We've had a market where negative news on the economy and the corporate profit picture have dominated. Companies may have beaten lowered estimates, but we're expecting weak economic reports this week.
More Quotes from Tony Dwyer:
Technology should fare real well, given all the business being done on the Internet right now. Those subject to the Internet, like a Sun Microsystems, those type of companies should have excellent earnings,Tony Dwyer
It's really a continuation of the selling that we saw last week. Sentiment was negative going into yesterday, so a lot of people are using the strength in yesterday's prices to cut losses.
Tony Dwyer
Market players said they expected conditions to remain favorable on Wall Street through the upcoming corporate earnings season. Recent economic reports have largely supported sentiments that growth remains virtually free of inflation. Short-term interest rates should come down. Long-term interest rates should come down, ... There are no signs of inflation.
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
I constantly hear the market can't keep going higher, that this advance has gone too far to fast and that a major decline is imminent. But every time I try to find an indicator to make me want to sell, I find something that makes me want to stay long and get longer instead.
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
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