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Markets now earning season -- been giving the market nice boost but even with better than expected results from Google and Microsoft.
Pet president of Europe are dominating sentiment today joining us now is Mike -- be the president of on her -- wealth management great to have you on the show.
Get your take first 04 what's causing this selloff today the Dow is down 124 now so markets really just drifting lower.
Sure what we really seen a market Tug -- war if you will really between the global.
Economic conditions that we have.
The first is.
The earning season earning season so far earlier this week has been reasonably favorable we saw about 65%.
Or so while companies are reporting.
Beating expectations we had a reasonable -- yesterday.
From some of the protecting that technology bellwethers if you will today we are seeing pressures you've mentioned.
Lot of which is attributable to our Europe somewhat being.
Quiet earlier this week but really coming on later especially today relative to a lot of the weaker auctions that we've seen in Spain.
And some of the recent request that they had with the European central bank for help.
What do you see as the biggest -- out there right now or or what could be the biggest surprises of the fiscal clip is that what's going on in Europe when he focused on.
Both of them actually I would have to see in the US.
-- were really expecting the fiscal cliff if it's not addressed properly.
That it has all the capability propel the US in two a recession early in 2013.
We also see that creating a lot of public uncertainty.
As a relates to future fiscal policy.
Furthermore investors and business owners will really continue to remain in the holding pattern just further exasperating the problem.
You're should big deal to -- thank you know yeah I don't see that problem going away anytime soon.
Okay Mike but all these things were talking about the markets have been relatively resilient.
So we're expecting some key economic data points in the next couple weeks GDP which many people are expecting to come in.
And dean next payrolls report where there's some speculation that will see even fewer jobs added some of the forecasts right -- say speculation so.
Do you think the markets can continue to hold up despite.
Did pylon at negative factor is -- -- up.
Sure sure well into from a technical perspective yesterday's close at thirteen 76 so really set to.
Let's say a new target of about thirteen nine -- And I would expect that to potentially even have an upward range of about 1415.
We do get a close today above thirteen 67 which at this time doesn't seem extremely likely.
It could set a bullish tone for next week.
The further reiterating the fact well the Fed stands stands willing to help.
-- with regard to some of the comments about key economic data.
You know that the big uncertainty is especially with the Fed is what are the trigger points where the Fed is actually going to.
I take action Mike thank you so much for coming -- we appreciate your insight you.
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