We could pull back a bit, but it will be limited to about a 5 percent decline and it will be quick. This market rally has not been about buying interest, but about the total lack of selling interest.
More Quotes from Tony Dwyer:
You would imagine that after a 19 percent gain in Nasdaq and after people thinking about it over the weekend, that they'd be out there selling. But it ain't happening.Tony Dwyer
That's just a reaction to four down weeks. You've got more factors to worry about now. Even if there's a war and it goes well, now you have far-reaching implications.
Tony Dwyer
There's a confidence in earnings that is offsetting the other trends. If 62 oil, a downgrade of GM and bombings in London can't derail the markets, what can
Tony Dwyer
This is a market where too many people have already bought. Everybody is already in, so who's going to be the next buyer
Tony Dwyer
Instead of worrying about this quarter's earnings and the rate hike, let's look at 1998 now. Let's see what the kind of earnings we can have then. If there's no inflation in moderate growth, those numbers could come in very good, and the market can continue upwards.
Tony Dwyer
That fact alone could act as a stabilizing force for the market this week. The U.S. consumer has been the linchpin of this economy. So this number doesn't bode well, especially as we enter the Christmas shopping season and retailers are already suffering because of the West Coast ports dispute .
Tony Dwyer
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