Semiconductors and software have been the leadership for the past few months, so when there's tech selling now, they tend to lose support first. But we're at the top of a range, technically, so we're going to see some selling for the next two or three sessions.
More Quotes from Tim Heekin:
What started this two weeks ago was the big pension funds and other institutions coming in, seeing that bonds were getting over-valued and shifting money out of fixed income and into equities.Tim Heekin
People are looking for more clarity in terms of Iraq, interest rates, oil prices and the dollar.
Tim Heekin
Action is being driven by the news of the day, namely Microsoft, Nortel, Qwest, ... The fact that we're hanging in there with so much negative news out there is good.
Tim Heekin
There's nothing fundamental driving these gains. The Nasdaq had sold off over 10 percent, the Dow and the SP had started to correct as well, so you're seeing a bounce off of that.
Tim Heekin
The market has been trying to hit these highs for some time, but we've been nearing them with less and less enthusiasm,
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
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