I think it's a combination of the oil prices and GM today. There's been a heightened focus on inflation recently, and energy prices are a major component in inflation.
More Quotes from Jim Melcher:
They are a way to play the growth in the Internet from the hardware side, ... The Internet just soaks up more and more memory, and more and more bandwidth, and both these companies are ways to play it. They're not cheap, they're really expensive. We pulled a little money out of them recently, as a matter of fact, but we continue to hold most of our positions in these stocks.Jim Melcher
We are just about to move into the pre-announcement season when companies start to tell you how wrong you were about earnings estimates,
Jim Melcher
the market is, and has been, for the last five years driven by about the same 100 companies, but if you could see money moving down to the broader market, we've got some real values, a lot of good companies selling really cheap.
Jim Melcher
This is the greatest stock-buying mania of all-time, people are buying stocks, they're buying blue chips, with no regard to value. In this respect, it's similar to 1929. People believe that as long as you're buying, everything's fine. This is a dangerous market, you should make no mistake about that.
Jim Melcher
Something like this news is the sort of catalyst that ought to spark a terrific rally now, but the question is will it sustain itself And that's not at all clear. Certainly in '98 when the Fed did this you had a rally that lasted a year or two. I think we're going into a rally right now,
Jim Melcher
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