The rally this morning couldn't hold up because there's just no conviction. There's some selling pressure there, but it's more that buyers have no religion. Tech and telecom are this huge drag on the market. People are buying very defensively in health care, chemicals, consumer products and pharmaceuticals.
More Quotes from Tim Heekin:
I think people walked in confused today as to whether we are going to continue this uptrend through year-end or back off.Tim Heekin
There are good trends everywhere. Some people are looking for a 5 percent to 10 percent correction, partly because they think it's healthy and partly because they want a pullback so they can jump back in. But the path of least resistance remains up.
Tim Heekin
If the rate increases do stall out at 5 percent, I think there's still tremendous upside room for this group of stocks. Rates will be a very key metric that's going to determine whether these stocks make new highs or pull-back.
Tim Heekin
The news created volume on positive speculation about other potential corporate mergers. However, last week was a down week, so we have a little bit of a bounce-back rally Monday.
Tim Heekin
The market has been down, triggered by some comments from Fed governors on inflation,
Tim Heekin
Retailers are still taking a hit off of Best Buy's loss yesterday and now today's data is providing some more selling pressure in the sector.
Tim Heekin
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