Inflation appears to be muted.
[They have] bright management, they are cost conscious, they're lowering the costs all the time. They want to be able to survive in between cycles. They're in what would be a very significant well, could be a billion barrel prospect within the next couple of months. My feeling is that the company will do much better as Wall Street gets to know it.
The jobs number was fuzzy, even though on balance it helped to perk up the market, ... Based on that number, the market is now factoring in that the economy is not weak enough for the Federal Reserve to cut interest rates in its Sept. 24 meeting.
Investors are being cautiously optimistic. There's a desire to put money back into the market based on a feeling that the worst of the economy may be behind us, ... However, there's not enough evidence of that.
We're still early in the game. I think what we saw was a rally that we've seen before over the last few years. We've had big one-day rallies that didn't really show any sustainability - so my hope is that the market will hold here.
The expectation is there will be a fairly strong stream of earnings disappointments in the second quarter.
Next week will be very tense, full of sadness and recollections about Sept. 11 ... Prudent investors may not want to commit money until after we cross that date.
Investors are back to looking at the economy, corporate earnings, and unfortunately the continued saga of corporate shenanigans.
We're beginning to come out of a recession. It's now a matter of just how meaningfully the economy can recover over the next quarter or two.
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