The telephone stocks had a good run at the start of the week, so investors are taking their profits.
More Quotes from Marcos Basaglia:
When the market is low such news (rate cut) push up the stocks a great deal. But now, when the bourse is scraping its highs, it is hard to spark up more than a short-term trend.Marcos Basaglia
It's all falling apart today. Everything started with the Nasdaq, and then one thing pushed down another.
Marcos Basaglia
Uncertainty over Congress alliances is affecting the market. If it is not resolved -- if the president stays without allies there -- the market reaction may be quite strong.
Marcos Basaglia
The problem is that all those shares had already risen enough. People who bought them now keep asking 'Why our stocks are not growing' - and they are not rising exactly because those people already bought them. The price is high.
Marcos Basaglia
The rates prospects are giving courage to people. They want to buy one day before the market rises and many are betting that it will rise more tomorrow.
Marcos Basaglia
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