In terms of stocks, GE is the biggest problem today, as is the American automobile sector. You've got Ford trading at 7 a share, that's practically bankruptcy level for a company that is not in danger of declaring bankruptcy. And when GE, one of the great, major companies of the world is down, it has a big impact on the psychology.
More Quotes from Jon Burnham:
The news that's been coming out has been awful.Jon Burnham
IBM ( IBM Research , Estimates ) is another company which I think is one of great Internet plays in the next three or four years, and one of the differences between IBM and others is they're earning billions of dollars. So I think IBM can be bought. I don't think it's expensive here.
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
The market's getting to a point where it's ignoring the bad news.
Jon Burnham
The Fed is our friend. They are going to reduce interest rates by as much as they need.
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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