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.
More Quotes from Jack Baker:
I think Greenspan is setting the market up for something much more palatable. If you get the Dow back to 6,500 or 6,600, and you take that real speculation out of the marketplace, people are going to receive the rate rise better. I think the market has a chance to rally after that.Jack Baker
The political situation starts to cool a little, but then we get the Ashcroft news and the market freaks out.
Jack Baker
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.
Jack Baker
I honestly don't see anything in the market's way, ... Earnings continue to be excellent. Inflation is obviously at bay from Mr. Greenspan's conference yesterday.
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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