This really looks like the calm before the storm. The bias is still somewhat positive, you can see that with the Dow, but there's a lot of data to get through in the next few days.
More Quotes from Charles Payne:
They (the bulls) didn't get enough evidence this week to turn the jury.Charles Payne
The consumer confidence and housing data were hopeful but not enough to reinvigorate a market that needs a break, ... We need numbers to beat estimates. Also, today's data put lots of pressure on tomorrow's (Wednesday's) personal income and (University of Michigan) consumer sentiment numbers to show improvement.
Charles Payne
I'm a little bit impressed because it seems like every time we start to drift buyers are being wooed out of the woodwork a bit. It shows that people are lining up and they want to jump in there but they need the right stimulus.
Charles Payne
What you have in this type of environment is that when rallies fail or even stall, people say it's just time to dump.
Charles Payne
We knew it was coming but there were some rumors of a possible 50 basis point cut (a half a percentage point) and every time that happens it sets us up for disappointments. The reality is a very large majority of people don't know how to react to this so they're taking their cue from the market. It's really indecision.
Charles Payne
Historically, we know that if they go down, they won't stay down very long. Remember America Online ( AOL Research , Estimates ), and how people bought every time they had trouble It's a classic buying opportunity.
Charles Payne
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