Ken Tower Market Quotations

There is no person on the planet who is going to be able to fill Greenspan's spot without a test, ... I'm not sure that it's a coincidence that the market crash of 1987 happened two months after Greenspan took office.

This proved the spark to push the market higher. It was great news.

Only 10 New York Stock Exchange stocks made new lows yesterday, so it's clear that there is a great deal of underlying market strength. Industrials remain the clear winner, as they reached another new high yesterday. Financials had a huge rally and also closed at a new high. Leadership will eventually shift back to tech, energy and basic materials, but we're not there yet.

More likely is that we'll get some sort of advance that takes the market to new highs.

I'd like to see the market turnaround right here, hold Friday's lows and move higher, ... If we don't hold (the lows) it's a real strong sign that you got to take this market lower to get it fully oversold.

I feel that it's very important here for the bulls to show that they can keep pushing this market forward.

This was one of the last areas of technology that still had the great, glory days of April going for it. The market is just not willing to put up with those high P/Es and is shooting them down one by one.

I think the question the market is struggling with is whether we are concerned about inflation and too strong an economy, or if the Fed is raising interest rates too much and cooling things off. So we have a little pause in the market today as it tries to work this question out.

Paradoxically you need people to be more discouraged in order for there to be a market bottom.

With the technical picture so cloudy you may be tempted to sit this one out and wait for clear evidence of whether market direction is naughty or nice before initiating either long or short positions.

The presumption is the bond market is smarter than the stock market. I'm not saying it's always true, but there's a reason that the bond market tends to lead the stock market.

Finally, the market got a reaction after that water torture of a decline in July. People reacted, which is very good in terms of looking for a bottom.

We're thinking that yesterday's rally will probably go back down and test the low today... So, this afternoon, we're looking again probably for the market to sell off.

Today's rise is a good sign. What we're seeing is that the bulls are not dead and the market had bounced off key short-term lows, which is what you would expect from an uptrend.

And Wrigley has been very strong for some time, continues to move higher, ... Just had another breakout to a new high. There are lots of stocks in this market that are doing quite well. They just aren't technology stocks.

I see no signs of weakness in this market at this moment. The historical pattern and the current market trend suggest to me that next week will be a good week for the market.

Technically, we've been very optimistic about the market bottoming out right now. Since the July lows, this is a double bottom, so we're still very optimistic,

As far as we can tell, the bull market is alive and well.

In my experience the market doesn't remain trapped in that kind of narrow trading range for long. So expect the market to break out. But which way?

If there were really fundamental problems out there, the market would drop much more quickly. Instead, it can't get out of its own way. It's pushing a big boulder up the hill, and then it slides back down at the end of the day. It's just unable to really get any momentum going.

The market was ripe for some good news to provide an excuse for the rally. If it wasn't (Greenspan), it would have been something else.

The market strength is good right now, but when I look ahead, I'm feeling rather torn right now. My forecast this year is for a bear market, but for now, I'm willing to give the bulls the benefit of the doubt.

The market may not be able to overlook Intel's warning, but the fact that it's able to absorb the negative news without a steep price decline is a positive signal.

The market has been stuck in a very tight trading range for a month. Yesterday's NYSE volume of just over a billion shares makes me nervous. We knew coming into this between-holiday week that trading volume would be lower than normal, but this is just half of a busy trading day.

The market is reacting to disappointment in some of the earnings reports and also to the stronger-than-expected economic data that came out.