People look for the summer rally, and people have always complained - well, what happened to the summer rally - not understanding that the summer rally started the day after Memorial Day. So we really have had a very good summer rally. In the Nasdaq, it went up almost 40 percent off of the bottom. The Dow went up around 12 percent off the bottom. The SP similarly. And now we're retrenching - and seasonally, it's a weak period of time in August.
More Quotes from Barry Hyman:
I think it's emotional, because all the news out today is already known.Barry Hyman
Every piece of bad news that comes out in the market ... is ignored, ... looking forward to 2002, in the second-half, when a recovery is going to be in effect.
Barry Hyman
The markets do not like global crises, whether they're political or economic. They do have ramifications in the world. Our export market may be hurt somewhat due to that.
Barry Hyman
Although there had been some worry that the usual year-end came early this year, I think the market is going to adhere to tradition, ... and we'll probably see the market continue to move up through the end of the week.
Barry Hyman
Energy prices, which were lower, have turned up. I think we quickly came to the reality that a less-than-expected outcome from Hurricane Rita doesn't take away from the worse-than-expected outcome from Katrina.
Barry Hyman
I believe the Asian markets are stabilizing and if you look at the Japanese market, I think the market has put in a bottom in Japan as well and that cannot hurt the U.S. market in the intermediate term.
Barry Hyman
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