We've had pullbacks in the price over the last few months, and the prices have always rebounded, so there's some wariness, ... You need to see a more sustained decline in prices over a longer period of time.
More Quotes from Joe Sunderman:
I think it's good that thus far the market has been able to put back-to-back up days together and to hold on to those gains today.Joe Sunderman
I just don't see a whole lot out there that could push us a lot higher. The most positive thing we could see over the next few weeks would be for stocks to trade in a range.
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The market has had a respectable run-up since its January 24 lows, and today you're seeing some profit taking.
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I think the record-high oil prices are still weighing on the market. Also, the Merck news is now spilling over to Pfizer, JJ and the blue chips.
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Oil continues to dominate trade, with crude at or near the highs. Worries remain about how high prices over the long term will impact consumer spending, the economy and interest rates.
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