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.
More Quotes from Bryan Piskorowski:
With Hewlett-Packard, another one bites the dust and technology is bearing the brunt of a buyers' strike, ... We're mired in a period of uncertainty here and clearly the vote right now is 'Cash is king.'Bryan Piskorowski
Productivity has been a feather in our cap for quite some time, so the drop is viewed as a disappointment.
Bryan Piskorowski
On the other side, in the box makers, we like Gateway. We think that we're through with the seasonally slow period. The fourth quarter is going to be the key for this stock and it has good positioning here.
Bryan Piskorowski
Today's (Tuesday) trade is best summed up as skittish consolidation. We're struggling for direction in thin trade with people reluctant to do much ahead of the anniversary. You saw a late-day reversal yesterday (Monday) from the morning's lows and you're seeing a little pop-up right now, but it doesn't mean anything fundamental. Program traders are dominating the day to day.
Bryan Piskorowski
Also, global concerns have pushed money to the sidelines and it has remained there. As you move into 2003, the question becomes Can the consumer hold on until we have corporate America pick up the torch and begin spending.
Bryan Piskorowski
In the first half, defensive stocks like tobacco, managed care and personal products were at the forefront. Now it's more aggressive, riskier growth-type names. It's been an interesting year.
Bryan Piskorowski
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