-day basis.

The market is in a wait-and-see mode. It's waiting for confirmation of an economic recovery, some kind of resolution on Iraq and on what the Federal Reserve is going to do in its meeting this month.