With Iraq off center stage, there is more good to focus on than not. The prospect of a double-dip recession will fade, I think.
More Quotes from Douglas Altabef:
We were going to have a knee-jerk negative reaction to the Fed's decision no matter what, with so many different opinions on what should be done, but I think today, it may be that people are looking more closely at the statement and see it as the Fed saying things are slowly going in the right direction.Douglas Altabef
I think there is a lot of nervousness that we'll have a repeat of last time. No one wants to see this drag on like it did in 2000.
Douglas Altabef
My sense is that you'll see a few more days of gains as a lot of money managers want to be long the market through the quarter end.
Douglas Altabef
Profit news continues to be good, and we are seeing some relief from the profit taking of the last few weeks. But there is an ongoing tug-of-war between 'we've come too far too fast,' and 'the economic recovery is strong' and you're seeing that played out on a day-to-day basis.
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
We're seeing the reality of a market that does not have any great conviction. Anyone who expected a linear, 'We're off to the races' kind of tone after last week was mistaken.
Douglas Altabef
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