Peter Greene Rally Quotations

The rally that we've had for the last couple of weeks was basically concluded this week. You're seeing investors starting to discount positive news from companies and a Fed rate cut next week,

The rally is clearly influenced by the ISM number. While the market looks good today, we are also getting near the upper end of the trading range, and that's something to look out for.

The rally is clearly influenced by the ISM number,

The 2003 rally was on low interest rates and a weak dollar. Now, that's changed. The dollar bottomed in February, and I think people are realizing what higher rates are going to mean for the stock market.

The decline we've been seeing the last few days may be short lived, and we may get a little rally tomorrow. But beyond that, near-term we've seen the highs. The Nasdaq, which led the rally last year, is continuing to lag the broader market, which is a negative.

The opinion also on Wall Street is that more rate hikes are likely to follow this. And if that occurs, there's still uncertainty in the overall market and consequently it will be tough to get a big rally off the low, ... The market has certainly become tired. The psychology is that of a bear market. We get strong openings only to close either at the low of the day or near the low of the day. Witness what we saw on Friday. So on balance, yes, that psychology has changed.