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November 26, 2004 08:31 AM

Don't Worry ... Don't Be Happy


Excerpt: Fact is, it's tougher than ever to know for sure. The euphoria surrounding the blockbuster October jobs report earlier this month has quickly faded and has been replaced by concerns about the weakening dollar and rising oil prices.


The economy is great. Wait, it stinks. Uhh. Scratch that.

Fact is, it's tougher than ever to know for sure. The euphoria surrounding the blockbuster October jobs report earlier this month has quickly faded and has been replaced by concerns about the weakening dollar and rising oil prices.

And now investors, who bid up shares sharply before and after the Presidential election, are threatening to take back the gains.

"This whole year has been one of rapid sentiment reversals," said Craig Callahan, president and chief investment officer of ICON Advisers, a mutual fund firm. "For three weeks investors think things are OK and then the next three weeks people think everything is bad."

So have conditions really taken a drastic turn for the worse in just two weeks or is the market being overly skittish?

Several Wall Street watchers think that things aren't nearly as bad as they seem. But many of the same observers also caution that the economy isn't exactly in fantastic shape either.

"We're not in trouble. But at the same time it's quite clear that there is no sign of a sustained pickup in growth in sight," said Anirvan Banerji, director of Research of the Economic Cycle Research Institute. "Our conclusion is don't worry, don't be happy."

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Read all 21 posts in the same category of Economy:

U.S. Quiet on China Trade Tax - Dec 17, 2004
Fed Raises Interest Rates for 5th Time This Year - Dec 17, 2004
OPEC Considers Output Cut to Keep Prices From Falling - Dec 09, 2004
A Plan For U.S. Energy Security? - Dec 08, 2004
Fed Heading For A Pause - Dec 07, 2004
Social Security Reform = New Debt - Dec 06, 2004
Fed Sees Growth, Measured Rate Hikes - Dec 05, 2004
Weak Employment Rport Casts Doubts Over US Economic Strength - Dec 05, 2004
Fed: Inflation Not Setting Off Alarms - Dec 05, 2004
Balancing Act On The Buck - Dec 04, 2004
Job Growth Is Well Below Wall Street Forecasts - Dec 03, 2004
Fed Reports Growth In 11 Of 12 Regions - Dec 02, 2004
Inflation Under Control, Fed Gov. Says - Dec 02, 2004
Global Forecasts for 2005 Growth Are Reduced - Nov 30, 2004
Borrowing For Social Security Plan? - Nov 28, 2004
No Longer Top Dollar? - Nov 26, 2004
Is Another Recession Brewing? - Nov 25, 2004
Inflation Is Tame, Right? - Nov 24, 2004
The Dollar Is Down, But Should Anyone Care? - Nov 21, 2004
Bush Sets Plans To Revamp Taxes, Social Security - Nov 04, 2004