Although this is bad news for Main Street this is very good news for Wall Street, |
Although this is bad news for Main Street this is very good news for Wall Street. What it says to Mr. Greenspan is that you're doing your job and it's working. Now stop doing your job and give us a break in the second half of the year. |
An overly robust economy came to a screeching halt, so there's much more of a backlog of production capacity and inventory, |
And then [there is] a company, a very sleepy company, Foot Locker, that you don't hear a whole lot about -- a very simple business, not complicated. They're doing very, very well, ... They didn't over-expand into the end of the '90s. They typically run at about a 13, 14 P/E ratio. They're above 11 now. We see the stock making a nice quiet gain over the next couple of months, and couple of quarters, and doing very, very well. |
Anything but a quarter percentage point move will get a reaction. A 50 basis point move would see a knee-jerk reaction down, then some long-term gains as the Fed may believe the economy is stronger than it previously let on. |
Arguably, Nokia's news isn't good, ... If we were rallying on Nokia, it was a little questionable on its reasoning. |
As fearful as investors were nearly seven weeks ago, they're afraid of missing the bottom, so that's why you see the violent moves to the upside. But we still have to get through October, |
Bargain hunters came out and turned things around. |
But if I had to venture a guess I think we'll start trending higher up until the Fed meeting on Tuesday and then really take off. Unfortunately, the volumes remain anemic here so there's not a whole lot of action going on either way. |
But it's more of the same unfortunately. Volatility is going to be the norm not the exception. |
Buyers came back into the marketplace. But I don't know how much longer that will be. |
By this time next week, we'll probably say we overdid it and be buying stocks. |
Clearly investor confidence has not come back in the market. |
Clearly we're starting to see a pattern. The job that they're (the Fed) doing is starting to work. |
Clearly, this is a severe blow to Microsoft, ... I think upon appeal it may not be as harmful to Microsoft at the end of day as it appears, but it's clearly disappointing and it will set a negative tone to the market. |