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,
More Quotes from 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
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
You've got to get back to what really moves stocks, and that's earnings. It's not international conflict -- that's always been there. And the market has delivered, despite Vietnam, Sept. 11, and every other horrific thing we've had.
Phil Dow
Bit by bit we are seeing the pieces of the economic mosaic come together that could support a sustained stock market rally, at least in the short term ... But in the longer term, there are still significant questions, no doubt about it.
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
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.
Phil Dow
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