A couple of days of profit taking is healthy and I wouldn't be reading too much into it. The discounting nature of the market being what it is, we just got a little ahead of ourselves.
More Quotes from Bryan Piskorowski:
The fact that bonds are falling has the markets a little worried. The past couple times that oil spiked, bonds rose higher and the equity investors took solace in that. Now you've got to wonder if bonds are feeling the effects of inflation as well.Bryan Piskorowski
We're testing the bulls' resolve with all these economic data each day. Chicago PMI, due out tomorrow, is a May number, which is important.
Bryan Piskorowski
The Fed cut 100 basis points (one percentage point) in January and we've got another 50 under our belt now. Monetary policy is a slow moving beast and ultimately it's going to take some time to turn this economy around.
Bryan Piskorowski
We're pinned in by interest-rate uncertainty, we're pinned in by the Fed meeting coming up at the end of June. With those two things hanging over our head, the bottom line is the market really hasn't been taking a position on either side of the coin.
Bryan Piskorowski
It's been a real apathetic market and there hasn't been much in the way of real buying power behind anything. By virtue of the fact that the Fed is still concerned, you've seen the market show its concern.
Bryan Piskorowski
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That's metaphysics, my dear fellow. It's forbidden me by my doctor, my stomach won't take it.
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