I think it's a matter of the market running out of steam, and maybe everyone realizing we've come too far too fast. The stocks have moved ahead of the fundamentals.
More Quotes from Charles Payne:
We're seeing some selling, but today is interesting in that it's reminiscent of a number of days last week, where there are a lot of reasons for the market to be down much worse than it is -- the Dow rose yesterday, you have Texas Instruments and other negatives -- but instead it's actually holding in there better than we would have expected,Charles Payne
The idea that you can weather the storm by not being in tech may backfire.
Charles Payne
Rosa Parks didn't just happen to stumble into a great historical moment. In fact, she had a long history as an activist. This was all unusual stuff for black folks in the South at the time.
Charles Payne
I think that one of the problems that lingers with us from the last five years, with every one jumping into the market, is that we need instantaneous results.
Charles Payne
Market psychology is playing a big role in this. The worst-case scenario has already been baked into markets over the last six weeks, so if big companies like GE today and possibly IBM next week can meet their estimates, that tells us that, sure, things aren't great, but they're not that bad either.
Charles Payne
After this week, this is to be expected, especially on a Friday a lot of people want to book profits ahead of the weekend.
Charles Payne
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