Price-to-earnings ratios are high by historic standards, but the bulls would say that, given low interest rates, they're not too expensive. I think they're generally not convincingly cheap or expensive -- the key is to find individual stocks that are cheap.
I would urge people not to speculate in the Internet sector.
The comparable strength this afternoon says that if this is as bad as it gets, with the economy, with terrorism scares, then we can handle it.
We're going to go through a period where we find out what tech companies are really what they thought they were and which were hype.
The market has done better than I would have thought. You've got some signs that the economy is starting to stabilize - it looks like the consumer is counteracting the negative effects of the capital spending slowdown in technology.
The bias at this time of year should be up and, if it's not, it will be because of Southeast Asia.
Once the Russell 2000 starts to move because it is fundamentally more attractive, you'll see a lot of money chasing limited market capitalization stocks. You can get a very significant move in the Russell 2000 in a very short time and I would anticipate that happening starting very soon.
The best time in the stock market is when interest rates are low and earnings are poised to grow.
As long as we believe the economy's poised to recover, this is the best time for stocks.
This is a tactic. In the very short term, it will be highly positive for the markets. But what's gonna happen here is you're going to see a cat and mouse game between Bush and Iraq for some time.
The trade deficit has always lurked in the background as a potential negative for stocks, but it was fine (in the past) because the dollar was strong.
You're getting a little bit of a setback after two up days, and a sense of people wanting to wait until they hear what the Fed has to say at the Sept. 20th meeting.
The market needs to walk a line between too little growth and too much growth, between profits and interest rates. The jobs report tilted the market toward too little growth.
There are a lot of reasons to worry about corporate earnings because of gasoline, oil, high commodity prices. It's almost like damned if you do, damned if you don't, because you're worried about what these commodities are doing to the economy, yet they're the strongest thing in the market.
There are some signs that the economy is not getting worse, in fact it is getting better.
The positive today is that oil is coming down, the negative is that the housing numbers are worse than expected.
The market was in La-La land the last few days. We had some good earnings yesterday and we got a positive spasm in response to it in a deeply oversold market.
What's gonna happen here is you're going to see a cat and mouse game between Bush and Iraq for some time. I suspect that a month from now we'll be back to where we were yesterday before the letter came out.
The best news is cresting right now, ... so it very well may be that we had a fabulous run in the market from March 2003 to January 2004, we've sort of marked time since then, and we'll roll over for the rest of the year until we get better visibility on 2005.
I don't think we'll get any big surprises in the economic news next week, ... What the market will be looking for are any clues that point to anything other than four percent GDP (gross domestic product) growth.
Today is encouraging, but it's not particularly meaningful. We still have a lot of economic and earnings news to get through this week.
This stock is down from over 50 a share, but is just a great long-term, growth stock, ... We think it will go back to over 50 a share, at some point, and back to almost where it came public. It may be dead money for a month or two, but I think eventually you will make three or four times your money on it.
It's not going to make or break a bull or a bear market, but it's a negative.
It's a hard call to make, but the line of least resistance probably remains up.
I don't think the market can make a lot of headway until we get an idea of the depth and breadth of the profit recession.
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