15 Quotes by Michael Panzner

This suggests one of two things: either investors are unduly optimistic about the sector, or more ominously, perhaps, the homebuilders are seeing strong demand from non-traditional buyers, ... In other words, real estate speculators have moved into the market, replacing owner-occupiers as the primary end-buyers.

Lucent this morning hints at the possibility that you may see other disappointing earnings in the sexier names. The reality is that expectations seem pretty high and the price of the market as a whole has moved higher to reflect that. It doesn't leave a lot of room for disappointment.

If anything, it is a good time to be in the market based on past history.

Sure, lower rates might offer another brief respite in an environment that has seen increasing dollops of profit-warnings and negative economic news recently, but when that is all said and done, a poor operating environment is unlikely to be a boon for corporate profits -- or U.S. shares prices -- in the months ahead, ... The New Laws of the Stock Market Jungle.

You always get a little first trading session euphoria, which is partly psychological and partly technically related to inflows.

We've got quadruple witching, which always has the potential to have an impact on prices.

Those other signs of deterioration in the market, like advance-decline ratios and market breadth, all add up for the long-forecast pullback.

To see a pullback now would not be all that surprising. When people are exuberant and expect the best, if results aren't good enough, it tends to be a disappointment.

Bond investors are discounting a slowing economy in the months ahead. Equity investors see a rebound ahead, and that instead of acting as a brake on the economy, the Fed's continuing hawkish stance is likely to serve as a sign that all is well, ... If you ask me, it sounds like at least one group of investors has been smoking something.