Jon Burnham
Jon Burnham
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In a word, I would describe the market action right now as 'Yuck,' ... We're in a bear market for the time being. Things are pretty bleak and people are overreacting to every little thing, but this will pass.
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You're not going to see a big rally through the end of the year, but I think the market will go higher than where it is now. I'm optimistic. I think the economy is improving even faster than people realize, and the fourth-quarter earnings are going to be really good.
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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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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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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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It's not good news that we've broken through the July lows but analysts are pouncing on every stock, including the greatest names in the business such as General Electric. We've seen some unbelievably disappointing calls on some heavy-hitting names,
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The big unknown in this is the geopolitical situation,
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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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The Fed is our friend. They are going to reduce interest rates by as much as they need.
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Earnings are expected to be good, and whether you see a stock reaction right away or not, we're still in an upward trend overall, powered by the earnings, the lower interest rates, the tax cuts and the improving economy.
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We've had a good run-up, so it's fine to pull back a little. The important thing is that the market is ignoring bad or lackluster news. You don't see that when something tops, just at bottoms,
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Bob Rubin did not feel he could leave Washington while the global crisis was raging on. And the fact that he's leaving now shows us that he believes the crisis is well under control.
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Easing rates will not improve the situation but increasing liquidity will. The central bank needs to get money into the system. I think the economy has problems but it's not going into a depression. It's corporate America that's doing everything to undermine investor confidence. Corporate malfeasance is horrendous.
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Easing rates will not improve the situation but increasing liquidity will, ... The central bank needs to get money into the system. I think the economy has problems but it's not going into a depression. It's corporate America that's doing everything to undermine investor confidence. Corporate malfeasance is horrendous.