I think it's just carry over from yesterday. People are still very nervous about what's happening in the technology sector with earnings warnings. There's clearly some buyers stepping in today.
More Quotes from Kate Warne:
It's not that investors are uncomfortable with either (Republican) George Bush or (Vice President) Al Gore. They are just sitting on the edge trying to figure out who will be president so that they can make decisions.Kate Warne
I think the sentiment has not entirely shifted away from the belief that technology will continue to do well. But the believers are getting more and more worried about their beliefs.
Kate Warne
I expected today was going to be pretty choppy, ... We were again seeing a real conflict within the tech sector between people who believe values are low enough to buy and people still concerned about (possible) announcements of slowing growth, that the economy was coming in for a hard landing and nothing but bad news would be coming out.
Kate Warne
The sentiment is nervous and I think today was very negative. People were getting both more nervous and less enthusiastic about where things were going.
Kate Warne
Overall today, I think the market's just sort of looking for direction, ... The same old worries began to resurface as people got back into the swing of trading. Instead of the morning optimism, it just became the same old, same old. The worries about higher rates, about lower earnings, about was the world's economy slowing began to show up again.
Kate Warne
Over the weekend there were a lot of reports in the U.S. talking about how the people who think the worst is over are probably wrong, and I think the market always gets nervous after a rally.
Kate Warne
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