I think we still need to see more before I'm convinced we turned the corner. This earnings season was pretty bad so I still don't see Corporate America coming out and beating the drums.
The Nasdaq has been beaten up so much that there's room for a technical rebound if not more. It's still very murky as to where valuations should be and how much more room there is on the downside.
We're going to have to see economic data that suggests capital spending is on the rise and corporate confidence is rising before we can move up significantly. We need to see concrete results.
Today, especially on the heels of Yahoo!, it's just more indicative of the funk we find ourselves in.
We got stronger on the heels of a feeling that the market got ahead of itself on the downside. We're still in the midst of an economic slowdown and we have not turned the corner.
Until the market sees some clear evidence that the economy is starting to slow, not much is going to happen. There is cash out there on the sidelines but it's an apathetic feeling out there.
People are still nervous about the interest rate climate and how much and when Greenspan and company will raise rates.
It is as easy as selling the losers and buying the winners. It's a continuation as investors are buying the successful stocks and ignoring the value stocks.
A lot is riding on this Christmas season and I don't think there are great expectations for a strong season. I think there's still a lot of flux out there and there's still room for caution.
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