Yaacov. Well, some nervous investors took A.G.'s speech, or maybe those of the opining analysts afterwards, a bit more seriously. Mr. Greenspan did not bash the markets but kept saying that reasonable people could disagree if the stock market was overpriced. (this reasonably people could disagree phrase is put on by me. It's a new Clinton saga phrase and sounds pretty good. gg. ) He did say that you never really know for sure when it's really overpriced. Well, he kind of used this word bubble. Some analysts kept saying that he probably would like the market down some but decided to let the bond market do the dirty work. gg. Anyhow, we know by now that anything will be tried to keep the markets down. But A.G. did seem a bit less neutral than the last cpl of times.
Mr. Battipaglia? who I like as an analyst (since he is always so bullish gg) believes that the market has a good chance to hit 10,000 by end of May. And then for the longer picture, infamous Mr. Acamporo thinks that the DOW will double or triple within the next 10 to 15 years. Should that come to pass, all this stuff today will look like a little blip on the way up. gg.
Paine Weber's analyst, on the stock exchange floor, had thought earlier that the Dow was probably going to retrace the 9400 mark. He came on after the market closed, laughed and said that he did not expect it that soon. It closed a fraction under 9400.
Another well known brokerage house analyst came on after the market closed and said that this was just some profit taking and that the market will go higher. Too much money out there. Yes, he thought that the bonds at 5.5% was a good buy for income accounts but for the majority of longterm investors, the stock market is the place to be.
Alright, this was a little view of diff. analysts opinions in order to get you in the mood of what your analysts will say tomorrow morning. gg.
Of course the bond market will be discussed at length for a while. Who knows what it will do to the markets near term. Maybe it will be up again tomorrow.
I kept an eye on the market and saw my great paper profits from earlier today vanish. I would like to say: Easy come, easy go but somehow it never feels quite like it. gg. I just looked at my portfolio and noticed that I sustained some damage here.
Yes, I was surprised of that particular damage in the Austrian Alps. There are always some snow caused accidents but this was a bit unusual. But it shows again that you can't put foolproof measures in place when it comes to Mother Nature.
Sonny |
