116 Quotes by Larry Wachtel

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.

The two biggies after the close (Tuesday) -- Microsoft and Intel -- were OK but certainly not a market turn-on,

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 there panting, waiting for the results.

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.

The mergers helped, but you also had some asset reallocation, with people taking money out of Treasurys and putting it into equities.

The Microsoft delay has hurt the Nasdaq and will reverberate throughout all of technology. That will be today's big headline. We closed ragged yesterday, so we're going to have a tired market to start.

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

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

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.