You don't fight an unfriendly Fed. |
You don't start a new bull market with 4.3 percent cash and I don't see a rush by the public to come in here. |
You have Christmas, and you have a bunch of half days that nobody is going to work. Plus, it's been a hell of a ski season so far. |
You look at the Abby Joseph Cohen stuff and you wonder why Goldman doesn't just stop it already. Guys, it's been three years of bad predictions. You're being ridiculed. |
You'll probably see some bottom-fishing in IBM soon, but the rallies are going to be very narrow, selective and not sustainable, |
You've got a bubble in bonds. There is a panic to buy debt just like there was a panic to buy stocks in 1999. |
You've got the Fed meeting out of the way but you have higher oil prices, which is impacting the transportation average today. As far as oil is concerned, you're coming into the heating oil season and inventories are down. I think that weighed upon (Fed chairman) Greenspan's cautionary bias. |