The fact that we have recovered a little even with this news shows the buoyancy that we have seen in this market over the last five or six weeks.
More Quotes from Bryan Piskorowski:
There's a certain amount of anticipation about earnings. The earnings focus is likely to be tech and Intel for the next few sessions, and then Thursday and Friday, it's all about the banks.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
We've got some decent data points to work through over the rest of the week. The new home sales, initial jobless claims are particularly important and Friday we have Michigan sentiment. But it's been the case of late that if the news is good, nothing happens and if the news is bad, we sell, so we'll have to see how these reports play out.
Bryan Piskorowski
Inflation is rearing its ugly head again, driving today's sentiment and overshadowing the earnings news.
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
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
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