I don't think people have set aside dollar concerns long-term or even intermediate-term, but definitely right now, short-term, people have calmed down about it.
More Quotes from Tom Schrader:
Intel and a Barron's online article about slower PC sales hit the techs in the morning, but I don't think they said anything that hasn't been said or hinted at recently.Tom Schrader
I think we're going to see some sideways action this week. We had a nice run last week and there's a significant amount of economic and earnings news due out later in the week. I think people are taking a 'wait and see' approach ahead of that.
Tom Schrader
But the ups and downs of company fortunes resulted in little tumult and little change. It's calm and fairly quiet today, which probably relates to the storm up and down the East Coast, which is keeping a lot of traders home, ... But everybody has a pretty positive tone. I'd just like to see a little more business,see the volume pick up a little.
Tom Schrader
I wouldn't discount the likelihood that next week will be flat to lower. It's a holiday week, volume will be light, and after four up weeks we'll need a pause.
Tom Schrader
Lexmark was bad, 3M was good, and in general you've had that today, with the mix of earnings sort of canceling each other out, ... I think people are using this as a reason to take profits, particularly after the tremendous run we've had, and I don't think that's a bad thing.
Tom Schrader
I'm trying to stay positive but it's really hard. I guess one silver lining is that October, historically, has often been a period when we've been able to put in a good bottom and see real capitulation. We've already hit several lows this month and from a technical standpoint, it looks like because we are at such extreme levels, we really could see some sort of rally before the end of the year.
Tom Schrader
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