The market is a discounting mechanism and typically looks six-to-nine months ahead. But now everyone is so shook up they're not willing to look beyond the end of their nose. What we need is a mood shift, and they (investors) got no supportive therapy from the Fed yesterday (Tuesday).
More Quotes from Al Goldman:
We had a very big celebration yesterday but there is still a lot of fear in the market. We got above 11,000 and now we're retesting it in a very normal pause to refresh.Al Goldman
The message of the market today is that there is a lot of money on the sidelines and that money was looking for a reason to buy. And the main reason to buy is that we're going up. Momentum builds on momentum.
Al Goldman
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.
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
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.
Al Goldman
The possessed kid in 'The Exorcist,' whose head spins around.
Al Goldman
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