I think the market is beset with tenacious negativity. It's a 'glass is half empty' attitude in the market, where bad news is interpreted as bad news and any good news is just OK.
More Quotes from Douglas Altabef:
But I think the way the market is acting is actually healthy. You're seeing a real resilience on the part of the market. You're seeing a willingness to shrug off or contextualize not great news, which is a big improvement over June and July, when if the market was open, it was down.Douglas Altabef
It actually isn't a bad day -- it's a good day for techs. I think the most important thing is that earnings season is going pretty well. A lot of this is perception, and the economy may not be robust, but it's not sick. There's certainly a lot of anxiety out there among individual investors.
Douglas Altabef
Below the current, the economy has been improving far more than the market reality would indicate. And all things considered, the market is really behaving quite well today Thursday. But there's still tremendous anxiety the market is held hostage to individual corporate news and accountability.
Douglas Altabef
We expect the year to end 2 to 3 percent higher or lower than where it is now. The case for it going down is a massive run of profit taking. The case for it going up is people wanting to get a jump on the January rally.
Douglas Altabef
The market is in a wait-and-see mode. It's waiting for confirmation of an economic recovery, some kind of resolution on Iraq and on what the Federal Reserve is going to do in its meeting this month.
Douglas Altabef
These accounting worries go right to the underpinnings of trust and confidence. If trust isn't there, you're tugging at the loose thread of a cheap polyester suit. People are worried about what other shoes are getting ready to drop.
Douglas Altabef
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