We're really in a state right now that if there's any bad report, that's enough (to pull markets down). It's not even a reflection of the individual company or brokerage firm -- if there are question marks, the first response of investors is to get out of the way.
More Quotes from Charles Payne:
Stocks rallied pretty good and they rallied, in part, on the belief that this quarter would bail us out -- and we know that's not the case, ... But this market still wants to trade higher -- even though investors have gotten ahead of themselves, they're still buyers if given the right catalyst.Charles Payne
This really looks like the calm before the storm. The bias is still somewhat positive, you can see that with the Dow, but there's a lot of data to get through in the next few days.
Charles Payne
(Rite Aid has) new management. They've made some mistakes in the past both in terms of communication- or accounting-type problems that derailed the stock. Also, fundamentally they over-expanded, ... But I think those are primarily behind them.
Charles Payne
Historically, we know that if they go down, they won't stay down very long. Remember America Online ( AOL Research , Estimates ), and how people bought every time they had trouble It's a classic buying opportunity.
Charles Payne
If you really look at the action itself, most people in the market believe the worst is over, at least on a short-term basis. There's renewed hope that the presidential election is going to come to a conclusion and everyone is hoping the Fed is going to move to a neutral stance as a prelude to a series of decreasing the interest rates.
Charles Payne
Because of the big gains we had Wednesday, today was expected to be a little anti-climactic. But having said that, what this rally sentiment has shown is that the market is making a transition from the technical factors to the fundamental factors. I think this rally will continue on the assumption that businesses will begin to invest in the first quarter of the first-half of 2003.
Charles Payne
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