A new Fed chairman is an unknown and as such offers nervous investors an excuse to sell.
More Quotes from Ken Tower:
This rally is very fragile, as it is being led once again by energy stocks and not technology or finance. This is no time for the bulls to relax.Ken Tower
Today we should get some idea of just how strong the bears are. Yesterday's lack of reaction implies traders don't think the bears have much of a game here.
Ken Tower
Only 10 New York Stock Exchange stocks made new lows yesterday, so it's clear that there is a great deal of underlying market strength. Industrials remain the clear winner, as they reached another new high yesterday. Financials had a huge rally and also closed at a new high. Leadership will eventually shift back to tech, energy and basic materials, but we're not there yet.
Ken Tower
Investors rejoiced yesterday as energy prices fell, but they ignored rising interest rates. I don't think it will be too long before the focus shifts back to rising rates and an inverted yield curve.
Ken Tower
Right now, it's the yield curve that everyone will be watching. Now we're wondering what type of economic growth we'll have going forward. For investors, it's always possible that this time will be different, but we still have to be defensive going into 2006.
Ken Tower
Unless we get a negative surprise on a piece of economic data that's really out of the ordinary, then it's going to be a subdued week with the Fed meeting right around the corner.
Ken Tower
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Based on Topics: Excuse QuotesI sincerely believe I could have wounded up in a lot of trouble if I had not been taught as a boy to fear Hell, and to believe that certain wicked acts could lead me to damnation.
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Dissipation is a form of self-sacrifice.
Eric Hoffer
Robert Jordan, whether he's writing with passion or not, I don't know.
Terri Windling