12/30/2003

Markets
THE LAST JOB CREATED IN FRANCE WAS WHEN HITLER HIRED A GARDENER

Mad cow and sad dollar are helping the market. Cattle prices at all time highs were not a good thing and feeders leveled out today at $.78 per lb. Almost all economists are saying that the falling dollar will fall more and it is not a problem at all. The questions they all ask include, what nut will invest in "old Europe" with stagnating economies and unemployment approaching double digits? The dollar will turn late in the first quarter or early in the second when the Fed nudges rates. Then look for an explosive move up, and I mean explosive, as Europeans do everything they can to buy U.S. equities. William O'Niel of IBD thinks the market is still undervalued, and O'Niel is the sharpest of the sharp. Look for 2004 to be strong, not as strong as the huge 2003 move of nearly 42% but it will be strong. Select good companies and you'll do fine. 11,000? Yup. 13,000? Yep. How about 15,000? Pushing it, but almost possible.

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