It was really a story of positive earnings on the tape and no major hiccups on the economic front. You had decent reports from three sectors in general industrial, tech and health care.
More Quotes from Bryan Piskorowski:
A couple of days of profit taking is healthy and I wouldn't be reading too much into it. The discounting nature of the market being what it is, we just got a little ahead of ourselves.Bryan Piskorowski
We understand the manufacturing side is in a recession. The question is, Will the data bring forth a more forthright (aggressive) Fed
Bryan Piskorowski
Inflation is rearing its ugly head again, driving today's sentiment and overshadowing the earnings news.
Bryan Piskorowski
We're hoping for the 'bad news is good news' syndrome -- that we will continue to see signs of a slowing economy and that will make the Fed more accommodating.
Bryan Piskorowski
The big picture is that we have a market that did very well for the first part of the month, with the techs in particular recovering from summer declines, ... But now we've trailed off from that a bit, and you're seeing some window dressing into the quarter end.
Bryan Piskorowski
We are in a bit of a news vacuum as we wait for the deluge of corporate earnings reports.
Bryan Piskorowski
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