Stocks are not reacting to good (earnings) news. Next week begins the real flood of what should be very closely watched reports. If the good earnings news is not able to buoy the market, it's because of interest rate concerns.
More Quotes from Terrence Gabriel:
People feel the growth is there whether you push rates up to 6.50 percent or 6.80 percent.Terrence Gabriel
I think the Nasdaq was facing a lot of profit taking already. Certainly on the Nasdaq today, the Microsoft issue is hitting stocks in general.
Terrence Gabriel
I think the Qualcomm report may be dampening sentiment and Compaq's report is somewhat mixed. It does seem that disappointment over the Qualcomm report is feeding into the tech stocks.
Terrence Gabriel
Momentum investing has become more and more in vogue. When certain stocks start to move, there's a tendency toward massive concentration.
Terrence Gabriel
It's almost like now the psychology is shifting to expectations that sequential quarters will in fact decline. Rightly or wrongly, that's the perception that's taking hold.
Terrence Gabriel
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