Techs took the brunt of the selling yesterday, so that may be why they're performing a little better today, ... There is also a sort of sincere belief that next year, and even in the next six months, tech and telecom will perform better, so that may be reflected in the buying, as well.
More Quotes from Charles Payne:
After this week, this is to be expected, especially on a Friday a lot of people want to book profits ahead of the weekend.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
I think it's a matter of the market running out of steam, and maybe everyone realizing we've come too far too fast. The stocks have moved ahead of the fundamentals.
Charles Payne
The air of enthusiasm is starting to seep out of the markets and there's a realization that it's going to take a long time to go from recession to expansion.
Charles Payne
Visibility is important, even if the visibility is poor, because it shows you have a handle on the business. The ability to give guidance is certainly something of a comfort.
Charles Payne
There seems to be some pent-up demand for stocks that wants to be unleashed, ... The percentage gains that can be made here are phenomenal, and no one wants to miss them. It's not so much a knock against the blue chips but the techs represent so much potential down here.
Charles Payne
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