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.
More Quotes from Bryan Piskorowski:
We're seeing some good old-fashioned short-covering in over-sold market conditions. There's a 'take no prisoners' kind of market mentality at play. Investors are playing it close to the vest and the feeling is that more can go wrong than can go right.Bryan Piskorowski
Remember, we're about two weeks ahead of earnings pre-announcement season. So, that's going to be our next major hurdle here with the market. But looking at the data, you have to say that the Fed have been vigilant and have been bringing us in for a soft landing. And I think that, while you do have some casualties there obviously, the retailers have had a really rough week here this week.
Bryan Piskorowski
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.
Bryan Piskorowski
Volume has been paltry and it's not looking much better today. It's typical August trading.
Bryan Piskorowski
There's still a huge disconnect between the recovering economic factors and the stock action, and corporate governance concerns are a big part of that.
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
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Based on Topics: Business & Commerce QuotesBased on Keywords: late-day, pop-up, reversal, skittish
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