You're seeing a little bit of buying come in today, which you'd expect after a sell off. The market is looking at what happened Friday rationally, and now it's just a wait-and-see on how other bellwether companies do on their earnings.
More Quotes from Jay Suskind:
(Commodities prices rising) would certainly seep through the economy, and the Fed is going to hike rates to keep that inflation under control.Jay Suskind
There's not much players around. Buyers are mostly absent while there's a lot of tax-related selling going on.
Jay Suskind
I think what you have is a manic market. The market reacts differently to the news each day. One day it's sure of a strong economy and controlled inflation the next day, it reads higher rates from the Fed.
Jay Suskind
There was a sense that a year-end rally would take us higher, but there's some concern from the bond market flattening. The inverting of the yield curve would bring us more problems in 2006. We also have light volume, exaggerating moves to both sides.
Jay Suskind
The news today so far has been quite poor to say the least. You've got oil up, and it continues to go higher. The ISM manufacturing came out softer than expected. And Wal-Mart wasn't great.
Jay Suskind
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