But the big picture is that there's no catalyst for the market. This is seasonally the weakest month of the year. The economy is nothing to write home about. The market is building against this tide every day.
More Quotes from Bryan Piskorowski:
This number is clearly the basis for our weakness, ... The economy's recovery has hinged on consumer strength, so this number becomes more significant.Bryan Piskorowski
The fact that bonds are falling has the markets a little worried. The past couple times that oil spiked, bonds rose higher and the equity investors took solace in that. Now you've got to wonder if bonds are feeling the effects of inflation as well.
Bryan Piskorowski
In the first half, defensive stocks like tobacco, managed care and personal products were at the forefront. Now it's more aggressive, riskier growth-type names. It's been an interesting year.
Bryan Piskorowski
The elusive trough in corporate profits does seem to be at hand, but what the Street is looking for is confirmation. What we're looking for is the guidance and giving of the time frame of when the worst will be over.
Bryan Piskorowski
The big picture here is that we're pretty quiet, ... We are in the seasonally strongest month of the year, so that supports us, but the fact that everyone's so bullish is a bit worrisome.
Bryan Piskorowski
Today's (Tuesday) trade is best summed up as skittish consolidation. We're struggling for direction in thin trade with people reluctant to do much ahead of the anniversary. You saw a late-day reversal yesterday (Monday) from the morning's lows and you're seeing a little pop-up right now, but it doesn't mean anything fundamental. Program traders are dominating the day to day.
Bryan Piskorowski
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