In a word, I would describe the market action right now as 'Yuck,' ... We're in a bear market for the time being. Things are pretty bleak and people are overreacting to every little thing, but this will pass.
More Quotes from Jon Burnham:
The central bank needs to get money into the system. I think the economy has problems but it's not going into a depression. It's corporate America that's doing everything to undermine investor confidence. Corporate malfeasance is horrendous.Jon Burnham
I think that individuals should buy companies where they see 15-to-20 percent growth coming back down the road. Obviously it's not going to happen this quarter, or next quarter even to most of the very best companies because we're in an unprecedented period right now,
Jon Burnham
It's a very nervous market right now. It reacts violently. You have any bit of news, bad or good, and the hedge funds are all over it. That's who's controlling this market, not the individual investor.
Jon Burnham
They already pre-announced the bad quarter and nobody knows when this is going to end. The facts are everybody knew Cisco's quarter was going to be bad and no one expects it to get better anytime soon, so the news on Cisco was no news.
Jon Burnham
This kind of news makes the market feel better for the moment, but when you're in this kind of bearish trend, some small concession isn't going to reverse direction. A lot of people thought Bush should have acted sooner. Even with this moving forward, the market has other things to worry about, like the economy, corporate profits and Iraq.
Jon Burnham
We've had a good run-up, so it's fine to pull back a little. The important thing is that the market is ignoring bad or lackluster news. You don't see that when something tops, just at bottoms,
Jon Burnham
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