Ned Riley Last Quotations

We're going to have more people talking about the Fed becoming less aggressive, which will be neutral or negative for the market because the market has been feeding off low interest rates. I don't think the Fed commentary is going to be as predictable and direct as the last meeting.

We took two steps forward last week and only 1 step back so far this week. So there is some comfort in that. Hopefully we'll get through this weekend without incident and that should give people some reassurance.

A demon in the market decided to punish us on the last session of the year.

This divergence that's developed over the last 12 months, has clearly been the widest I've ever seen in all the years I've been in the business.

It seems like there was massive indifference on the part of buyers, ... There were positive macro developments, but the market didn't react, and then program trading kicked in during the last hour.

It was a year of awakening for the new investor on Wall Street and it was a very quick and sudden reversal of fortunes for many. We ran the emotional gamut from total irrational thinking and perception to reality and capitulation. Last year's market did reinforce the notion that abuses and excesses are eventually corrected and eventually reach a level of overreaction -- and that's how the year ended.

The economic strength that we've seen in the last six weeks has been what I call deflationary.

The markets got a little premature declaring victory last week and the shorts rushed in to cover. Now enthusiasm has dissipated and the selling pressure is on. People are realizing that the war is going to be longer and more drawn out than anticipated.