We've had pretty sizable gains in the last two days, so you're seeing a little rotating out of sectors and some profit taking. Last week we had a one-hit wonder. This week we're trying to see if we can do a little better.
More Quotes from Bryan Piskorowski:
We're seeing some weakness, which is not surprising. We've had pretty sizable gains in the last two days, so you're seeing a little rotating out of sectors and some profit taking, ... However, I wouldn't be surprised if we see a little bounce after we get through the morning.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
We're giving back a little, but you need to put it in perspective. The Dow lost 1,700 points from July 5 to last Wednesday, and then made up north of 1,000 in four days. So a little profit taking, particularly when you've got weak consumer numbers and other factors is certainly no surprise.
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
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
Some weaker-than-expected economic data is supporting the plight of equities (Thursday). With six rate hikes from the Fed now under our belt, we are beginning to see signs of an economic slowdown, suggesting that there could be light at the end of the proverbial tunnel.
Bryan Piskorowski
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