I think the market has gotten tired ... and poor attendance is also contributing to a very quiet market today. I think this is short-term, but I think the path of least resistance is down.
More Quotes from Tim Heekin:
A lot of people are surprised that the markets are behaving as well as they are. But there's a sense that even the negative numbers don't matter as much as they might have, that markets are preceding the turn of the economy.Tim Heekin
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.
Tim Heekin
The rally this morning couldn't hold up because there's just no conviction. There's some selling pressure there, but it's more that buyers have no religion. Tech and telecom are this huge drag on the market. People are buying very defensively in health care, chemicals, consumer products and pharmaceuticals.
Tim Heekin
You've got oil prices and the economic news having an impact today. Obviously tomorrow it's all about unemployment. That's the wild card.
Tim Heekin
There are good trends everywhere. Some people are looking for a 5 percent to 10 percent correction, partly because they think it's healthy and partly because they want a pullback so they can jump back in. But the path of least resistance remains up.
Tim Heekin
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