Technically, today looks bad as far as market action goes.
Most companies want their stock to be appealing to a wide audience.
The economic news has been very good, but the Fed remains somewhat of a mystery. It's the same problem that's really held us back all month and it'll continue to be a problem until we get some more clarity from the Fed.
There seems to be a lot of uncertainty about what the Fed is going to say. It seems a little early, given the meeting is next week, but I do think people are just waiting around for better news.
Technically, today looks bad as far as market action goes. It reminds me a lot of late 1999 to early 2000 when people thought the good times would never end. Now they think the bad times are never going to end.
Energy prices really have fallen to a distant second as far as concerns for the market. The big concern is whether the Federal Reserve is going to keep raising interest rates and, if they do, whether that's going to slow the economy too much.
This is really what we needed to keep this rally going. The Fed seems to be recognizing that there may come a time to stop raising rates, and that's very good for stocks.
Earnings have been much better than we expected, so I'm guessing the Nasdaq situation is purely a result of Dell cutting its outlook going forward.
It's ugly out there, but I don't think its going to get much worse going forward.
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