Despite whatever has happened, investors are still in the mood for a bargain.
More Quotes from Elvis Picardo:
The market tried to race higher ahead of those results, but there was still uncertainty as to what Cisco would say about future quarters.Elvis Picardo
Overall, the market is looking for some direction ahead of Cisco, which is going to affect the market greatly tomorrow. Investors are being cautious ... It's a wait and watch approach.
Elvis Picardo
I think the biggest impact today was the profit warnings coming out of the United States. We had some real heavyweights like Lucent, whose woes in particular brought Nortel down because they operate in the same market space.
Elvis Picardo
This rally looks sustainable because the gains are smaller. It is not like you have a 250-point gain in one day, which is hard to keep up.
Elvis Picardo
It's a little disappointing to see a down day on the last trading day of the year. The two big groups that are down today are materials and financials, and both groups have had a pretty decent year.
Elvis Picardo
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