Not encouraging

My bearish view of the stock market is bolstered by less than encouraging news on the corporate profits front.  The latest company to disappoint is Cisco, and accordingly look for more pain in tech stocks today.  Nasdaq is already in bear market territory and today should deepen that hole.  Meanwhile Fed officials are spouting off about inflationary fears, lessening the chance of another interest rate cut.  All in all this adds up to bad news for equity prices.  I look for another decline today.   

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