And the Fed is in business for one reason only, and that is to try and control inflation.
More Quotes from Al Goldman:
It was a surprise although we thought it was a 50-50 chance the Fed would cut before the January meeting. The Fed made a dramatic move today and it was needed. The Fed is now our friend.Al Goldman
We sense that the sell-off is behind us and the market has the preconditions in place for a pretty good year-end rally. It's not going to be fabulous because we've already done an awful lot since Sept. 11.
Al Goldman
We've had a dramatic rally this year, and we're getting a normal pause today. The companies that are pulling back are the ones that have had very good runs. So far, that's the message of the market.
Al Goldman
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.
Al Goldman
Right now this is a market based on sound fundamentals. I do not see any irrational exuberance. I see intelligent buying. Somewhere out there we will get into a blow-off stage but when that will come is totally unpredictable. Therefore, I'll worry about it when market action starts to change.
Al Goldman
Second quarter earnings are going to be a very pleasant surprise. A quarter point increase won't even cause the economy to sneeze. It's so modest it will not be a factor.
Al Goldman
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