It looks like a lack of bad news has brought out a little short-covering. It's a respectable open after the last couple of days we've had, but I'm hard-pressed to call it any trend.
More Quotes from Bryan Piskorowski:
It looks like bad news is bad news and we have the grim reality of a slowing economy.Bryan Piskorowski
I think the market got a little over-extended today on a tech rally. Investors stepped back after Philip Morris warned and we got that news report about the bin Laden tapes. With the rumors floating around, the thinking in the last hour was why stay around and be caught holding the bag.
Bryan Piskorowski
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.
Bryan Piskorowski
For the first nine months of the year, you had a leveling, a digesting of the rampant gains of 2003. Starting in mid-October, it got better.
Bryan Piskorowski
But the big picture is that there's no catalyst for the market. This is seasonally the weakest month of the year. The economy is nothing to write home about. The market is building against this tide every day.
Bryan Piskorowski
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