João Leão: Economia precisa de imigrantes (e não só dos qualificados)

[Ulisses Pereira]

"October's Rise Demands Its Price From Market"

By James J. Cramer
10/20/2003 11:02 AM EDT


"Sometimes there is no accounting for earnings. Today, Bank of America and Citigroup are selling off and the action is, in a word, odd. These two banks have reported the best two numbers out there. I am on the Citigroup call as I write this and am being literally blown away by the call even as the stock gets blown away by sellers.

To me, this kind of action speaks volumes. What it says is "We want to go down here." What it says is "We can't rally on good news because we have come too far."


That's OK. That's the price we have to pay for the gigantic 500-point run that October gave us from the get-go. It looks like we have to give some back if only because, no matter how good Citi and Bank of America are, they can't rally any more than they already have.

I think this market is speaking loudly this morning, saying "We've gone far enough, now we must consolidate, now we must shake out the weak holders, now we must mark time."

I thought last week would be a fulcrum week with Intel. But it looks like we had the fulcrum at the end of September with the selloff that set up for the rally. "

(in www.realmoney.com)