Jim Melcher
Jim Melcher
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The worst hit sectors today are the ones that have gone up the most. They've had a great rise and so it's normal to see this kind of pullback.
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I think odds are we'll move higher in the week ahead. There's a lot of liquidity, it's what's buoying the markets, it's what's distorting the market, and it tends to move prices up.
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This rally could easily be a strong rally in a bear market. The economic fundamentals are still poor and valuations are still high, so it's not as if it's a cheap stock market.
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We've got deteriorating economic fundamentals still. We're probably in a mild recession, but the question is will the consumer keep buying and will the investor keep buying stocks.