Rick Hutcheon
Rick Hutcheon
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.
act fed
In all likelihood, the Fed will act at the end of this month.
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.
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.
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.
concentration data economic intense next numbers
Concentration on economic numbers and data is going to be intense for the next little while.
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.
basic belief beyond cyclical economy existed gap sector stocks stretched technology
The valuation gap that existed between the technology sector stocks and the basic economy cyclical stocks was stretched beyond belief.
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.
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.
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.
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.