The bias still seems to be to the upside. Buyers are optimistic and see the long-term side of the market. The downward pressure now is not that great. The money flow has just been too strong.
More Quotes from Barry Hyman:
They're down around 15 to 20 percent from their highs. You've got an opportunity to buy some of these bank stocks at decent values here.Barry Hyman
The 10-year bond looks like it's headed higher, so I think the feeling is starting to pervade Wall Street that economy's fine and interest rates are heading higher. But the market has (also) been choppy and struggling with some key technical levels.
Barry Hyman
I think there are going to be opportunities to buy the weakness because I think the pre-release season will dominate again I don't think there's going to be a significant drop, though. There are a lot of people who buy the concept that 250 basis points (in interest rate cuts) with more coming is going to help.
Barry Hyman
Anything goes this week. You had a great week last week and it shows there were buyers willing to come in just on the thought of stabilization.
Barry Hyman
The Nasdaq is a different ball game. It's not a credit-sensitive sector.
Barry Hyman
Profit taking will be key words today (Thursday) and over the next couple of weeks, ... The Fed's rate cut yesterday bodes well for the longer term but near term it is an excuse to take profits. Cisco's story is another excuse to take profits in technology.
Barry Hyman
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