We're getting closer to the earnings period, and the bulls are hoping that the actual quarterly results will be in line or better than expected and alleviate the fears that there's another warning coming in every night.
More Quotes from Bill Meehan:
It seemed to me that Wall Street analysts fired all their cannons this morning in defense of technology and look at the result. Some of these stocks will get bailed out if they significantly beat expectations over the coming weeks but I also suspect there may be some further warnings announced. We're at significant risk of companies guiding analysts lower in terms of the fourth quarter and next year.Bill Meehan
There are still too many people that have let greed remain in control and have yet to succumb to fear. There are too many people calling bottoms all over the place. People are too worried about missing the v-shaped recovery than they are about losing money and losing it they have been.
Bill Meehan
I don't think it's the end of the bull market of the 90s, but it looks like we're in for some stormy times in New York. The market tends to go to the extremes. A month ago everybody saw everything as being perfect. On the down side, we'll see everyone saying everything is terrible. We're probably somewhere in between.
Bill Meehan
Outside of technology, the performance of the market is very healthy. There seem to be a lot of questions about how strong or not business in technology will be so there's more interest in the 'old economy' stocks.
Bill Meehan
It's just a minor piece of the puzzle, but it does show the continued strength of imports - an excessive demand is a problem for the Fed.
Bill Meehan
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