Jon Burnham
Jon Burnham
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You're going to see some down days here and there, but what the market is telling you overall is that business is going to improve later in the year, ... The market's not always right, but often it is. I think it is now.
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This kind of news makes the market feel better for the moment, but when you're in this kind of bearish trend, some small concession isn't going to reverse direction. A lot of people thought Bush should have acted sooner. Even with this moving forward, the market has other things to worry about, like the economy, corporate profits and Iraq.
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This is an incredible thing that's going on in these stocks and it's going to continue for a while until something happens to change it,
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I think the earnings are going to be better than expected, but I don't know whether the market's going to rise on that.
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I think that individuals should buy companies where they see 15-to-20 percent growth coming back down the road. Obviously it's not going to happen this quarter, or next quarter even to most of the very best companies because we're in an unprecedented period right now,
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People have been stopped in their tracks. It's impossible to trade the market right now because there's no way to know what's going to happen in Iraq hour to hour, day to day, so I think most individual investors are hanging back and any action is dominated by hedge funds.
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Cisco is a real company with real earnings and growing revenues,
fed interest rates reduce
The Fed is our friend. They are going to reduce interest rates by as much as they need.
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If not for the strong earnings, I think the market would be a lot weaker than it is. But that's not enough to lift the market out of a trading range. There's just too much uncertainty for markets to move higher.
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If I sold Dell every time people said to sell it, I wouldn't have made any money in the stock,
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I'd expect to see another month or two of this consolidation,
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I don't think the market is going to collapse and I don't think it's going to go through the roof. If I had to guess, I'd say the market's going to go sideways over the next two weeks.
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In terms of stocks, GE is the biggest problem today, as is the American automobile sector, ... You've got Ford trading at $7 a share, that's practically bankruptcy level for a company that is not in danger of declaring bankruptcy. And when GE, one of the great, major companies of the world is down, it has a big impact on the psychology.
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The economy is holding up. We had good employment numbers this morning. In the short term, I wouldn't be surprised to see a rally early next week.