I expect the key is the Fed continues to tighten credit as we go forward. What this is going to mean for the profit picture is more critical for stocks.
More Quotes from Marshall Acuff:
The question is, are you going to get into a period like the '70s, when inflation went up and up -- which I seriously doubt -- or inflation picks up a bit, and then stabilizes.Marshall Acuff
All those people who were waxing so bullish early in the year are now finding out the reality, that growth is slowing.
Marshall Acuff
It's not clear that the Fed is going to move in June. Perhaps, the Fed moves late summerearly fall, if even then. What is clear is that the economy's momentum, which was quite strong in the first quarter, is indeed slowing down It is also clear that profit momentum for the year is going to be slow.
Marshall Acuff
I'm not sure that we're going to see the market run straight up as it seemed to be doing in the first quarter. There are going to be episodes when we feel better, as we do today, and there are going to be episodes like this whole week ago, when we feel uneasy.
Marshall Acuff
The reality is that as we enter the new year, the big caps continue to dominate the market as they have for almost two years now.
Marshall Acuff
You are seeing a broadening out of the market that we had not seen going from the 9,000 to 10,000 mark. This is a much more egalitarian market and that's a healthy development. It suggests a more sustainable market over time.
Marshall Acuff
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