The fact that the Wednesday rally was not sustainable is a cause for concern. It shows that the market does not want a short term solution. Much of the reaction was euphoric.
More Quotes from Elvis Picardo:
Overall, fourth-quarter earnings growth will be weak because the economy has slowed much faster than people had expected.Elvis Picardo
People are still paying a lot of attention to the data. I would not say investors are being bearish. But they are taking profits when they can.
Elvis Picardo
Despite whatever has happened, investors are still in the mood for a bargain.
Elvis Picardo
This is just a normal, healthy bout of profit-taking. It's been a one-way street since the October lows and the index was up close to 20 per cent in that time.
Elvis Picardo
Energy prices seem to be in the sweet spot. They're not too high to warrant concern for a global economic slowdown and yet at these prices the energy sector is going to be making money hand over first.
Elvis Picardo
It was another day of wait and see. Nortel reiterated its guidance for the Canadian market. But the market is clearly looking for leadership.
Elvis Picardo
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