Peter Chandler
Peter Chandler
area close concern finished focusing last market poor prospects selling stocks tech technology took week widespread
The market took off from where it finished last week which is dumping tech stocks because of concern about poor prospects for quarterly earnings. You had widespread selling focusing on the technology area (and) where we are right now is at, or very close to, a bottom.
almost couple earnings focusing high market markets might moderate muddle next rally range recovery trading
The market is now focusing back on earnings. We're almost through the earnings season, but it's disappointing, so the markets are going to muddle around here. We still might make a moderate recovery high in the rally then we're going to go back into the trading range and get through the next couple of months.
border data economic good industrial problem products side south weight
We had the good economic data south of the border but the problem on our side is the weight of the industrial products sector,
bottom commodity companies falls lean line mean money past prices small turn
These (metals) companies are making more money than they have in the past 10 years, and they are lean and mean so any small turn in commodity prices falls right into the bottom line for these companies.
driven market mentality
(Techs) are being psychologically driven with the mentality of 'I've got to get out, I've got to have closure', and that's what you usually need for market bottoms,
basis broken everybody maybe microsoft monday stocks tech tuesday upside
Tech stocks were oversold on a short-term basis and on Monday everybody had to get out of them because of Microsoft, and then Tuesday everybody thought that if Microsoft is broken up maybe it's not the end of the world, and maybe there's an upside to it.
monday
We had a lot of catch-up to do because on Monday Nortel was up and was one of the most actives on New York,
along bottom keeps saying sector seems seen staying
That whole sector keeps saying we've seen the bottom but it seems to still be bumping along and staying on the bottom.
closer market trading
You just have so much uncertainty and the one thing the market doesn't like is not knowing, ... We're probably getting closer to a sell-out climax, a washout, that will at least give us a trading rally.
assets base bull correction gas hard healthy market ongoing precious suggest
We went up a long way quickly. This is some healthy profit-taking in what I would suggest is still very much an ongoing bull market in hard assets -- oil, gas and base and precious minerals. A healthy correction is a healthy thing.
bias concern high interest market rates relief
I still think that the concern is interest rates and high valuations of specifically technology. And you will get these relief rallies but the market probably still has a bias to the down side.
call either expect fireworks nobody prepared tomorrow
I don't think you can expect a whole lot of fireworks going into a day like tomorrow because nobody is going to be prepared to make a big call either way in this market,
dynamic lows meaningful rally saw test
But the probability is that we still have to test the lows that we saw in July, and that should set up a much better dynamic for a more meaningful rally going into the end of the year.
certainly damage gone number obviously popular serious support
Obviously some serious damage has been done to the market. We've gone through some important support levels, certainly with a number of the popular averages.