It's a surprise reversal today after the labor number this morning. The resignation of O'Neill was certainly a positive for the market. That was clearly the catalyst. The market was also getting a little oversold. And you have some good participation from tech.
More Quotes from Matt Ruane:
We're really in a trading range, drifting sideways for the time being as the market waits for its next catalyst.Matt Ruane
Bush's comments provided some short-term comfort. But shortly after, we sold back down again.
Matt Ruane
You have pretty light volume ahead of the Fed meeting. You also had the Dow have one of its best weeks in 15 years last week, so you're going to see some pullback from that. Airlines are down again and it's pressuring the broader market, particularly the Dow. US Airways' filing wasn't a surprise but it still sets a negative tone.
Matt Ruane
The near term out of these companies is shaky. It's the forecast for higher growth in the second half that is really bringing markets higher today. People are seeing a little light at the end of the tunnel.
Matt Ruane
The economic news helps, but I don't know if this is more than a short-covering rally. If there was something more substantial that could sustain us for two or three days, I would be a believer, but I just don't see anything out there.
Matt Ruane
It's all Texas Instruments today. After IBM and Intel last week, we're seeing tech take two steps forward, one step back.
Matt Ruane
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Based on Topics: Labor Quotes, Morning QuotesJames Cotton is a real blues guy, and he played with Muddy Waters, and it surprised me that they would want me to make a record with them, that he called me to do this record. I'd never done anything like that before. But I love blues, so I was very happy.
Charlie Haden
It is not that Shakespeare's art is in technicolor and fancy, and that real life is black and white and tedious. The life that Shakespeare was living was the only life he had, and he had to use it to create what he was doing.
Stephen Greenblatt
It is the loose ends with which men hang themselves.
Zelda Fitzgerald