The advance is very thin. Get 10,000 out of the way.
GM and Ford rattled the hedge fund trade, brought back memories of Long-Term Capital, ... That's why the bank stocks were weak.
The market has been choppy because it's trying to figure out where oil prices are going to go, how fast interest rates will rise, and what these two things mean for corporate profits. It's going to remain choppy until it gets more clarity.
That's a dangerous game.
Everyone expects that Mr. Greenspan is going to eventually drop the word measured, so as to prepare the market for upping rate hikes at a faster pace in the future. That's going to be the key next week, whether he takes the word out or not.
I think we have seen the bottom, ... I don't think we are at the beginning of a new exuberant bull market.
We're in a vacuum as to what we can look for in news.
The market is not going to figure out where it wants to go until you have some conviction about where the Fed wants to go in terms of raising interest rates.
I think Dow 10,000 is probably on the sidelines for now.
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