Bryan Piskorowski Quotations

After suffering from an oversold condition, recent earnings reports have clearly benefited the bulls. Putting this into perspective, one-third of the S&P 500 has reported thus far, with 72% beating the consensus estimates, while only 17% have come in below estimates. After some mixed results on the earnings front in tech, we are on the mend.

We don't need a cause and effect here. We have bear psychology gripping the market so there's general apathy toward taking positions -- rallies are viewed as short-lived and trader-oriented.

We ran 8 percent in four sessions, and now we're giving some of it back. It's just good old-fashioned, healthy profit-taking more than anything else.

The bankruptcy filing and other stock stories are weighing on us a little, and you've got the Federal Reserve meeting and the CEOs signing off on the books hanging over us, but mostly you're seeing stocks a little skittishness after four days of gains last week.

It's a mildly affirmative day as recovery makes the scene.

Ultimately what we're trying to come to grips with is the fact that we understand that second-quarter earnings are not going to be good but the timing of a recovery is hanging over our head. We'll get some forecasting, looking out, but it's what those forecasts say that puts proof in the pudding.

It's going to take us a few months to figure out how much the economy is slowing.

It's going to be tough in the next couple of weeks.

And that's why we're going to stick close to the earnings tree, closer to the large cap names.

I think a week of profit taking is fairly healthy after the kind of run we've seen.