We're due for a week's worth of consolidation. Just some backing and filling. Following that, we can head higher.
More Quotes from Tony Dwyer:
The combination of weaker industrial production and weaker consumer sentiment numberTony Dwyer
They supply almost all the largest telecom companies in the world with some of the backbone products for voice messaging and things of that nature, ... This stock has surprised analysts -- met or exceeded analyst expectations for 20 straight quarters.
Tony Dwyer
Nothing for the time being suggests more than a moderate pace of rate hikes. There is a bit if nervousness out there. The other thing is that the market has had a good run and this is a normal pullback with a little bit of profit taking going on.
Tony Dwyer
the people that have heard that this Internet thing is pretty neat, buy they didn't want to go out and spend a lot of money on a computer.
Tony Dwyer
We've gone from a psychology a month and a half ago that the economy is growing too quickly, and the Fed is going to have to raise rates, to we're going to go towards a recession because the economy's slowing too quickly. That's like turning around the JFK on the Hudson it doesn't work that quickly, ... So you get fear coming into the market -- it just changes its nature. The fear was inflation. Now the fear is earnings. And it's going to end up somewhere in the middle. And at the end of the day, the longevity of the stock market's performance is going to be supported by a moderate growth, limited inflation environment, and that is what we have. It's not going to be robust growth -- 5.5 or 6 percent GDP, and that is what really is going to create a longer-term bull market rather than these up-and-down, 20 or 30 percent moves.
Tony Dwyer
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