Tim Heekin Seeing Quotations

I think we probably need to take it even lower before the correction that we've been seeing is done.

I think this is a continuation of what we've been seeing for the last six or seven weeks, with the exception of last week,

What started this two weeks ago was the big pension funds and other institutions coming in, seeing that bonds were getting over-valued and shifting money out of fixed income and into equities.

Earnings have been fine, but they just haven't been as robust as people were hoping. The guidance for the third and fourth quarters hasn't been that strong, and part of the rally was based on people betting that the second half of the year would be good, so with the numbers not saying that, you're seeing some selling.

There's nothing fundamental driving these gains. The Nasdaq had sold off over 10 percent, the Dow and the S&P had started to correct as well, so you're seeing a bounce off of that.

It's been a steady, slow grind down, the same thing we've been seeing for weeks, ... You have the financials getting hit hard on the Enron stories and concerns about debt. Citigroup is heavily weighted and it's having an impact on the rest of the sector.