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.
More Quotes from Bryan Piskorowski:
There is still going to be a lot of uncertainty through the next few days, ahead of the data.Bryan Piskorowski
I don't think anything has changed. The bigger picture is that the cloud covering from Iraq is not only holding back Wall Street, but Main Street.
Bryan Piskorowski
The fact that we're seeing some profit taking is a good thing. Yesterday, for all intents and purposes, was a win, in that we didn't sell off more after hitting those early week highs.
Bryan Piskorowski
But it's going to be a quiet week. A lot of people are on vacation, there's little in corporate reporting or econ data, Congress is still in recess. We lack drama right now, which means we're going to be left to our own devices, which could be good or bad.
Bryan Piskorowski
You have nobody willing to be a hero here -- it's hard for people to step up to the plate. Trade over the past two sessions has been very speculative. If you removed Iraq, you'd probably have a market that was doing OK.
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
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