The economic news today has not been very supportive of a strong economic scenario.
More Quotes from Ned Riley:
This would be a short-term stimulus to personal computer manufacturers, semiconductors and the whole gamut of technology companies.Ned Riley
Clearly, the focus going forward is going to stay on the macro news to either enforce or dispel the notion that inflation is rising,
Ned Riley
It is another piece of good news in that it leaves the Fed in an unfettered position to exercise more discretion in monetary easing. Because the economy has displayed such weakness and inflation has been non-existent with the exception of energy-related p
Ned Riley
Today we're in the bottom- fishing mode and there are a lot of people who think the tech correction is complete and we've established our lows for this cycle.
Ned Riley
This company was maintaining a 60 (price-to-earnings ratio) and that was excessive, relative to its growth rate, ... Now, it's more reasonably priced. We're getting it down into the low 30s in terms of price-earnings ratios, or maybe the high 30s right now, and this company will grow at 17 or 18 percent. So Pfizer looks good, at this point.
Ned Riley
The unemployment claims declined a little, so that calmed some nerves. We saw some short-covering (buying of shares sold short) yesterday (Wednesday) and we may see more of that today, but I think people are holding their breath a little for the labor report tomorrow (Friday).
Ned Riley
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