John Pickett
John Pickett
bounce felt hit key level relief technical
It felt like a real relief rally. Also on the Dow, we hit a key technical level and we were able to bounce back from it.
level point support
The 8,200 level has become a point of support for the Dow,
afraid held hit level measure saw starting temporary
The Nasdaq hit its Sept. 21 low, it held that level and then you saw it starting to rise. There was a lot of short-covering and there's really only so much that short-covering can do to the market. I am afraid it may be only a temporary measure here.
cash cautious dipping earnings holding sure toe waiting
dipping a cautious toe in, and I'm sure they are still holding a lot of cash on the sidelines, waiting to see how earnings come in.
feeling mad rushes sights sounds
I think of the sights and sounds and mad rushes of feeling and sensations that come over you all at once when you're in New York,
catalyst seen trading
We need some kind of catalyst to get us out of this trading range. And I don't seen any on the horizon.
absence ahead days dime economy emphasis major market negative news rally range several stuck today trading turn until
Today is a one-piece news day, and we'll have several such days ahead as the market focuses on the economy in the absence of any other major indicators until December. I wouldn't put too much emphasis on this rally because this market can still turn on a dime on any negative news. I think we'll be stuck in a trading range until then.
break continue expected news rally
I would have expected the rally to continue tomorrow, but I think this after-hours news may put a break on it.
biggest happened news oil sector seemed
What happened in the oil sector seemed to be the biggest news of the day.
hang hat looking people
When you are directionless like we are right now, people are looking for something to hang their hat on,
cash good point sitting tremendous volume
This was a tremendous day for the markets. Not so much that we had a 200-something point day on the Dow, but that the volume was so good. A lot of institutions were sitting on some cash and said, 'OK, this is a good place to get in'.
beginning coming earnings good hands july might obstacles people reasons remove sit somehow thinking three
They are three very good reasons right now for people to sit on cash, ... If you can somehow remove one or two of those obstacles -- and I'm thinking of earnings coming in the beginning of July -- we might get some people to get off their hands and get into this market.
coming continue labor market number reason tomorrow
Tomorrow we've got a big labor number coming out and that may give someone a reason to get back in the market or to continue to get out.
aware dance good thinking wants
We're like good dance partners, ... Each of us is aware of what the other is thinking and where the other wants to go.