Tag Archives: sell off
It’s always tough to bring a message of caution when Wall Street is bordering on euphoria, but I’m sticking to my guns. Nothing I’ve seen this week — including today’s marginal new closing high for the year on the S&P 500 — has caused me to furl my yellow flag for stocks.
Yesterday’s panicky sell-off on Wall Street was a vivid reminder: You can’t take anything for granted in today’s stock market. Alan Greenspan delivered the gentlest of testimony before the Senate Banking Committee. He said nothing directly about raising interest rates, but assured the committee (and the world) that the U.S. banking system is well positioned to deal with any rate increase that may come along.