The positive consumer confidence could have been a negative.
We believe we're in a renewed growth cycle that could last three-to-five years. If you're waiting to jump in, you're going to miss the boat.
What we really need to do is see some solidification. A lot of people are sitting on their hands and people are not willing to step up to the plate just yet.
But we do think that employing that panicky investment strategy, scrapping your existing strategy and buying all defensive names is not the way to go. Stay focused with your existing disciplines and not stray from those,
I think the market is taking a step back and assessing what's really going to happen with the stimulus package.
I think the market is scared by uncertainty and that's what this election is giving us. And the most uncertain sector fundamentally is technology.
I think we received some clarity there. I think we are done with the Greenspan hangover.
We continue to like Wells Fargo, too. It's trading at 13 times 2003 numbers, ... All three stocks look very attractively priced.
We also like health-care firm Baxter International as well, ... It's trading at 17 times 2003 numbers. It's quickly becoming an attractive stock after recent pullbacks.
We believe investors are too focused on the relative rate of change instead of respecting and admiring the absolute growth. We believe the market will continue to grow at a double-digit percentage pace.
Yes, the market is taking somewhat of a rest, but there's evidence that the believability factor is increasing. Overall, investors are starting to believe the market can and will remain in good standing coming off of one of the best quarters we've seen in a while.
We think maybe on a longer term basis, their valuations are a little inflated here. But we think that on a near-term basis, that they look very, very timely.
They are still kind of waiting to see the unwinding process that's going to come out of this.
There's a very good chance that the market will see some kind of a downward move, but of what magnitude, we're not prepared to say.
I'm quite frankly a little tired after this week.
The market and the economy are still on track. Earnings continue to be pretty strong and valuations remain at pretty reasonable levels.
The Dow has significantly outperformed the Nasdaq over the last six weeks, as well as the last few sessions, so a little pullback today (Tuesday) is no surprise.