Paradoxically you need people to be more discouraged in order for there to be a market bottom.
More Quotes from Ken Tower:
The market may not be able to overlook Intel's warning, but the fact that it's able to absorb the negative news without a steep price decline is a positive signal.Ken Tower
We are at the top of a trading range. Everyone's willing to be bullish, but is the cash there to provide the energy the bulls need, or is the December high the high-water mark Dow 11,000 is one of the hooks the bulls will use to try and attract more money into the market.
Ken Tower
You have to be a little nervous about this number. This is going to do nothing but make us focus more on next week's Fed meeting as investors keep searching about inflation clues.
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
The market has been stuck in a very tight trading range for a month. Yesterday's NYSE volume of just over a billion shares makes me nervous. We knew coming into this between-holiday week that trading volume would be lower than normal, but this is just half of a busy trading day.
Ken Tower
Technical indicators help investors avoid downward spirals like Enron. That being said, I don't pay much attention to news. I pay attention to how investors react to news. A good or bad reaction is more important than the news itself.
Ken Tower
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