I believe it's premature to take a defensive stance on the market at this time. As painful as this has been - and if you look at breadth statistics you get a little upset - I still think it's a temporary move. It's close to reaching an oversold condition.
More Quotes from Greg Nie:
If the characteristics fall into place, the quality of the market action falls into place.Greg Nie
You take today and the rest of the week with a grain of salt. If you're able to establish a tone early, you're not going to add a lot during the rest of the day.
Greg Nie
Well I think some of the more defensive issues would probably perform in line with the market. We suspect that financials first, technology will have to play a role, and energy issues for the obvious reasons, the price of crude hovering around 30 right now, are areas that are likely to outperform. But I think to be successful we have to have participation across the board. That goes back to breadth indicators being real laggard of the internal equation for many, many months. So they not necessarily lag the market, but perform in line across the board, is going to be an essential element.
Greg Nie
If the currency is going to weaken, the U.S. dollar, that is, it raises the prospect of expatriation of funds back to their home domiciles. That would bring some renewed pressure on the bond market.
Greg Nie
The greater question in our view with this market is what kind of rally do we have if indeed it started on Tuesday. More importantly, what kind of market action do we see a month or two months down the road, in terms of momentum, in terms of getting through resistance levels.
Greg Nie
Readers Who Like This Quotation Also Like:
Based on Topics: Time QuotesOften, I work out of my work. One work takes me to the next thing.
Jim Hodges
I have had this view of the optimization of the electrode design for a long time. Historically we went through various phases in the work and eventually worked on large sheets - very large sheets - of palladium.
Martin Fleischmann
Basically, though, I'm just lucky to love what I do for a living.
John Goodman