Earnings have been fine, but they just haven't been as robust as people were hoping. The guidance for the third and fourth quarters hasn't been that strong, and part of the rally was based on people betting that the second half of the year would be good, so with the numbers not saying that, you're seeing some selling.
More Quotes from Tim Heekin:
I think people are trying to drive the market higher. They're coming in on what have been some of the better groups, that being retail and technology still.Tim Heekin
There's been lots of movement for tax loss selling, managers looking to buy stocks that have done well this year, and a lot of bottom fishing, where they're selling some stocks that have been dogs and are buying stocks that are expected to outperform in the fourth quarter and 2005.
Tim Heekin
You'll see a moderate move off of Greenspan's comments tomorrow. But at this point, it's pretty well anticipated by the market.
Tim Heekin
You can interpret it a bunch of ways, but all I know, and all that the market seems to know, is that short-term rates are going to rise, and they're going to rise really soon.
Tim Heekin
There's going to be no true market direction until the earnings picture and military actions become clearer.
Tim Heekin
This week is pretty light on the economic news. The first-quarter earnings should be good and should provide some sort of cushion for the markets.
Tim Heekin
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