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.
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
The market may be more conditioned to take surprises than we give it credit for.
Ned Riley
patience, knowledge and a lot of research.
Ned Riley
It's been the good, the bad and the ugly. I think this period is still going to be ugly for earnings but the market has discounted it.
Ned Riley
It seems like there was massive indifference on the part of buyers, ... There were positive macro developments, but the market didn't react, and then program trading kicked in during the last hour.
Ned Riley
There's no conviction over earnings. You're going to get this vacillation back and forth as we're in this bottoming process and it's going to take some time.
Ned Riley
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