The market is overbought short-term. We've had a huge move since the first of the year ... people are looking for an excuse to sell. That came in the form of Secretary Rice raising significant concerns about Iran's nuclear program.
More Quotes from Michael James:
It's tough to make too big a judgment call on anything because of options expiration-related volatility.Michael James
If you look at almost anything else semiconductor away from Intel, they're doing better today. People are viewing the semiconductor space as being strong in general and Intel is not the bellwether it was in the past.
Michael James
The disappointment from Yahoo and Intel took a lot of technology names down and institutional people have used the overall market weakness caused by Yahoo and Intel to do some buying into other technology names.
Michael James
The negative pre-announcement season has been relatively light. That should bode well for the earnings season over the next two weeks. Oil prices are falling back. That's also helping ease some of the inflationary concerns.
Michael James
As long as oil is trading near 70 a barrel, interest rates on the 10-year (note) are around 5 percent and gold hovers at 600 an ounce, it will be difficult for equities to make headway.
Michael James
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Based on Topics: Excuse Quotes, People QuotesBased on Keywords: overbought
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