Analysts said there was no fresh fundamental news to support the selling but noted that the recent rally was overdone. I think it was just a general sell-off after a very nice rally, ... The rally lacked volatility and conviction. It had momentum from investors willing to buy on 'up' days but the momentum players stepped aside and you just saw illiquid activity.
More Quotes from Barry Hyman:
We do think growth is going to be the place to be again,Barry Hyman
The inflation story has been the ongoing story for the markets since the Fed raised rates at the September meeting.
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
The reaction to the Fed minutes was very emotional, and it is still undecided whether 5 is the end. We look at gold and commodities. These are inflation indicators.
Barry Hyman
That's going to dominate the market today until we get more information. A potential story like this from an OPEC producer brings up the worry that oil can spike to new highs very easily. We see the reaction in equities when oil goes higher. It stops equities in their tracks.
Barry Hyman
I believe that the future of McDonald's is going to be their international growth. Let's not forget what President Bush is trying to do in Russia. Russia eventually is going to have to be our friend versus all this nonsense terrorism that's going on in the world, ... So, does the overseas market concern me It doesn't because they are looking to marginalize that growth of 1-to-2 percent and diversify at the same time. I think the bad things are behind it and I like the stock.
Barry Hyman
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