Clearly Delphi is under pressure here, and their threat (of bankruptcy) is a real threat. Their first order of business is to try to renegotiate some of those (union) deals and terms to ensure the viability of the U.S. business.
More Quotes from Tim Ghriskey:
It's tax loss selling. I haven't heard of anything else.Tim Ghriskey
The stock market is a forward-looking beast, and that's why we are seeing futures dip lower even amid some very strong reports, such as the ones from financial institutions.
Tim Ghriskey
Big positive surprise, especially in the face of the spike in oil prices in August. The guidance to a higher number for the year just shows that the core business is extremely strong and the company is confident that it continues to strengthen for the rest of the year.
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The jump in oil prices lifted shares in the whole energy sector. And we also had very strong confidence numbers, which helped support the rest of the market.
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If you're a day trader and you can stomach market volatility on a day-to-day basis, ... and want to play that momentum, stick with technology and biotechnology. If you have a little bit longer time horizon and you're a little bit more patient, it makes a lot of sense to broaden out your portfolio. Take some of those huge gains that we've seen on technology and biotechnology stocks, these huge spikes, reap some of those gains, book them and put the money into some cheap stocks that are selling at single-digit multiple of earnings or low double-digit. There are a lot of cheap inexpensive stocks out there.
Tim Ghriskey
There are a lot of investors we find who are hanging on to technology stocks with the hope that they're going to rebound, and that's still a very dangerous thing. We really need the capitulation of those investors. So we still could see more downside on the Nasdaq and in technology.
Tim Ghriskey
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