It's not unusual to see a rotation back into some of these traditional stocks.
We are maintaining our long-standing target for the Dow 10,000 area by late spring 1999.
Anything that makes investors feel comfortable with the inflation level and the way short-term interest rates are going is going to help the market.
We're in a funny space. Too much good news is not good news because the market worries about the Fed.
We're always going to have some companies in the morass of reporting companies that aren't up to speed. Generally, the earnings for the quarter are good.
The market is looking at that and worrying that inflation may be rekindling as the unemployment rate moves lower.
It doesn't look like inflation so far is accelerating. The market likes that because it worries less about the Fed raising rates too aggressively.
I think we are set up and ready to go for a summer rally.
I think today's action is a little bit of profit taking. There's some consternation in the bond market. We think this market in equities is going higher later this year.
All those things together made the market weaker.
