The Bulls of 2004?

摘要

Jobs remain tight, and employers are still plenty stingy with raises. Yet this is proving to be the most prosperous holiday season in four years. After all, the stock market is flying, and the economy and corporate profits are growing briskly. Still, better times don't mean that stocks are a lock for 2004. The big mistake many folks will make in coming months is jumping back into the market in the wrong sectors as they begin to feel the recovery on a personal level through, say, a bonus, a raise or a new job or simply a heightened sense of job security. Such developments tend to come after companies are already on the mend―and after an awful lot of good news has been factored into stock prices. Consider that while you were logging 14-hour days at the office and repeatedly refinancing your house to make ends meet, the stock market was on a tear. The Dow is up 41% from its low 14 months ago, the NASDAQ up 75%.