I would suspect the problem is we're in this period of pre-announcements and most of it is negative so we're sort of limping along. The big test is how will the market absorb this negative news we know is coming.
More Quotes from Ted Weisberg:
Giving back half of the rally probably sets us up for neutral trade tomorrow (Tuesday). The silver lining is that what's being created before our eyes are some pretty compelling and attractive values.Ted Weisberg
The tone was really good. Maybe it was just an absence of bad news and a lot of money on the sidelines. ...There's a ton of liquidity out there looking for the slightest excuse to get in. But the market continues to be range bound. Although we had a good day today, it's after two down days and it's probably mostly technical.
Ted Weisberg
There's no conviction out there right now. The rallies don't hold.
Ted Weisberg
I think this is a normal pullback from a very big move. IBM's downgrade and UAL we can use as an excuse for today's pullback. I think any good news could get us going again.
Ted Weisberg
Today's market was almost a mirror image of yesterday, with both starting out weak and turning it around by the close. ...There's not a lot of volume, but up is better than down.
Ted Weisberg
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