Overall, economic news continues to be positive, corporate earnings continue to come in well and oil prices have come down this week. At the same time, you have interest rates, inflation and geopolitical issues that represent the unknown.
More Quotes from Ted Weisberg:
They Lucent gave us some pretty negative guidance this morning about how they didn't think they'd be profitable until 2003 at the earliest. I think it put a big lid on a lot of the positive activity we've seen in the tech sector.Ted Weisberg
There's a minor witch hunt going on. Everyone is focusing on the negative.
Ted Weisberg
Tomorrow we'll see how the market reacts to Intel's news. Remember, the market needs to look forward but earnings are trailing and not looking forward. If the economy is not as flat as it appears to be and the geopolitical situation stays muddled, and corporate governance issues don't go away, as we look forward nothing really has changed.
Ted Weisberg
As we put more time between Sept. 11 and today, the confidence returns to investors and traders. There's a ton of money out there looking for an excuse to buy stocks.
Ted Weisberg
I think this is a normal pullback from a very big move. IBM's downgrade and UAL we can use as an excuse for today's pullback. I think any good news could get us going again.
Ted Weisberg
They are clearly a proxy for interest rates. The catalyst was interest rates.
Ted Weisberg
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