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.
More Quotes from Matt Ruane:
Bush's comments provided some short-term comfort. But shortly after, we sold back down again.Matt Ruane
The key here is still commodities. Oil has been above 30 a barrel for what, the last 90 days. Commodity prices need to come down. Wholesale numbers yesterday were high because of energy, because of oil. It's a concern. It's a drag on the economy and the dollar.
Matt Ruane
We're seeing a little bounce from oversold conditions, with stocks not being down quite as much as they were this morning, but it's still nasty out there. We're in a bear market, where we have these false rallies on a little short-covering, but there's nothing on the horizon to push it past that. It's also the end of the quarter, so you've got a lot of people sitting on the sidelines.
Matt Ruane
The market has done a good job, considering all it's had to take in over the last few days. There's skepticism across the board right now, but no fear, no panic. I like the action today Wednesday.
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
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
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