Rick Hutcheon
Rick Hutcheon
coming fund great managers positions quarter reporting sector selling simply stocks tech technology weights
Tech stocks are under great selling pressure. A quarter end is coming up and fund managers are probably trimming their positions in the technology sector simply because they don't want to show big tech weights at the end of their reporting period.
great level lots positive reporting starting stocks wonderful
The great stocks, they're reporting wonderful earnings, but can it get better from here? The stocks are starting to get to a level where lots of positive expectations are already priced in.
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.
basis expectation fact fed maybe obviously people percentage points state themselves worked
People had themselves worked into state of expectation that the Fed was going you go 75 basis points and maybe even 100 and the fact that they only went 50 points (one-half percentage point) has obviously not been well received.
concentration data economic intense next numbers
Concentration on economic numbers and data is going to be intense for the next little while.
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.
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.
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.
banks bit great last moves seeing week
The banks had some great moves last week and so we're just seeing a little bit of consolidation.
bizarre economy energy game market mines quite rest stocks tech virtually
It's been quite a bizarre market. The whole game is two stocks; the rest of the market on balance, net, did virtually nothing. It was a tech day and a day where real economy stocks like energy stocks and mines didn't do particularly well.
bit chewing few managers next nobody partly quarter seems situation third wants
It seems to be a situation where nobody really wants to do very much of anything, partly because of uncertainty of what could transpire in Iraq. Managers are chewing their fingernails a little bit about what the third quarter pre-announcements are going to look like over the next few weeks.