I still think that the concern is interest rates and high valuations of specifically technology. And you will get these relief rallies but the market probably still has a bias to the down side.
More Quotes from Peter Chandler:
The market has somewhat anticipated a half-point rate increase next week, so if they can see signs that the economy is slowing then the belief is that maybe the Fed will not have to do anything beyond the next meeting, and that maybe the worst of the rate raise is over.Peter Chandler
Nortel was above C130 a few weeks ago and went down to around C95, which was a healthy correction. It gained more than seven points today and the snap back is completely within reason,
Peter Chandler
It has been a good day for the index. Toronto has held up very well and held its gains better than the Dow or the Nasdaq,
Peter Chandler
It's the push and pull between the good news and the bad news,
Peter Chandler
(Today) was quite speculative, quite frothy, you didn't have a lot of dramatic movement in any of the senior parts of the market today. If anything, some of them were selling off, for example Northern Telecom (now known as Nortel Networks),
Peter Chandler
The market got some disturbing news about some additional strength in the economy earlier in the week, and that's indicative of inflation rearing its head and the (U.S. Federal Reserve) tightening interest rates.
Peter Chandler
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