The market is adjusting to the fact that corporate profits may not be as high as was previously thought and that the economic recovery may move at a slower pace than it did in the first quarter.
More Quotes from Donald Selkin:
It's a special situation. Individual stocks that are heavily weighted are doing well.Donald Selkin
Earnings are not so great and we've got all these things we can't control, from military action in Afghanistan to the anthrax scare, so people are doing a little selling.
Donald Selkin
The market seems like it wants to go higher. People are looking beyond the valley.
Donald Selkin
It's such a knee-jerk reaction. I don't think that what the Fed said justifies the kind of reaction we saw. I would like to think that we could rally back after the certification is completed tomorrow, but I don't know. I am just stunned by the extent of this decline. Hopefully, it was a one-time reaction.
Donald Selkin
We're trying to go the distance for a change, but we're basically hostage to these geopolitical events. We're not going to sustain anything consistently on the upside until we get a resolution to this thing.
Donald Selkin
The number today struck me as neutral. More stocks are up than down, and that's the ultimate test.
Donald Selkin
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