The trading activity has a negative bias. The news has been negative and it's frustrating for investors and traders alike.
More Quotes from Phil Dow:
It's frightening if you chase performance. One reason why investors went into Japan is that they saw the markets perked up there.Phil Dow
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.
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
Overall, I think there's been a profound change in sentiment after the market hit its five-year low in early October, ... The market is factoring in a possible resolution of the Iraq crisis. With the Republican victories in the midterm elections, there's a possibility of a tax cut for dividends. That's like a tectonic shift in fundamentals.
Phil Dow
My sense is that we may be at a really important transition point. Yesterday was a pretty important day. (The market) turned around on expanding volume, which indicated some real buying going on.
Phil Dow
It's amazing to see intellectual capital turn into profits so quickly.
Phil Dow
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