I think the market correction is a slow bleed. It's being nickel-and-dimed to death.
More Quotes from Irwin Michael:
People are nervous, they're waiting for the 16th, they're waiting for earnings to come out, and they're hoping there are no surprises. The old adage, 'sell in May and go away' still applies. April was not a good month and today is terrible. It's really become more of a stock pickers' market, people don't want to stick their necks out too far.Irwin Michael
Most of the decline came from the banks. Banks have run up the last several weeks and part of the reason (for the fall today) was profit-taking.
Irwin Michael
It's been a very choppy day. There is no conviction in the market.
Irwin Michael
The market drifted today. A lot of people were not in. People are concerned over profit warnings, missed revenue targets and that sort of thing.
Irwin Michael
Today was a reality check. Yesterday's rally was over-exuberant.
Irwin Michael
You had the bond market weaker and you had oil and gas up as a commodity. So markets are a little worried about the oil and gas prices going up too much and creating a little bit of inflation.
Irwin Michael
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