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.
More Quotes from Irwin Michael:
I think people are full of bravado out there. There's no fear.Irwin Michael
It's very choppy. Friday looked like it was the end of the world, Toronto was down a 150-odd points, and we've gained it all back today. The market continues to be very volatile, and it's testing people. On balance, people are nervous, you don't want to do anything terribly audacious.
Irwin Michael
The volatility was spectacular...this will fray everyone's nerves. Emotions are running very high, and they've taken a lot of stocks down. There's virtually no support.
Irwin Michael
The market drifted today. A lot of people were not in. People are concerned over profit warnings, missed revenue targets and that sort of thing.
Irwin Michael
I think the market correction is a slow bleed. It's being nickel-and-dimed to death.
Irwin Michael
The market was thin and it was nervous. On balance, it was extremely quiet with not a lot of activity. It's disjointed, it's sporadic and if you take Nortel out, it would have been a completely different story.
Irwin Michael
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