Rick Hutcheon
Rick Hutcheon
dry season
We're out of RRSP season now and that's going to dry up a lot of flows.
bell bit gave ghost itself kept latter market month stocks surprised tech terribly toward tremendous
We've had a market that's been extraordinarily strong. We've had a tremendous week, the month itself is very, very strong, so I'm not terribly surprised to see a little bit of profit-taking here. Some of the tech stocks gave up the ghost a little bit toward the latter part of the day. Bell and Nortel kept us up today.
I would characterize this as a profit-taking session.
action fed guess market
My guess is the action of the Fed was pretty much discounted by the market already.
across bow herd mentality reality rushing scared shot tech traders warning
Now you've got the herd mentality rushing to the fore. This whole thing is nothing more than a reality check: it's a warning shot across the bow of the tech sector. The day traders and the tech-heavy investors, I think, are a little scared right now.
absolutely cut hang hats mode
We're absolutely in wait-and-see mode and if he doesn't cut tomorrow, hang on to your hats because we're going down big time.
bit bottom buying cycle forth grinding guys last market playing process running ultimately
We're in the process of grinding out a bit of a bottom here. But it's a rotational market and the guys that are playing the last cycle by running in and buying the techs and so forth are ultimately going to be disappointed.
accounts held paper stock
I would think that that stock would be held in a lot of index-type accounts that probably can't own a lot more American paper than they already do.
again canadian complex driving gold iran natural oil price resource therefore today
We're up today because of the Iran (tensions) and therefore the price of gold and oil is driving our market. It's the natural resource complex that is once again driving the Canadian market.
built focused knock legs modest rally
It was very narrow, it was very focused and very dangerous. It was a rally that was built on very modest underpinnings. You knock out any one of those legs and you're in trouble.
behind fed investors likely
Investors are going to take microscopes to these numbers, try to get behind them and try to pre-guess what the Fed is likely to do.
build certainly due earnings indicative itself market maybe rally stage turn
This is indicative of a market that's really degenerated into a show-me situation. But if earnings turn out to be OK, then maybe the market can build on itself and stage a rally because it's certainly due for a bounce.
act fed
In all likelihood, the Fed will act at the end of this month.
couple guess hands happen last less negative people picture push sentiment sitting tomorrow volume waiting wednesday weeks
I guess the sentiment picture that we've had in the last couple of weeks has been sufficiently negative to more or less push everyone to the sidelines. There's not a lot of volume in the markets. People are really sitting on their hands waiting to see what's going to happen tomorrow and Wednesday when the FOMC meets.