Published: Tue, 22 Sep 2009
Description: (NECN) - A weaker dollar made commodities like oil and gold attractive bets today, which in turn helped lift energy, material and financial stocks. The Dow industrials ended the session up 51 points, the S&P 500 gained 7 and the Nasdaq ...
Automatically Generated Transcript (may not be 100% accurate)
" tonight we're joined by Barry Armstrong from Armstrong advisory group and a financial planner with securities America advisors hi Barry hi there thanks for joining us tonight so investors are being drawn back into stopped so what's your take on -- gains today and where the market is headed in the near future."
" Well I think what you're seeing is basically it pent up demand for stocks. The people are beginning to feel that the economy is regaining it solid footing. And there's really not a lot of other places to go when you look at what your returns are in. Treasuries CDs and fixed income investments I think people are gravitating for stocks for their higher returns."
" oil and gold both up today as well what was behind the lift and commodities."
" I think part of what you're gonna see in terms of commodity pricing in general whether it's oil gold cement copper. I think you're gonna see commodity prices rise."
" Partly because of the increased demand and also partly because of a weakening US dollar I anticipate that the US dollar will continue to weaken in coming months we saw some big gains today and financials and the tech sector three stocks that you were keeping your eye on Dell Intel and AMD."
" I am you know when the market crashed last fall and it looked like the world was coming to an end. Corporations and individuals throughout the world canceled orders for technology needs. Now you're seeing is that pent up demand is being expressed in that in terms of new orders you can only delay the purchase of a personal computer a laptop. Or and networking system for so long."
" Eventually you have to place that order and I believe that's what's happening now and that's why I think technology is a strong play going forward we mentioned earlier the Fed opened -- two day meeting today no major policy shifts are expected but the market will be listening to the Fed's statement on the economic outlook. What are you hoping to hear."
" Well I think we're all waiting and hoping that we'll see a decline in unemployment that's the one that hits us personally because we're either unemployed. Our neighbors are unemployed or we're worried about losing our jobs so. Unemployment is first. And then we're hoping that we see existing home sales start to get stronger because. If existing home sales start to increase that means we'll suck up all the excess inventory that exists out there today."
" Any other pieces of economic data or anything else you'll be watching for the rest of the week."
" There's one little piece that comes out on Friday I don't know that it's terribly important it's the durable goods orders. I think it is important because it shows that people are spending money on significant items. But I think most of us are keyed in on that unemployment data that gets released Thursday morning 830."
" We will be watching our market wrap tonight Gary Armstrong with Armstrong advisory group and eight financial planner with securities America advisors thanks very thank you."