Without the prospect of aggressive Fed action, I don't see any catalyst to get the market moving again.
More Quotes from John Forelli:
Nobody expected a rate cut, but a few kinder, gentler words would have been nice. Such language might have buoyed the markets because clearly we are entering rough waters.John Forelli
The market was really shaken by the Fed language. You're seeing a move into more defensive names and a move out of economically sensitive issues.
John Forelli
The transparency of information has increased the volatility of individual stocks in the market.
John Forelli
Obviously, Yahoo started the Nasdaq off on the wrong foot and then we rebounded. We're starting to see a pattern here of tech investors already having braced themselves for the bad news and the market strengthening as the day goes on.
John Forelli
I think some of the economic news that came out today gave people a sense that the economy isn't overheating. Worries about that had weighed on stocks of late, and certainly the bond market has indicated that.
John Forelli
We need some sort of clear indication from the Fed that the economy is not slowing down and that inflation is not out of control. But it's not likely we are going to get that clarity in the next few months.
John Forelli
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