Barry Hyman Near Quotations

Profit taking will be key words today (Thursday) and over the next couple of weeks. The Fed's rate cut yesterday bodes well for the longer term but near term it is an excuse to take profits. Cisco's story is another excuse to take profits in technology.

I would characterize this as a correction long in coming. We're coming off of this tremendous run, plus you've got oil prices near all-time highs and the prospect of higher interest rates through the end of the year, and so you're seeing some profit taking.

I think there's still more upside ahead into next week, and as we look at the market beyond near term, I think the surprising strength in the economy is going to help us in the first half of 2006.