This is purely a technical rally. There is no economic news, no company or sector-specific news that's causing this,
More Quotes from Tim Heekin:
The main drivers today are that oil prices and bond prices are up, and that's not good for equities.Tim Heekin
A lot of growth equities are in favor right now.
Tim Heekin
I think the rally just ran out of gas. You're right at the beginning of the earnings reporting, and all the good news is priced in, and buyers are getting a little tired. I think it's time for a little pullback. After we see a little consolidation, then we can go higher again.
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
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
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.
Tim Heekin
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Anticipate charity by preventing poverty.
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If you look at the US economy over the last 15-20 years wages have been stagnating or even declining.
David Korten