I think today is a day of portfolio window dressing, with asset managers making sure they don't have cash sitting around for the end of the year, which tends to be favorable for stocks.
More Quotes from Timothy Ghriskey:
I think this is a technical bear market rally that we could get today (Wednesday) on oversold conditions after we went through some technical levels on the major indexes yesterday. So we can expect the market to lift up some,Timothy Ghriskey
Earnings have been coming in by-and-large at better-than-expected levels. But a lot of that has been priced in, and so you're seeing some selling on the news. But the profit-taking is short-term. Longer term, we should continue to see strong economic reports that support the rally, and we should start to see analysts' estimates increase for the fourth quarter.
Timothy Ghriskey
I think early January should live up to its reputation as a pretty good time of year for stocks.
Timothy Ghriskey
There's nothing wrong with having a portfolio heavily weighted towards technology, ... These are the great growth companies of tomorrow. Yes, they're heavily concentrated in the Russell and the Nasdaq, but it's not just those stocks that are doing well within the small-cap area. There are lots of companies from various sectors of the economy within small caps that have been doing well here.
Timothy Ghriskey
It obviously still dominates the software space, and we think it's going to be a good Christmas in the PC sector, both for the consumer and for business,
Timothy Ghriskey
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