Iraq's army is reportedly weaker than it was in 1991 during the Gulf war, and our military technology is reportedly a lot stronger. So there's a perception that if there is a war, it will be quick. Everyone's been hoping that once the war is over, corporations and consumers will pick up spending as well, so you have investors not wanting to be left out should that happen.
More Quotes from Donald Selkin:
Some of the stocks that rallied in advance of a possible Bush victory might be vulnerable.Donald Selkin
Some late talk was circulating that they would move their bias. We also saw the market rallying strongly into the decision and we sold off on the disappointment. I believe we're more on the way to a soft landing.
Donald Selkin
This is where the earnings growth is. This is where people perceive the opportunities are to make money.
Donald Selkin
I guess after all this selling you could see an oversold bounce next week, and some up days here and there in early February. What's concerning is that there doesn't seem to be anything to lift us on a more consistent basis.
Donald Selkin
I think it's interesting that on a day when crude oil closes over 50 a barrel for the first time, the market is flying.
Donald Selkin
The market could tread water until Friday.
Donald Selkin
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