Al Goldman
Al Goldman
bullish mood
I think we are transitioning from a bearish mood to a bullish mood,
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The big change in this market the last month or so has been a mood shift from 'the glass is half empty' to 'the glass is half full', and that's why we've had a good rally and a very modest time-out to catch our breath.
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People are beginning to feel like the boat is leaving the dock -- there is a lot of money on the sidelines. The bottom line is we are transitioning from a bear mood to a bull mood, but it doesn't go straight up. Bear markets stink, but it creates very good opportunities for intermediate to long-term investors.
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The futures are flat this morning. We've had eight days of a good rally. The short-term momentum is still up for Wall Street but stocks are looking extended.
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The bears are going to have another miserable day, and they deserve it. The economic news points out that the economy is slowing from the over-heated pace in the first quarter.
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If we find him dead, I think the Dow goes up 100 points and it's a short-term top. If we catch him alive, the market goes up maybe 50 points and then goes down.
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Investors are taking the easy way out ? they're sitting on their hands. The main confusion is a lack of confidence in just when the economy will turn up and the economy will improve. The prime mood in the market is one of no conviction.
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Investors will be focusing on Iran and any developments there, as it might have implications on the price of oil, and of course, the future of the world.
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The market got itself deeply oversold after six months of correction. Now people are looking at fact rather than fiction and seeing the economy has already slowed to a healthy and sustainable rate.
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Selling pressure was broad as the market extended its current modest setback to three days.
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The market has way overplayed concern over inflation, ... Greenspan did what he is supposed to do. When things look great, he has to look like he has an upset stomach. When things look bad, he has to be all smiles.
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Earlier this year, home-builder stocks were going up like Superman. Today's drop in the home sales report provided a good excuse for managers to finally sell those stocks and lock in some profits.
momentum profit taking
This is long overdue profit taking in the momentum stocks.
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Anyone who isn't worried about an attack on our homeland just doesn't have a pulse.