I think the action we're seeing is constructive. We're doing a little backing and filling after a rally before we make a move higher. You're also hitting against some key technical levels here, ... There's not a huge rally building now, but we've seen a little pattern in the past few weeks of rally, scale back, and then continue, and we may see that again.
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We're overbought, especially after yesterday, and there's talk that tomorrow's payroll number may disappoint, ... Yet stocks are hanging in.
John Hughes
It's the same problems we've been seeing. All the tech news out today (Wednesday) isn't that bad, really, it's just also not good, ... So again, there is just no motivation to buy, no positive catalyst.
John Hughes
It's a pretty good start to the year, ... You have a lot of small-cap, lower-priced stocks gaining, which is typical of January, but you also have gold, metals and a number of other sectors participating.
John Hughes
The volume's been low the past few sessions, and that tells you there's no enthusiasm, ... People may be expecting that the payrolls number Friday will be good, but they are not willing to bet on it too much yet. So you're seeing this tentative trade.
John Hughes
The weakness could be driven by earnings, or a slowing own in the economy, or even uncertainty over the Iraqi elections. The violence is escalating and it's an overhang for the market.
John Hughes
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