Word: kadlec
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...YORK: The Dow was up again on Wednesday morning. In Japan, the yen has stablilized. So your sagging portfolio is finally safe, right? Wrong. TIME Wall Street columnist Daniel Kadlec believes that the bargain-hunters who've been buying since Tuesday's nadir (which represented a 10 percent correction of the Dow's July high) will be disappointed with their purchases. "Just because the stocks are cheaper, doesn't mean they're cheap," he says. "According to fundamental measures, we're still in nosebleed territory. The markets are still in a lot of trouble...
...fooled by the rally. The market came nowhere near to rectifying Tuesday's losses, and the overall trend is down. "People haven't made money in the market for four or five months," says TIME's Wall Street columnist Daniel Kadlec. "The average stock is down 25 percent since the year's high. Smaller stocks are down 40 percent. This is a real correction, whether the Dow trips 10 percent...
...processing this directive] Inexplicably, it was the most inflated stock of all -- Internet companies -- that bucked the trend Tuesday. In the face of a 300-point Dow plunge, Amazon.com and AOL managed to close with small gains. "You would expect the mania-type stocks to be hardest hit," says Kadlec, "but there's still a lot of high expectations surrounding the Internet." A correction is a correction nevertheless, and Kadlec believes the tech bubble will burst soon enough. Indeed, AOL dropped three points amid Wednesday's rally. Don't say we didn't warn...
...abhors political upheaval. Watergate took a brutal toll on the market, and Sexgate appears to be having a similar effect. One word traders particularly don't like to hear is impeachment. "I don't think it helps that Washington is discussing impeaching the President," says TIME business correspondent Daniel Kadlec. "That creates a lot of uncertainty, and the market prefers to see stability...
...Street, while the fall looks likely to bring a new Iraq crisis, followed by November's midterm elections. The U.S. may also be pressed into bombing the Serbs in Kosovo along the way. "I don't think political developments are the first thing on the minds of traders," says Kadlec. "But then again, for the past few years everything has been going well in politics...