Shaking this market off its interest-rate obsession is about as tough as shaking a hound dog off a roadkill raccoon, or whatever I might say if I were a down-home type.
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No sooner had the
delivered its Tuesday decision to keep rates steady and adopt a tightening bias than the market got to fretting about what might happen at the Nov. 16 Fed confab. Friday's mixed September
didn't help matters much.
And now comes the third-quarter earnings season, with the
First Call/Thomson Financial
consensus forecast looking for a 19.3% year-over-year rise for
profits. Even with that kind of number coming, the market has been skittering around on the freshly waxed linoleum of uncertainty. Can it find its feet?
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