The stock market, believe it or not, is finally acting rationally. The market itself, which is a collection of what everyone thinks at any moment in time, is doing what it should be doing... I think it's a very healthy correction.
More Quotes from William Mattison:
What you're seeing is the same old, same old too much money chasing too few stocks.William Mattison
If you short a stock, at some point in time, you have to go back and buy it, so while the act of shorting -- particularly in massive quantities -- tends to depress the market, technicians always believe long-term it's very positive because those people have to go back in and replace those shares.
William Mattison
People are cautious. What hopefully happens is that the market corrects ... takes its time and lets earnings catch up to stock prices. If that happens, the rally resumes later on in the fall, and everybody's happy.
William Mattison
In the middle of a correction, the market seeks to find a bottom and a top -- some kind of range that it can operate in comfortably. So you'll get wide swings as traders try to feel out where's the top, where's the bottom, where's support, where's supply.
William Mattison
Where the dealers are making a market with a wide spread, but have in their possession an order to buy stocks at a higher price than they're bid, or for a lower price than they're offering, they want the investors and the institutions to see those better bids and offers.
William Mattison
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