You get the feeling people would like to follow through, but there's no conviction. We're in a range here. It's a mixed bag. We need to see a clear bottom before we can really move on.
More Quotes from Joe Cangemi:
That, psychologically, could have been a reason for the (big stock market) move this morning.Joe Cangemi
They put a Band-Aid on it yesterday. You've got to let that do some work.
Joe Cangemi
There's been a sense of complacency in the market all week. It's very difficult to read too much into this week's activity given the condition we're in right now. The morning's unemployment number wasn't encouraging. It shows the economic recovery is not very strong.
Joe Cangemi
I think the positive tone has been reinforced this week. Going forward into next week, there's no doubt traders are starting to anticipate that the second half of the year is going to start to be a positive building point.
Joe Cangemi
It continues to give a negative feeling that the story is an off-again story. It's been difficult, but the stocks have been volatile and institutions have been moving money in and out.
Joe Cangemi
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