In today's market, there's nothing definitive. It's mostly profit-taking. We've seen fireworks in the recent past and I think we'll trade sideways until early December, when the fourth-quarter earnings pre-announcements come out.
More Quotes from Ram Kolluri:
We're back to the wonderful world of optimism. You have to be cautious what you do here. The question is 'Are we getting ahead of ourselves'. Will we see some volatility You bet.Ram Kolluri
It didn't look like anything much was going to happen in the middle of the election rhetoric, but we ended up seeing a pretty good advance after all.
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Really, in the market today, the most significant mover is the earnings. If earnings do well, the market will do well, if not, then the market won't.
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I'm pleased with the first-quarter gains, but I don't think that you can extrapolate that the whole year will be positive as a result. We still expect low single-digit returns for the SP 500 this year.
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We're so stretched out, so oversold at this point, that we have no idea what a potential snap back could be. This is like a hot, dry forest and one good spark is all we need for it to really take off.
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The market has been happy with the first-quarter results, but why We're seeing companies beat lowered estimates and do it because of cost-cutting, not top-line growth. Unless the earnings start to improve, the economy picks up, this market is going to continue to be too richly valued.
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A theoretical system does not merely state facts which have been observed and that logically deducible relations to other facts which have also been observed.
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