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.
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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.
Tony Dwyer
There's a bias, because of the bubble-popping, to be negative no matter what after we've had a good rally, because you don't want to be accused of being too optimistic.
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 that point where you hope for a bounce, but I don't think the time is right for a meaningful move up. I don't know if it's going to last through the day.
Tony Dwyer
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