We've had moon shots over the last few days, so this is natural. The market is digesting a lot of the gains it has made. The important thing is there is an asset allocation shift that has followed through from yesterday, with people getting out of bonds and into stocks.
More Quotes from Donald Selkin:
A slowdown in GDP could inject a note of caution in copper and the other metals. All of the metals are a down a little bit today.Donald Selkin
We did OK for the first half of the month and then faded out -- a lot of the economic data in the last few weeks have been a little discouraging. It's kind of a sour way to end a good quarter but not too bad for the month.
Donald Selkin
Decent economic news is being ignored. The market seems to be paralyzed by Iraq and terrorism -- it's just a mess. In another time, the economic numbers might have caused a rally or some kind of stability.
Donald Selkin
There's nothing much next week in terms of earnings, and not really hugely influential economic news, but the bias is still pretty positive, and I think we're likely to grind higher.
Donald Selkin
Markets are going to drift in this range ... until corporate profits and GDP (gross domestic product) start to improve.
Donald Selkin
Iraq's army is reportedly weaker than it was in 1991 during the Gulf war, and our military technology is reportedly a lot stronger. So there's a perception that if there is a war, it will be quick. Everyone's been hoping that once the war is over, corporations and consumers will pick up spending as well, so you have investors not wanting to be left out should that happen.
Donald Selkin
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