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?
Biotech is weak and biotech has been one of the main reasons that led the Nasdaq to 5,000.
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.
Right now the trend is up but we're getting very overbought. The market is susceptible to any pullback.
It's kind of a normal rotation. Some of these beaten-up groups are getting some sponsorship.
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.
I can't see the market doing anything dramatic without those questions being cleared up.
There's really no conviction. The market is churning. That's all it's doing is churning.
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.
