William LeFevre
William LeFevre
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This is what we call a sigh-of-relief rally. The fact that jobs were down negates the possibility of a huge decline. Many people felt that the Dow, having gotten close to 6000, had set itself up for a big reaction on the downside. This would have been a potential for that, but the fact that jobs were down, takes that pressure off.
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I think this market is going to go a lot higher. From time to time you'll have some little stumbling blocks, like Kodak today. But in general, the market's going higher. Whether you want to talk 8,500, 9,000 later on this year, who knows?
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This market has a lot further to go. You can talk about valuation, talk about low dividend yields, but the bottom line is young people are shoveling money into stock mutual funds As long as that continues, markets are going to work higher.