Irwin Michael
Irwin Michael
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You're not getting much help from the commodities. People are trying to get a better sense. They don't know whether it's time to go in and pick away at some of the resources that have been hammered down or run for cover.
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You're basically seeing the economy still showing a lot of strength, and that will probably get people a little nervous, in terms of what the Fed may have to do again -- another pre-emptive interest rate increase, and we'll probably have to follow suit.
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This market needs real earnings and an economy that looks like it is turning around. The market is extremely volatile right now, but on thin volume, so it doesn't take too much to move it.
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An incredible turnaround today, the market was down and dirty early this morning and it came back gradually.
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Northern Telecom and Bell, which had a nice day yesterday, gave part of it back today.
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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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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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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.
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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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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.