There's no economic news due Friday, no earnings, and not many people are going to be around. We could gain a little Friday if the seasonal tendencies kick in, but it won't be a significant move. I don't think this week is indicative of what's going on in the market generally.
More Quotes from Peter Green:
On the Dow, you have gains in the more cyclical names versus more selling in Citigroup. You also have the Dow getting a lift from some positive short-term movement in the dollar.Peter Green
If new job creation is above 200,000 tomorrow, that would be viewed as very positive, but on the other hand, if the number is too high, that could create fears of an interest rate hike of 50 basis points, rather than the 25 the market is currently expecting.
Peter Green
I think the market is performing fine. We're due for a little rest and that's what you're seeing. We've had some nice days, but the volume is light, the dollar is a little weaker, and traders don't want to hold their positions ahead of the weekend.
Peter Green
There's some worry that the economic growth won't be as strong as had been hoped and that's taking stocks lower, ... It's the combination of GDP not growing as fast as had been hoped, and the Dow Transports, which is a leading economic indicator, falling as well.
Peter Green
My suspicion is that we're near a near-term low. The reality is the majority of the selling short-term is over with -- the market doesn't want to go down.
Peter Green
Sales were light and that's giving people a reason to take some money off the table after the great run we've had. SAP is hitting other tech sectors besides software because it's a high-tech bellwether that's being hit by something real.
Peter Green
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