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.
More Quotes from Douglas Altabef:
It's always been a high-multiple stock among the retailers based on the reality of terrific business performance. Wal-Mart has many times in the last 15 years been a lousy investment possibility because it's priced so high. Our thinking is they've got to always be right.Douglas Altabef
Three years ago people actually thought that the Dow could go to 36,000 and it did the opposite. It's when people have really given up on the prospect of a real rally that you see a real rally, but try telling that to most investors now. Three years ago there was no reality dose, today there's no perspective.
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
You're really going to need to see some bellwether companies saying the quality of earnings is improving and that it's due to growth, not cost-cutting, before investors are going to be willing to set aside the skepticism.
Douglas Altabef
It's a mixed picture. There's no question that the news is a lot better, but it may be priced into the market.
Douglas Altabef
O'Neal has a good sense of where the business focus should be. He's been able to take advantage of a good business environment.
Douglas Altabef
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