Stocks have put together a respectable run over the past few sessions, but we're not getting that warm and fuzzy feeling this time. With inflation fears kicking around and the April jobs data looming on Friday's horizon, skepticism is in the air.
More Quotes from Bryan Piskorowski:
We don't need a cause and effect here. We have bear psychology gripping the market so there's general apathy toward taking positions -- rallies are viewed as short-lived and trader-oriented.Bryan Piskorowski
We've seen late day short rallies on low volume that are exaggerated by lack of supply. The move has been overrated,
Bryan Piskorowski
It's been a disastrous week and we're just limping along here -- ultimately we're in a profit recession and the question is how long will that linger, which is frustrating the plight of equities. In the bigger picture you have a market that is clearly unhappy, and that stems from the lack of visibility.
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
For the market as a whole, we're moving into this phase of awaiting information flow so that leads to some lackluster action. This is a time for patience and we should take solace in the fact that things are not getting worse.
Bryan Piskorowski
For the first nine months of the year, you had a leveling, a digesting of the rampant gains of 2003. Starting in mid-October, it got better.
Bryan Piskorowski
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