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.
More Quotes from Donald Selkin:
I would say in the next few weeks we can kind of grind in place, maybe a little to the upside. Maybe we'll get through the pre-announcement period without too much trouble, and then we'll get into third-quarter earnings in October, and they should be mostly in line.Donald Selkin
Earnings are not so great and we've got all these things we can't control, from military action in Afghanistan to the anthrax scare, so people are doing a little selling.
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
The market seems like it wants to go higher. People are looking beyond the valley.
Donald Selkin
With earnings winding down and not as much to focus on, you're getting very volatile reactions to economic numbers that are actually pretty close to estimates. You're also seeing some of the defensive names that are dependent on an economic recovery tradi
Donald Selkin
What's interesting is it's rare to break new highs in an industry that's pretty much bombed this year. Many stocks go sideways. This one is moving up.
Donald Selkin
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