A lot of this (rally) you can attribute to oil being down more than a dollar, ... You had basically a one-stock decline with 3M this morning, and because that is somewhat seen as a proxy for the economy, like GE, it was weighing on the blue chips.
More Quotes from Mark Bryant:
It's the first day of the quarter, which means there was a lot of end-of-quarter window dressing yesterday. So a lot of people who bought yesterday are looking for reasons to sell today.Mark Bryant
I think any news out of OPEC tomorrow is likely to provide more of a psychological boost than anything else,
Mark Bryant
What's interesting is the change in how oil prices are influencing us, ... Today oil was up and the market is holding up, yesterday oil was down, but we sold off anyway. We'll still keep an eye on it, day to day but it clearly isn't as tied to the stock action as it has been.
Mark Bryant
Oil is certainly not helping, ... We passed 50 a barrel, and as to be expected, people are now talking 60 or more, which is uncharted territory.
Mark Bryant
I think next week will be dependent on the Iraqi elections, ... If things don't go too badly, there is little bloodshed and a clear winner, it will be another step forward for the country.
Mark Bryant
A lot of people are still on vacation right now, the summer doldrums have kicked in, and everyone is waiting on Friday's payrolls number. There's just not going to be much liquidity until then.
Mark Bryant
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