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.
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
I would suspect the problem is we're in this period of pre-announcements and most of it is negative so we're sort of limping along. The big test is how will the market absorb this negative news we know is coming.
Ted Weisberg
I think a lot of people are looking for some positive signs coming out of the economy. So therefore any data that doesn't support that wish is going to put a blanket on things.
Ted Weisberg
They are clearly a proxy for interest rates. The catalyst was interest rates.
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
The tone was really good. Maybe it was just an absence of bad news and a lot of money on the sidelines. ...There's a ton of liquidity out there looking for the slightest excuse to get in. But the market continues to be range bound. Although we had a good day today, it's after two down days and it's probably mostly technical.
Ted Weisberg
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