Concerns about the weak February payrolls tally and the terrorism scare in Madrid were cited as reasons for the declines last week, but the market had been setting itself up for a pullback anyway. With that correction past, you're seeing people buying on the dips.
More Quotes from Robert Long:
The market went down almost four weeks in a row in part on the February payrolls number with traders saying the economy is good, but we have no jobs,Robert Long
Normally, this time of year is good for the market. You have portfolio managers making end-of-the-year moves, you have a global economy continuing to recover, and in the short term, you have some relief that there was no terrorism attack over the holidays.
Robert Long
It just so happens, I suppose, that one of the two candidates has more difficulty in dealing with those issues than the other, ... But quite frankly the sermon was critical of Kerry as well.
Robert Long
I think overall the perception is that the payrolls number is OK, because at least the Fed is now going to stay put on interest rates.
Robert Long
I think we're pretty near the bottom. We need to see a few more days of gains on strong volume, but I think we're getting near the point when people are going to focus again on the fundamentals, which remain really strong.
Robert Long
It's been a bad week, the second down one in a row. Everything good, from earnings to economic news, has been ignored by the market and instead the negatives -- the terrorism reports, the dollar -- have been what's in focus.
Robert Long
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