This is very good news for the technical side of the market. It means there's still enough money to float everything. It's not just the big-cap stocks, although I still think they remain the leaders.
More Quotes from Ron Hill:
We've had one preliminary move in technology, which was an anticipation of (Computer Associates') earnings, the second move is once the earnings have turned and begin to run ahead of the rest of the markets,Ron Hill
We have had really spectacular profit reports, by and large, from most companies so far in this quarter. I think retail will be a disappointment, going forward. But, up until now, without any retailers, we've had a nice run. But people have been saying, you know, first of all, the growth rate has slowed from the first quarter to the second, and then the projections are that they will continue to slow down in the third and fourth quarters - we're coming up against really tough comparisons. And I think you know as people look to sort of the slowing of the growth rates, they begin to worry about valuations.
Ron Hill
They have not been attractive stocks to own this year because they've had trouble growing revenues, ... But now, all of a sudden, that nice steady growth in earnings -- coupled with the fact that because of the weaker dollar, their translated earnings from international sales are going to be much stronger -- (means) these companies are looking very attractive.
Ron Hill
Obviously, the tech wreck has some effect on the consumer because the slowdown has affected (spending), ... The Fed has less work than we had thought before.
Ron Hill
The classic response is that you have pent up selling. People get nervous, uncertainty brings prices down as it normally does,
Ron Hill
They're on the right track for subscriber growth, ... But more importantly, they're starting to focus now on getting more money out of each subscriber. So one of the tricky things will be to get people to stop focusing purely on subscriber growth and start thinking more about revenue per subscriber. They've got their own sort of gathering area for shopping for e-commerce, for Christmas time. Remember e-commerce season starts now with back-to-school and peaks with Christmas. This is going to be a time of a lot of excitement in the Internet space and we think AOL is well positioned to take advantage of that.
Ron Hill
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