Right now the market is not reacting to fundamentals but is driven by the psychological. That's certainly the reaction you're seeing after the Fed news.
More Quotes from Scotty George:
Clearly, the market has been on hold with the events in Iraq, and we're now nearing a crisis deadline. Markets love to work with a balance of certainty. After several weeks of selling, we're now looking at some value hunting.Scotty George
It's the micro management, the machinations up and down of interest rates, that has really gotten us to the point where we are now, rather than the market playing out at its own natural cycle. So the Fed today, I believe, will take a look back at the landscape, assess what they've done, and probably use August to evaluate whether or not to come back in and raise rates.
Scotty George
We've really gorged ourselves on stocks for the last eight weeks. The damage is really across many sectors. More than the AOL news -- the market is really tired of the feast. We need to push ourselves away from the table.
Scotty George
Until we get some sort of clear-cut message about where we're going in terms of the conflict with Iraq, the economic slowdown and corporate profits, fiscal policy, and everything else, we're going to keep seeing this kind of action.
Scotty George
I mean we've had a consolidation but we haven't penetrated any long term support levels, and so, as I said, we're in a period of commonality where traditional market leadership may take hold and make some of us older guys look a little better than the-you know, high tech performers.
Scotty George
The typical leadership in the big bull market, the consumer brand names, those stocks are almost off the horizon now. The exception is for the value players who perceive that what used to be growth stocks - the Disney ( DIS Research , Estimates ) and the
Scotty George
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