The dollar is a mess, interest rates appear to be on the rise, oil prices are going up and some earnings are looking weaker - it all adds up to bad news. I'm taking some profits on certain stocks, but it's not time to go running for the exits just yet.

Despite uncertainties on interest rates and oil prices during 2005, about 70 companies would be listed on the main board and the Growth Enterprise Market this year and funds raised could reach HK$192 billion.

Despite uncertainties on interest rates and oil prices during 2005, about 70 companies would be listed on the Main Board and Growth Enterprise Market (GEM) this year and the amount of fund raised could reach 192 billion Hong Kong dollars (24.61 billion U.S. dollars).

Investors are more sensitive to negative headlines after seeing interest rates and oil prices rise.

The market is not priced for oil prices at record highs and rising interest rates and slowing earnings momentum and terrorist worries. People are pretty complacent out there. The assumption is that the economy is mending and that this will be a robust, self-sustaining recovery.

If interest rates and oil really begin to rise, it would be a problem for stocks. At the current levels, I'm not too worried. The markets and companies can manage.