I'm not so sure that the rally was commensurate with the news out of the Fed. They seemed to say that they're going to keep rates low for a long time, which wasn't a surprise, but maybe people felt better seeing it spelled out more clearly.
More Quotes from Donald Selkin:
Right now business stinks, consumer confidence is down, the travel industry is suffering and the economic reports haven't been good and any economic recovery is going to be linked to the war. There haven't been too many first-quarter negative pre-announcements, but I'm still worried about corporate profits in the first quarter.Donald Selkin
All these earnings look pretty good. But after the huge stock run last year and the expectation of the good earnings, I think you're seeing a bit of that old 'sell the news' reaction.
Donald Selkin
The perception is that maybe things are getting better. I mean, how much more can these guys take We've bombed the hell out of Iraq, and we have them surrounded.
Donald Selkin
I'm encouraged. You get a strong rally for a few days, a couple of days of selling so people can take some profits, then new buyers come in at the lower level. That's the classic definition of an uptrend.
Donald Selkin
There are a lot of positives -- Intel said some good things Greenspan is saying that oil prices are a wild card, which we knew already, but that inflation is under control. But we're mixed, bouncing around today (Wednesday). You've got big names coming out in the next day and you need some of these giants to say tech is improving.
Donald Selkin
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Roger Ebert
But every day I tell my story, and be comfortable with my story and be comfortable with what I've done, and what I did, and how I am today, it lessens the likelihood it will ever happen.
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