Today is a one-piece news day, and we'll have several such days ahead as the market focuses on the economy in the absence of any other major indicators until December. I wouldn't put too much emphasis on this rally because this market can still turn on a dime on any negative news. I think we'll be stuck in a trading range until then.
More Quotes from John Pickett:
The Nasdaq hit its Sept. 21 low, it held that level and then you saw it starting to rise. There was a lot of short-covering and there's really only so much that short-covering can do to the market. I am afraid it may be only a temporary measure here.John Pickett
What happened in the oil sector seemed to be the biggest news of the day.
John Pickett
This is the last full week of the quarter and yesterday (Wednesday), after two down days, the market rallied and I think there was a continuation of that momentum today (Thursday),
John Pickett
Tomorrow we've got a big labor number coming out and that may give someone a reason to get back in the market or to continue to get out.
John Pickett
This is not a big miss in percentage terms, but it is one of the biggest names on the Street, so I am worried about what it's going to do tomorrow Friday.
John Pickett
This was a tremendous day for the markets. Not so much that we had a 200-something point day on the Dow, but that the volume was so good. A lot of institutions were sitting on some cash and said, 'OK, this is a good place to get in'.
John Pickett
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