Ned Riley Notion Quotations

There was a combination of things that really depressed it. One was Hewlett-Packard's shortfall and we had a sympathetic sell-off using the political environment as a backdrop. Ironically, IBM remained the stalwart and it probably gave the notion of stability to the tech sector and we saw some people looking for bargains.

It was a year of awakening for the new investor on Wall Street and it was a very quick and sudden reversal of fortunes for many. We ran the emotional gamut from total irrational thinking and perception to reality and capitulation. Last year's market did reinforce the notion that abuses and excesses are eventually corrected and eventually reach a level of overreaction -- and that's how the year ended.

The retail sales number today reinforces the notion that the consumer hasn't fallen apart. Today's market is encouraging from the perspective that there is less of an Enron hangover.

Clearly, the focus going forward is going to stay on the macro news to either enforce or dispel the notion that inflation is rising.