I think we are headed higher over time. I think people should use any pullback as a buying opportunity.
More Quotes from Tony Dwyer:
You're telling me an institutional manager is going to start buying because he sees a WorldCom exec going to jail. I'm not buying it. Hopefully, the process is a little bit more in depth than that.Tony Dwyer
The Iraq news definitely was a positive. This morning, people were fearful of the ISM data, which came mostly in line. So stocks tracked higher on these developments.
Tony Dwyer
The market has done poorly over the recent couple of days and weeks. Three weeks ago, the fundamentals were improving and all was well with the world. Now there's depression back on Wall Street and it looks like the 'Santa Claus' rally is not going to happen. Having said that, this market is also driven by emotion.
Tony Dwyer
I constantly hear the market can't keep going higher, that this advance has gone too far to fast and that a major decline is imminent. But every time I try to find an indicator to make me want to sell, I find something that makes me want to stay long and get longer instead.
Tony Dwyer
Instead of worrying about this quarter's earnings and the rate hike, let's look at 1998 now. Let's see what the kind of earnings we can have then. If there's no inflation in moderate growth, those numbers could come in very good, and the market can continue upwards.
Tony Dwyer
That's just a reaction to four down weeks. You've got more factors to worry about now. Even if there's a war and it goes well, now you have far-reaching implications.
Tony Dwyer
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