I think it's unlikely that it's the retail investor causing this kind of action. You can pretty much bet it's program traders.
More Quotes from Robert Philips:
We're not seeing much movement today (Wednesday) but I think we hit a bottom last week and we've set the stage to move higher in the short term.Robert Philips
The PPI today obviously affected the bond market. Stocks are more neutral right now in that you have oil stocks, materials and drug stocks doing well today, and that's countering the concerns about inflation.
Robert Philips
We've talked to him about opportunities within our cluster. It's really in Steve's court.
Robert Philips
From a technical standpoint the market is in a pretty good place. But I think it's a classic summer Friday, and people don't want to commit too much after the week we've seen and ahead of all the news next week.
Robert Philips
I think the oil concerns have gotten overdone, ... but the situation in Iraq is a different story, though, as is a potential attack.
Robert Philips
I do think there will be a significant rally once the evidence is more definitive. A conclusive end to war will fix the problems we are having today. A positive end to war stimulates a stock market rally, which stimulates consumer and corporate spending. I think it's the stock market that comes first -- it's always been that way.
Robert Philips
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