Billionaire David Tepper thinks comparing this current stock-market environment with the overheated markets of 1999 is ridiculous.
The sharp decline last Thursday was blamed on rumors of another White House resignation but the technical studies had warned of such a drop early in the week. The lack of additional selling on Friday is keeping many complacent but are there really any signs the correction is ending?
The Nasdaq Composite declined 0.6% this week after dipping 0.1% to 6216.53 on Friday. The folks at Todd Market Forecast write that they're "back on buy" following Friday's action: I didn't think it would happen, but I was impressed by the market's action on Friday.