Investors will adjust to the $55 a barrel range, ... but if it continues to rise, it's going to upset stocks.
If the retail sales number is a little lighter than forecast, that may be seen as bullish for stocks in that it takes the edge off the inflation issue.
There are no real visible signs of economic weakness. It's a wonderful world except for oil.
It's a mixed bag.
Goldman Sachs ... yesterday took it off their recommended list for reasons that made no sense whatsoever. This is as high a quality company as you can imagine. They did make some round-trip energy trades, there's no doubt, [but] they amounted to one quarter of one percent of their business. It had no effect on their profits. Energy trading is about 65 cents or about 30 percent of Duke's earnings.
The economy is on good footing, the earnings in the first quarter are expected to be better, but I can't see anything that's going to have a big impact on the market in the short term other than the price of oil.
The stock reaction over the next few weeks is likely to be fairly neutral, with a lot of the damage already factored into prices.
We are probably on the verge of an economic recovery.
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