Finally, the market got a reaction after that water torture of a decline in July. People reacted, which is very good in terms of looking for a bottom.
More Quotes from Ken Tower:
Even though the news has been dismal this week, investors have to keep an eye on the July Lows. As long as the Dow and the SP stay above those lows, you have to be ready for some good news. If you take those lows out, the market will sink lower.Ken Tower
I see the whole business cycle slowing down.
Ken Tower
These hearings have an impact on investor psychology, they make people nervous, and that's why we're having a rally at the close.
Ken Tower
When the companies actually come in with their earnings announcements, we're going to move a lot higher. I think when investors look through the rubble after the correction we've seen they are going to find some real good values.
Ken Tower
Financials led the sector rally yesterday. Tech has been getting a lot of bullish press recently, but its relative performance continues to suffer. It's premature to put this into the leading sector category.
Ken Tower
You might be inclined to explain away last week's weakness by noting the low volume and people on vacation, but the historical record of year-end rallies was built on similar conditions. More likely, the absence of sideline cash will become a common problem throughout the year.
Ken Tower
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