Jon Burnham
Jon Burnham
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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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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 big unknown in this is the geopolitical situation,
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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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Your high-tech companies won't be hurt very much at all (by tighter credit) but your retail companies will be hurt.
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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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The market's getting to a point where it's ignoring the bad news.
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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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The tech stocks are pretty strong and we won't see much change in that,
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It's a very nervous market right now. It reacts violently. You have any bit of news, bad or good, and the hedge funds are all over it. That's who's controlling this market, not the individual investor.
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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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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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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.
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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.