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,
More Quotes from Peter Chandler:
It's still very mixed, it's a very narrow market. It's like an automobile which has many cylinders. To really get our market in gear and running smoothly you need to have more cylinders hitting than fewer. We just had another cylinder kick in today with this spurt in gold.Peter Chandler
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.
Peter Chandler
Buyers are on strike There's some significant money sitting on the sideline waiting to see when we'll establish a bottom. We tried a couple of times during the day to hit bottom and failed,
Peter Chandler
That's when companies will make an announcement to prep the market in advance of releasing their results, that they're going to be stronger or weaker than expected,
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
You just have so much uncertainty and the one thing the market doesn't like is not knowing, ... We're probably getting closer to a sell-out climax, a washout, that will at least give us a trading rally.
Peter Chandler
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