Jon Erdner,
Founder & Ceo ITS Asset Management, L.P.
It is almost a
foregone conclusion that the U.S. will be going to war with Iraq.
The question is . . . when? This uncertainty hangs over the stock
market as investors wait for the big event. It seems that late
January or February could be the time. As investors wait on the
sidelines, stocks drift with little conviction in either direction.
Once investors realize that the “year-end rally”
has passed, January could bring in more selling. Technical indicators
are pointing toward further weakness ahead. Even oil and gold
are moving higher—at least partially influenced by the threat
of war. The U.S. dollar has dropped to new lows as well.
