The volume expansion indicates that you might be seeing individuals, rather than just traders, getting involved. But, volumes in general are still pretty weak. Odds are that if this is the real thing, you'll see daily volumes of 1.6 billion and 1.7 billion -- and then it will be obvious to everyone we are in a bull market.
More Quotes from 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
This year, the market is trying to tell you to be selective. If you look at the stocks that have moved, it really has not been just 30 big stocks it's been all asset classes, all styles -- value and growth have delivered. The ones that are really getting fundamental financial guide, post-traction are those that are delivering. So my guess is selectivity is the key, and I think you've got to be in kind of best-of-breed solutions right now.
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
We like Waters Corporation, ... It's a company that specializes in equipment for biotech research, great balance sheet, firm fundamentals. In financials, we would throw in Wells Fargo, TCF Financial Corporation, and Citigroup.
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
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
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