Elvis Picardo
Elvis Picardo
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From here on, I think the market will focus on the fact that the easing cycle is going to come to an end pretty soon. Which means the Fed might be seeing a recovery in the economy early next year. Investors are going to want to be in a position that they'll be in the rally once this happens.
canadian clearly guidance looking market wait
It was another day of wait and see. Nortel reiterated its guidance for the Canadian market. But the market is clearly looking for leadership.
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We might be seeing, after a long time, an ability to shake off bad news. That's what we need to see this market move higher.
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The fact that the Wednesday rally was not sustainable is a cause for concern. It shows that the market does not want a short term solution. Much of the reaction was euphoric.
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It is a classic indicator of a bull market when stocks don't go down even on bad news. It is a positive thing for the short term.
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I think the biggest impact today was the profit warnings coming out of the United States. We had some real heavyweights like Lucent, whose woes in particular brought Nortel down because they operate in the same market space.
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Overall, the market is looking for some direction ahead of Cisco, which is going to affect the market greatly tomorrow. Investors are being cautious ... It's a wait and watch approach.
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I think next week's meeting will be absolutely crucial. If the half-point rate cut is not materialized, the market is at risk of going down from these levels.
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Clearly, the markets are still looking for direction. I think the next bit of good news will be from the Fed, and if there is any hint of lower interest rates that should be really bullish.
ahead future higher market race tried
The market tried to race higher ahead of those results, but there was still uncertainty as to what Cisco would say about future quarters.
attention investors paying people profits taking
People are still paying a lot of attention to the data. I would not say investors are being bearish. But they are taking profits when they can.
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The action this week does indicate that the recovery horizon has been pushed out further. Investors are now pushing the horizon into the next year or perhaps even after that.
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Transportation stocks have had a tremendous run in recent months despite high energy prices, so it could be that investors are taking some profits off the table here.
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October is a bad month anyway. Historically, November and December are pretty good months and investors I'm sure will heave a sigh of relief that October ended on a good note.