Biotech is weak and biotech has been one of the main reasons that led the Nasdaq to 5,000.
More Quotes from Kenneth Sheinberg:
There's really no conviction. The market is churning. That's all it's doing is churning.Kenneth Sheinberg
People weren't expecting good news from Sun, so it's not a surprise, but there's been some enthusiastic tech news recently and you need a string to keep that going. Sun didn't provide that, and in fact they countered that, so people are backing off a little bit.
Kenneth Sheinberg
There's a total lack of conviction. There's no news coming out, earnings are done and most of the players are in a wait-and-see mode.
Kenneth Sheinberg
It's just continuing worry about valuation.
Kenneth Sheinberg
It's kind of a normal rotation. Some of these beaten-up groups are getting some sponsorship.
Kenneth Sheinberg
The market is jittery and it's gonna keep heading lower for a while. Earnings news is doing nothing to help. Who cares if a company beat estimates by a penny when the profits are so far down from the year before and the estimates were already lowered three times
Kenneth Sheinberg
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