Interestingly enough, the housing stocks have been on of the strongest sectors this week. I think what's happened is that these stocks were weak prior to where we are right now in the economic cycle because of concerns about Mr. Greenspan and crew raising rates still further. Those concerns have diminished. They haven't completely gone away, but they certainly have diminished in the last few weeks as we've seen more evidence of a cooler economy. Hence, you're starting to see investors say OK, we're probably cruising in for a soft landing and housing should do well in that.
More Quotes from Charles Crane:
Of course I'll look at it it will be useful information.Charles Crane
My broad advice is to concentrate on individual issues as opposed to trying to predict where the market is going. Making market calls is of very little value whatsoever.
Charles Crane
The irony of all this summer rally is that the more vigorous it gets the higher the odds are that Mr. Greenspan continues to tighten the screws. And whether that will then lead to a more severe hangover the next morning is what we're all wrestling with.
Charles Crane
There doesn't seem to be any one trigger. The idea of technology being such a high growth area is true but maybe revenue growth isn't as robust as anticipated. It's more one of anxiety by investors that evidence is mounting the Fed may need to be more aggressive.
Charles Crane
News of some sort of explosion over in the Middle East was conveniently coincidental with the market downturn, so I've got to think that had something to do with it.
Charles Crane
I haven't heard any compelling stories to say that this is anything more than bargain hunting. We're in a period of time where investors are going to be concerned about second-quarter earnings, so I wouldn't extrapolate too much from this.
Charles Crane
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