From the Worden Brothers Report (Friday Nov 21st, 2002)
The Toughest Game
It was a superb day, but not much better than yesterday, which in its own way was more subtle and elegant. For example, there were only three losers in the Nasdaq 100 yesterday, eight today. The heavy volume today did a lot to validate the move.
There's not much room, timewise, for follow through. The market will probably lose momentum before next week's Thanksgiving holiday. Many people won't see much to be thankful for. But they'll eat. By the time the market recovers from all that eating, the Iraq deadline will be looming.
I am not contemplating a bad end to a beautiful episode. I'm just warning that this market is climbing a wall of worry, and it isn't going to go away in the foreseeable future.
Ironically, the market is acting more like its familiar old warm and fuzzy self than it was in the late nineties. It's a shame how many people were introduced to the market in the middle of a euphoric fantasy. Those same people aren't participating in what is happening now. They are huddled up in dark corners, convinced their financial world is in permanent ruin. There's nothing that can be done about it. It's the cruel reality of the toughest game on the globe. -DW |
