Jon Burnham
Jon Burnham
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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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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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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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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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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.
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Easing rates will not improve the situation but increasing liquidity will,
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They already pre-announced the bad quarter and nobody knows when this is going to end. The facts are everybody knew Cisco's quarter was going to be bad and no one expects it to get better anytime soon, so the news on Cisco was no news.
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Your high-tech companies won't be hurt very much at all (by tighter credit) but your retail companies will be hurt.