Markets are in a trading range right now, consolidating gains after the last few months. A lot of investors were looking to this week's data as a way to break out of the range, but what we've seen has left enough doubt in the minds of the bulls that we ar
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I think the fact that Greenspan brought the issue of a declining dollar, global trade imbalances and protectionism to the forefront adds to the pressure today.Michael Sheldon
I think the number is likely to be below the median estimate.
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We're likely to see a correction this year after the run we've had, as well. But the outlook for third and fourth quarter earnings has been good, and if the economic data continue to improve, we could see a slightly more narrow decline that what people have been expecting.
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When the central bank came out and said they're going to drain liquidity over a period of months, that was a catalyst for investors who have avoided the stock market to put some money back in.
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Looking ahead to next week, the more important question for investors will be 'Will the market experience a holiday hangover as investors take profits'.
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Earnings for the fourth quarter have generally met or exceeded expectations. We've seen solid reports from a number of different industries, with strength not just in energy, as in previous quarters in 2005.
Michael Sheldon
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