I think this is a normal pullback from a very big move. IBM's downgrade and UAL we can use as an excuse for today's pullback. I think any good news could get us going again.
More Quotes from Ted Weisberg:
Tomorrow we'll see how the market reacts to Intel's news. Remember, the market needs to look forward but earnings are trailing and not looking forward. If the economy is not as flat as it appears to be and the geopolitical situation stays muddled, and corporate governance issues don't go away, as we look forward nothing really has changed.Ted Weisberg
The rally was largely technical, so it's not surprising that there was some selling today.
Ted Weisberg
I suspect a lot of people are a little nervous. It's kind of like a hot stove and a lot of people are afraid to touch it. It's a very difficult environment a lot of people have pushed themselves away from the table and you don't have that momentum that you need.
Ted Weisberg
They are clearly a proxy for interest rates. The catalyst was interest rates.
Ted Weisberg
They Lucent gave us some pretty negative guidance this morning about how they didn't think they'd be profitable until 2003 at the earliest. I think it put a big lid on a lot of the positive activity we've seen in the tech sector.
Ted Weisberg
This is a classic bear-market rally. I suspect it may follow through tomorrow, but I would say it's premature to get too excited about it just yet.
Ted Weisberg
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