If you look at the earnings so far, we've had on balance in-line or mildly positive surprises. Yet the guidance going forward had been guarded. If that continues, you're looking at a more subdued market response this week.
More Quotes from Phil Dow:
There is an absolute certainty among investors that whatever news that happens is going to be bad. The October lows aren't sacrosanct and could be broken. We have a nation that's pre-occupied with what can go wrong. We'd need a booster shot of good news to move anywhere.Phil Dow
Anadarko is down relatively dramatically in the recent week, ... For value, we think the best name in the group is Chieftain International.
Phil Dow
The main problem is things keep getting worse in the technology space.
Phil Dow
This is the first evidence that things might be better than they thought, and I think traders don't quite know what to do. I think we've been conditioned to bad news -- it's like a beaten-up prize fighter. I think it's a dangerous time to look for more of the same, meaning looking for more negative.
Phil Dow
With today's big decline, this isn't a time to be concerned about additional downside but about what can go right in the coming months, primarily a gradual economic recovery,
Phil Dow
One surprise in 2005 will be that business capital spending will be back in a big way especially as cash is at record levels on balance sheets and as companies ensure that they stay competitive.
Phil Dow
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