Major corporations projecting a turnaround bodes well for the overall market, as it implies that less-tested companies will probably follow suit. In addition, despite the political squabbling, the economic stimulus news and the leading indicators were a turning point. People now perceive that the economy will turn.
More Quotes from Jack Baker:
It looks sloppy this morning. The fear factor is putting a lid on prices.Jack Baker
It's like a vicious cycle. How the hell could you turn around and be a buyer with all of this stuff going on
Jack Baker
After the run we've had this week, I think the action today Friday is fine.
Jack Baker
And J.P. Morgan, we all know the news there. Stock went down to 18 last week. I mean, J.P. Morgan is not going out of business, ... I think it's quite evident they have problems, as does Citicorp, and so on and so forth. But J.P. Morgan remains our top pick ... especially on the downside.
Jack Baker
This is indiscriminate selling. It has nothing to do with fundamentals. Everybody has forgotten about the long term nobody is even looking past next week.
Jack Baker
I continue to believe that the broadening out of the market itself will ultimately give us a platform to spring to new highs. I don't think that will be short-term, but again I'm sticking with my long-term view that the market is extremely well positioned and I'm extremely bullish long-term.
Jack Baker
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