A lot of the gains are due to the earnings story.
More Quotes from Barry Hyman:
The ability of Intel to come out and say a 'no worse than expected' story pleased the market. There are many other corporations in technology that are in that position so that if the slowdown is just a slowdown, there's good upside in many of those issues.Barry Hyman
It's time to start anticipating a recovery. Buy on weakness and look at tech because I think there will be some good stories later in the year the time to be fearful of another major drop in the market is just not there.
Barry Hyman
The retail sales numbers we saw should have presumed a rally but we had some selling in Hewlett-Packard and NBC Internet. During the day, people started to realize that retail sales were good news.
Barry Hyman
Since I filed an extension and probably will be late getting it, I will probably just go spend it. Nothing special, I would just say probably some jewelry for my spouse.
Barry Hyman
The market has two overhangs. It has the interest rate concern and it has the concern of whether a soft landing is achievable. The interest rate concern is over but the soft landing is another question. We don't know if the economy is slowing enough or slowing too fast and that concern, as it relates to earnings, is weighing on the market a little.
Barry Hyman
I don't think the Fed looks at the equity market and makes decisions off the equity markets, but the equity markets are absolutely a reflection of wealth and consumer confidence, ... That is what the equity markets mean in relation to other economic scenarios and that is where (the Fed's) interest is.
Barry Hyman
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