Phil Roth Quotations

Next, we worry about the 'January effect,' or lack of it.

You don't need much of a reason these days to go down 5 or 6 percent. And we have some good reasons today: bonds are down and the dollar is getting clobbered.

We won't know about that until next week. For now, we give the benefit of the doubt to the upside and still look for nominal additional gains early in 2006.

We're in a bit of a hiatus period here. Earnings for the first quarter are out and that's already in the market. The Federal Reserve did what it was going to do and that's in the market and we've got a neutral position in the short term for a lot of stocks.

I've said we would make a cyclical top in the first half of 2004. It may not happen until the third quarter, but the ingredients are moving into place.

That shows a significant drop in speculative interest.

Intel isn't the market. They're marking the futures down, but I think this is a minimal affair. Everybody already knew the tech sector is in trouble. This is nervous traders protecting themselves -- not the start of a new decline.

This is just an extension of this selective strength, nominal new-high environment. It doesn't seem to be accelerating.

Investors are going to be surprised when we get a string of stronger economic stats. But we might have to get through earnings season before that happens.

You can't tell a selling climax is over unless you get a short temporary rally.

There was emotional selling, with huge gaps on the downside. There was huge volatility, and a big recovery after the selling.

It was a strong day for technology and small stocks. But most major stocks were mediocre performers.

This is what the end of a bull market looks like: strong economy, rising interest rates.

This market is oversold. We've reached new highs and the market is looking for excuses to sell off a bit. But this market is resilient and I think it will prolong its advance by running into some rough spots here.

I don't think there's likely to be much of a setback here. We could see some consolidation, but I don't see any reason for a sustained decline.