Monday, January 31, 2005

Correction Over?

My gut feeling tells me that this correction is over. The voter turnout in Iraq and the OPEC news eliminated a lot of uncertainty in this market. Of course there's still the action by the Fed, but that's news the market can take in stride. Lots of companies will be reporting Q4 numbers and I believe they will be fine. I still hear a lot of pessimism in this market (that's a good thing).

There's just no let up on the bad news in the Pharma sector. Wyeth takes a beating for missing it's numbers and more potential adverse data on Pfizer's COX II drugs? This sector is so tempting right now from a valuation stand point. I'll start picking through the rubles...

Other than the Pharma sector, everything else did ok today. A good start to the week.


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