I expect this market to remain extremely volatile and test everyone's patience for the next little while.
More Quotes from Irwin Michael:
You had the bond market weaker and you had oil and gas up as a commodity. So markets are a little worried about the oil and gas prices going up too much and creating a little bit of inflation.Irwin Michael
A lot of people sensed the market was ripe for a rebound but it's just not happening. It's definitely not something that happens overnight, so in addition to time it's going to take some good earnings.
Irwin Michael
I think people are full of bravado out there. There's no fear.
Irwin Michael
This is pretty dramatic here. On balance, people are probably going to be very anxious, very nervous.
Irwin Michael
People are nervous, they're waiting for the 16th, they're waiting for earnings to come out, and they're hoping there are no surprises. The old adage, 'sell in May and go away' still applies. April was not a good month and today is terrible. It's really become more of a stock pickers' market, people don't want to stick their necks out too far.
Irwin Michael
Most of the decline came from the banks. Banks have run up the last several weeks and part of the reason (for the fall today) was profit-taking.
Irwin Michael
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