We're seeing a little bounce from oversold conditions, with stocks not being down quite as much as they were this morning, but it's still nasty out there. We're in a bear market, where we have these false rallies on a little short-covering, but there's nothing on the horizon to push it past that. It's also the end of the quarter, so you've got a lot of people sitting on the sidelines.
More Quotes from Matt Ruane:
There's a lot of nervousness on the political front and that's keeping the buyers out of the market. We've got 50 significant companies reporting results this week - but at this point, bad news is almost good news, because it's so built in to people's expectations.Matt Ruane
The key here is still commodities. Oil has been above 30 a barrel for what, the last 90 days. Commodity prices need to come down. Wholesale numbers yesterday were high because of energy, because of oil. It's a concern. It's a drag on the economy and the dollar.
Matt Ruane
The economic news helps, but I don't know if this is more than a short-covering rally. If there was something more substantial that could sustain us for two or three days, I would be a believer, but I just don't see anything out there.
Matt Ruane
You're seeing some profit taking across the board after yesterday's Monday's bounce. You've got a little shift back into bonds, but basically trading is calm. It's kind of the standard summer doldrums. On the upside, you're seeing some money go into some high-risk areas ... which tells you something about how the psychology is changing from a month ago.
Matt Ruane
The market has done a good job, considering all it's had to take in over the last few days. There's skepticism across the board right now, but no fear, no panic. I like the action today Wednesday.
Matt Ruane
But this is a normal pullback after the run up we've seen in October. I wouldn't read too much into it.
Matt Ruane
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