What you're seeing today is that swing back and forth. There's always a range of expectations, which means he'll (Fed Chairman Alan Greenspan) always disappoint somebody, and a lot of that disappointment was reflected yesterday.
More Quotes from Alan Kral:
The Fed made it reasonably clear they will raise rates again. The Fed is impacting the Dow stocks and not impacting the Nasdaq stocks.Alan Kral
We think the rally in Nasdaq over the past two weeks is really a relief rally. The relief is they don't think the Fed has to go any further.
Alan Kral
Two that need to be looked at are J.P. Morgan and Merrill Lynch. J.P. Morgan because they have been heavily involved internationally over the last couple of years, and Merrill Lynch is the leading retail financial brokerage stock in the country. How they did coming out of the fourth quarter is very important.
Alan Kral
Cisco reports tomorrow (Tuesday) and Cisco is the 800-pound gorilla of technology nowadays. People are reasonably confident that it ought to be a pretty good number and that has set the tone for the tech group as a whole. More than half of the Dow's gains are in technology stocks.
Alan Kral
I think what we saw yesterday (Tuesday) was a bounce in the bear market. It could continue. There's no question there are going to be sharp rallies all the way along in here. But I think the trend has been as long as the Fed has been active, we've basically seen a down market with some rallies in it.
Alan Kral
I think what we saw (Tuesday) was a bounce, whether it continues is unclear. The issue (long-term) is can the consumer hang in long enough for business to pick up
Alan Kral
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