The economy remains in a growth pattern, and normally the market would be responding favorably. But people are worried about inflation, the rise in energy prices and the weak dollar.
More Quotes from Michael Carty:
Investors are taking a 'wait and see' attitude. They want to see if the market has really bottomed after hitting the lows of the year earlier this week, and if the next leg of this is a rally. I tend to think it is.Michael Carty
Some bears had implied that rates will rise by 50 basis points tomorrow, and some people were a bit worried about that.
Michael Carty
This has been the strongest quarter in three or four years, and so you'd expect investors to want to take some profits as the quarter is winding down.
Michael Carty
There's just no obligation to jump in until we start seeing better (profit) reports and that won't be until July.
Michael Carty
Investors still have a lot of rebuilding of confidence before they jump back in with both feet. They're (investors) not in a rush to get in -- they've already tried all the buying on dips they intended to do and they want to make sure this is the last dip.
Michael Carty
The market is trying to build a base in what is the third-longest bear market in history. It's not going to end in one day when you're not paying attention. This is a process that you have to go through.
Michael Carty
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