The guys who made the big bets the Fed would cut today were absolutely wrong.
More Quotes from Jack Baker:
The good news is the market has probably seen the lows. The problem is getting though (Dow) 10,000 on the upside.Jack Baker
This is some orderly profit-taking in a market that is susceptible to bad news, but I wouldn't put it in a negative context. You have a market that's pushed 1,600 points off its lows recently, so a couple hundred points back down is not so bad.
Jack Baker
They tried to mount a rally on hopes that a delay in the Iraq deadline would help, but I don't see how it would. This war is going to happen. It's just a matter of when. The deepness of the problem with the stock market right now is much more rooted in the economy and fundamentals than anything else.
Jack Baker
The political situation starts to cool a little, but then we get the Ashcroft news and the market freaks out.
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 still think we're heading higher. The long-term types like me should sit tight. I don't really see any major problems. The only thing I don't like, of course, is still the narrowness of the advance. But, on the other hand, the Russell hit another high.
Jack Baker
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