People have been stopped in their tracks. It's impossible to trade the market right now because there's no way to know what's going to happen in Iraq hour to hour, day to day, so I think most individual investors are hanging back and any action is dominated by hedge funds.
More Quotes from Jon Burnham:
Bob Rubin did not feel he could leave Washington while the global crisis was raging on. And the fact that he's leaving now shows us that he believes the crisis is well under control.Jon Burnham
I try not to get involved in any areas that I don't understand or that I can't explain to myself what is going on,
Jon Burnham
Your high-tech companies won't be hurt very much at all (by tighter credit) but your retail companies will be hurt.
Jon Burnham
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.
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
I think the market is in reasonably good shape until later in the year when the political stuff becomes more center stage and then we'll see what happens, ... Shorter-term, the employment number Friday was good, I think earnings will be excellent, but a lot of that may be baked into the market already.
Jon Burnham
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