We're really testing the patience of investors who have lost substantial sums of money. We're also testing technical levels, with stocks expanding or retracting as we get near key lows.
More Quotes from Scotty George:
I think long term, even though we're down today, you're seeing some energy and drug stocks responding in a way that suggests the market believes he is going to cut rates again this year.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
This is an 18-year bull market that is expiring. The bull isn't but the phasing is. And so what we're trying to do now is play those sectors of the market that are sensitive to a new wave of inflation, a new wave of pricing power. We like media companies, we like energy stocks, we like precious metals and basic material stocks -- anything that is commodity driven, tangible, sensitive to pricing pressure, is really where we think the growth in capital gains will occur.
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
What we're seeing today and what we have been seeing for the last week is a drying up of sentiment as investors wait for some definitive resolution of world events and some new corporate catalysts.
Scotty George
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