We are continuing to see what we saw yesterday (Tuesday), with threats about terrorism, people taking profits (after the previous week's run) and buyers sitting on the sidelines. There's really no reason to buy right now. There is nervousness and the market likes stability.
More Quotes from Kenneth Polcari:
People were kind of cautiously awaiting Hewlett all day, wondering after Intel what they might say. They met estimates and the stock is up after hours, so that might help us tomorrow Wednesday.Kenneth Polcari
To an extent, no matter what happens with earnings reports over the next week, the Middle East is still going to hold us back.
Kenneth Polcari
I think there was some nervousness today about what Bush might say tonight.
Kenneth Polcari
With the energy on the floor at the close, I am hoping that it will continue this way tomorrow Thursday morning, barring any big negative news out tonight.
Kenneth Polcari
I think that today (Tuesday) is a technical bounce, but I do think that people are gonna start building a base. It's gonna be slow and steady. Now that we've gotten through most of the first-quarter earnings, people are looking to the next catalyst.
Kenneth Polcari
Towards the end of the week, you've got a bunch of high-profile companies that are reporting their numbers and markets may be a little on edge ahead of that. If the earnings come in kind of in-line, barring any horrific numbers, I think we can hold and move higher.
Kenneth Polcari
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