I'm concerned that the drug stocks are off today. People are selling the drugs and buying the techs. If there was new money coming in, everything would be up, but that's just not happening yet.
I think that of the three, the sentiment numbers are most important.
There just doesn't seem to be a lot of direction. A lot of us expected more of a sell-off this morning, especially with the news about WorldCom. I think the general consensus is more bullish than bearish.
The markets really are little overdone to the upside.
The markets are capable of rallying. But whether they can maintain the rally is more important, particularly with the Nasdaq.
The big, big concern here is there's no confidence in this market. We might have to test those old lows.
We still have two weeks of earnings warnings ahead.
We do seem to have stabilized here but this is a real nervous market.
In the case of the tech sector, I think they've been so beaten up that I don't think there's much more negative news that can hurt it.
Right now there's nothing too, too bad to focus on. As long as things stay calm in the Middle East, I think this continues.
