Biotech is weak and biotech has been one of the main reasons that led the Nasdaq to 5,000. |
I can't see the market doing anything dramatic without those questions being cleared up. |
It's just continuing worry about valuation. |
It's kind of a normal rotation. Some of these beaten-up groups are getting some sponsorship. |
Now people are trying to find other places to put their money. It's just more of the continuing rotation that's gone on for a while. |
People weren't expecting good news from Sun, so it's not a surprise, but there's been some enthusiastic tech news recently and you need a string to keep that going. Sun didn't provide that, and in fact they countered that, so people are backing off a little bit. |
Right now the trend is up but we're getting very overbought. The market is susceptible to any pullback. |
The market is jittery and it's gonna keep heading lower for a while. Earnings news is doing nothing to help. Who cares if a company beat estimates by a penny when the profits are so far down from the year before and the estimates were already lowered three times? |
There's a total lack of conviction. There's no news coming out, earnings are done and most of the players are in a wait-and-see mode. |
There's really no conviction. The market is churning. That's all it's doing is churning. |