The market seems to be going along in reaction to the war and that's what gives us this volatility. At first, the response was, 'Well, at least we've finally started,' then it moved to 'it seems to be going well,' but then we encountered bumps on the road to Baghdad and you're seeing that reflected in the stock action now.
More Quotes from John Davidson:
I think the HP earnings had the market set off earlier this morning. I think the market generally has a positive tone in respect to the economic indicators and the hope for the future.John Davidson
Tomorrow is probably one of the more important economic release days. My guess is that as the market started moving up today, people do not want to be short going into those numbers.
John Davidson
Some companies have beat, ... but earnings estimates have been lowered and comparisons are easy on a year-over-year basis, because last year was weak.
John Davidson
What people have to see are actions being taken. Words are part of it, and setting the tone and speaking out are part of it, ... But people need to see that the judicial branch goes after people who have done wrong and will able to punish them, and that the legislative branch makes changes in the laws, if deemed necessary.
John Davidson
If stocks keep deteriorating and the Fed were to cut rates in a coordinated response with the Bank of England, you could see some short-term positive response,
John Davidson
The positive close was seen as laying a decent foundation for further moves to the upside. We're not giving back what we gained yesterday but I don't think we're going straight up from here, ... People knew a Fed change was unlikely, but hoped, and other people bought into that.
John Davidson
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