The market wants to go up, but there just isn't enough 'oomph' there. |
The question is, are you going to get into a period like the '70s, when inflation went up and up -- which I seriously doubt -- or inflation picks up a bit, and then stabilizes. |
The reality is that as we enter the new year, the big caps continue to dominate the market as they have for almost two years now. |
There is life outside the high-tech. |
This market is on a roll. As long as we have an environment of slow growth, low inflation, low interest rates, the market's going to go higher. |
Unfortunately, earnings growth expectations are still too high. We continue to learn about that. |
We may still have some bumpiness here for a while. |
We're going to get to a point where the market is going to stabilize. Keep in mind that really what's going on is that we're taking excess out of the market, and we're doing it in a relatively orderly fashion. In the long term, I think this is very healthy for the overall market. I would call it a period of rebalancing. |
You are seeing a broadening out of the market that we had not seen going from the 9,000 to 10,000 mark. This is a much more egalitarian market and that's a healthy development. It suggests a more sustainable market over time. |