15 Quotes by Phil Roth

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.

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

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.

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