Last week we were looking for three things for cash to flow into mutual funds, tech stocks to do better and the market to end above 1,200. We got them all, so we were anticipating a good day today.
More Quotes from David Briggs:
It looks to me like the market is getting a little psyched-out with these psychological levels, particularly 2,000 on the Nasdaq. After hitting that, people have pulled back a little, but there's still plenty of money on the sidelines. It could inch back up.David Briggs
There's a lot of bi-polar disorder out there, ... There's one camp that says we're going to have another leg down there's another camp that says the economy's improving.
David Briggs
I'd have liked to have seen us a bit higher, but I'm pleased that the market is at least not falling apart today. I think a lot of people are waiting to hear from Greenspan.
David Briggs
At some point, high oil prices have to matter. When Joe Six Pack has to start paying 50 to fill up his tank, you have to think they will stop buying Frappuccinos and bottled water.
David Briggs
The market seems trapped between 1,200 and 1,212 on the SP. We'll probably see a little strength later in the week, at the very least to offset last week's weakness and if we see the SP dip below 1,200, then I think some bargain hunters will come out.
David Briggs
The Enron news may have been enough to distract people today, or if not, then maybe kept investors to the sidelines to take a look at what their position is on some of the companies that they were buying. However, it did have a drag on the market.
David Briggs
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