We sense that the sell-off is behind us and the market has the preconditions in place for a pretty good year-end rally, ... It's not going to be fabulous because we've already done an awful lot since Sept. 11.
Selling pressure was broad as the market extended its current modest setback to three days.
I think we could see the Dow close at 11,000 and the S&P close at 1,300. We could get some bad news but based on what I know right now, I think those are reasonable levels to attain.
The productivity number came in better than expected and there were fewer jobless claims than forecast.
When bull markets and economies start putting on some age, the bigger-name defensive growth stocks get more attention.
A number of the high tech names are getting smacked real good. It was already a market where investors were nervous already. With the darlings getting hit, that raises the anxiety level.
The performance of the major stock averages didn't make anyone happy in 2005. But when you consider what the markets had to contend with, treading water is not so bad.
This is not a bad day. We started up and we turned around and now we're doing better.
We've had a dramatic rally this year, and we're getting a normal pause today. The companies that are pulling back are the ones that have had very good runs. So far, that's the message of the market.
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