This is an oversold bounce. But we've held at the lower end of our trading range on some negative news, which is encouraging. Now that we've gotten two back-to-back days of gains, we're hopeful that we can move to the middle of that range.
More Quotes from David Briggs:
The market has been holding up, despite how bad the news is.David Briggs
The market has been in this, essentially, seven percent range, for five months now. Unfortunately, the summer months during election years tend to be pretty directionless, with people not wanting to make moves until they know what's going on with the election.
David Briggs
Look at Philip Morris. Its stock value was depressed for a long time on litigation risks, but after all these years the value has finally come through.
David Briggs
There's really not much to be happy about today.
David Briggs
Everyone thinks stocks are okay, the economy is okay, but markets have been lower since the beginning of the year. People are waiting for a reason to make a move. They want to act on an event, like the earnings that are coming out or the upcoming Federal Reserve meeting.
David Briggs
I think that consumer confidence number really shocked a lot of people. Because if consumers aren't going to hold this economy up -- the bad news just keeps on coming.
David Briggs
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