GM is such a bellwether, major company in the United States, and if they filed for bankruptcy, that just wouldn't be a good indication as to market conditions.
More Quotes from 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
It's just drifting up today, there's no one catalyst,
Tim Heekin
If the rate increases do stall out at 5 percent, I think there's still tremendous upside room for this group of stocks. Rates will be a very key metric that's going to determine whether these stocks make new highs or pull-back.
Tim Heekin
It's been a steady, slow grind down, the same thing we've been seeing for weeks, ... You have the financials getting hit hard on the Enron stories and concerns about debt. Citigroup is heavily weighted and it's having an impact on the rest of the sector.
Tim Heekin
Citigroup was disappointing and financials are the worst performing group today. You pair that with weakness in technology and energy -- the two leaders for the market over the last eight weeks -- and you have sort of a ho-hum day.
Tim Heekin
You had this huge down move on Tuesday, you gained half of it back yesterday, and more of it today,
Tim Heekin
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