But the question is more about economic growth.
More Quotes from Ned Riley:
I don't think the visibility is improving but I think stock prices have improved based upon the acknowledgement by investors that fundamentals couldn't get any worse and the major deterioration is taking place now.Ned Riley
This is clearly a holiday-impacted trading day, as volume indicates. I do think the market is acting extremely well. The Christmas rally that people eagerly awaited is here, but it's taking on something of a more subtle tone.
Ned Riley
I think the story is going to be the same going forward. We're going to see the tech companies reporting well. But the high interest rates we've seen so far have undermined some of the financial stocks and drug stocks.
Ned Riley
In the past four-to-five weeks, there has been sporadic evidence of a positive flow of equity into mutual funds both domestically and internationally, ... But if you look at the total amount of liquidity, the amount of the inflows are a couple of drips out of a faucet compared to the Atlantic Ocean.
Ned Riley
The market is also still living with the legacy of the Fed's decision yesterday to raise rates, ... There are a number of people who feel the Fed should have paused, and should have considered the ramifications of Katrina and Rita.
Ned Riley
Whether the catalyst was the cessation of tax selling or just a rally from a truly depressed area, the Nasdaq is attracting some bargain hunting. I would suggest stocks were over discounting shorter-term problems that have already been announced.
Ned Riley
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