Traders are just lightening their positions a little bit. The holidays are compressing the activity and I think most of the (options) rolling over you saw yesterday.
More Quotes from Barry Hyman:
It's going to be another confidence building story the closer we get to the Fed meeting, ... I believe that the unemployment rate and the NAPM numbers will be the key numbers.Barry Hyman
A lot of the gains are due to the earnings story. I think the market can deal with one or two more interest rate hikes and believe that the Fed is not going beyond neutral.
Barry Hyman
The markets are really going to be determined by what the Fed has to say. We'll be looking for more definitive talk from the Federal government and (Alan) Greenspan to get some indication of what the Fed is really thinking.
Barry Hyman
I think there was some bargain hunting coming in on the back of good news.
Barry Hyman
People look for the summer rally, and people have always complained - well, what happened to the summer rally - not understanding that the summer rally started the day after Memorial Day. So we really have had a very good summer rally. In the Nasdaq, it went up almost 40 percent off of the bottom. The Dow went up around 12 percent off the bottom. The SP similarly. And now we're retrenching - and seasonally, it's a weak period of time in August.
Barry Hyman
You have to ignore that because they're of course going to be bad, ... You have to look at earnings potential, and cyclicality stocks, I'll go for International Paper.
Barry Hyman
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