For a long time the psychology was to buy on the dips and I think the psychology has changed, and it changed in early March. And what's happened is we now see people selling into the rallies rather than buying on the dips. |
If health care is important, then distributors are important. Drug store chains are important. |
There was a lot of price action last week, which is often associated in retrospect with a cathartic washout. We've gone through the negative pre-announcement of earnings disappointments and now the remaining companies are beginning to report as good as expected, or better-than-expected numbers. And there's this growing sense that the end of the world may not be coming after all. |
We are seeing a rotation back into some of the real companies, if you will. |