There is a fundamental sentiment change, aside from that nothing has changed. Sentiment was very bearish yesterday and you could attribute that to nervousness. I expect a roller-coaster ride for another two-to-three weeks. I'm bullish but I don't expect it to be a smooth ride.
More Quotes from Jeff Cheah:
All this time, throughout the earnings season for the last couple of quarters, we've been hearing that visibility continues to be very poor going forward. Now, for the first time, you have a CEO of a high-profile company saying at least that business conditions appear to have stabilized, and I think that was the trigger for the rally today.Jeff Cheah
There is a lot of concern about Cisco's earnings. Rather than risk major disappointment, people are saying it might be better to stay out of the market. And because it is a bellwether stock, Cisco will have an impact on other tech stocks.
Jeff Cheah
Stabilizing ... that is the key word that investors are reacting to.
Jeff Cheah
If they were to cut rates, it might endorse the view that the Fed believes inflation is not a problem. And that can be a dangerous game.
Jeff Cheah
That kind of news will spook the market and we will hear more of it because we're at the peak earnings reporting season.
Jeff Cheah
Interest rate sensitive stocks did well today as well as the oil and gas sector, but overall you can't really say that there's a lot of direction...given the absence of any market-moving news today. Also the liquidity wasn't there with the U.S. markets closed.
Jeff Cheah
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