The market strength is good right now, but when I look ahead, I'm feeling rather torn right now. My forecast this year is for a bear market, but for now, I'm willing to give the bulls the benefit of the doubt.
More Quotes from Ken Tower:
We're thinking that yesterday's rally will probably go back down and test the low today... So, this afternoon, we're looking again probably for the market to sell off.Ken Tower
This was one of the last areas of technology that still had the great, glory days of April going for it. The market is just not willing to put up with those high PEs and is shooting them down one by one.
Ken Tower
Today's rise is a good sign. What we're seeing is that the bulls are not dead and the market had bounced off key short-term lows, which is what you would expect from an uptrend.
Ken Tower
There is no person on the planet who is going to be able to fill Greenspan's spot without a test, ... I'm not sure that it's a coincidence that the market crash of 1987 happened two months after Greenspan took office.
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
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