Irwin Michael
Irwin Michael
addition definitely good happens market people rebound ripe time
A lot of people sensed the market was ripe for a rebound but it's just not happening. It's definitely not something that happens overnight, so in addition to time it's going to take some good earnings.
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I don't know how Toronto would be without Bell and Northern Telecom... those two stocks are helping to drive the market. If you look at New York...logically our market would be a little to the softer side.
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There is a recession already in some industries. And I think the key driver is going to be the consumer and how bad the unemployment rate is going to be, considering that layoffs are starting to pick up.
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People are nervous, they're waiting for the 16th, they're waiting for earnings to come out, and they're hoping there are no surprises. The old adage, 'sell in May and go away' still applies. April was not a good month and today is terrible. It's really become more of a stock pickers' market, people don't want to stick their necks out too far.
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People are nervous and as a result the market is drifting and it's a question of finding the right level to buy or even to sell. People are scratching their heads. They don't want to stick their necks out.
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I think the market correction is a slow bleed. It's being nickel-and-dimed to death.
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It is month-end. It's been a perky and prosperous January, so people are unsure whether they should go in and commit money right now with the market up 6 percent. It's had a nice move, so people are reticent.
run short
I don't think it's over for these companies, but in the short run I think they were overbought.
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I think the rate cut was the worst-kept secret around. If they didn't do 50 basis points, the market would be concerned, because I think 50 basis points was in the marketplace.
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We're all waiting. For what, I don't know. My sense is the market is quiet, people are a little nervous, they want to see if oil continues to go through the roof.
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The flip side of high technology (has meant) people have been staying away from basic industries because they're not nouvelle cuisine. You could be seeing some stock rotation here.
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The market was thin and it was nervous. On balance, it was extremely quiet with not a lot of activity. It's disjointed, it's sporadic and if you take Nortel out, it would have been a completely different story.
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The market is volatile, people are edgy; it's also very, quiet in spite of the volumes. I guess everyone's waiting for a catalyst, something to drive the market at this point.
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(The market is) very quiet, choppy, very, very volatile. There are a number of players that have already exited ahead of Christmas. In consequence, very little is going on so it doesn't take much to move the stock either way, up or down.