Peter Chandler
Peter Chandler
almost couple earnings focusing high market markets might moderate muddle next rally range recovery trading
The market is now focusing back on earnings. We're almost through the earnings season, but it's disappointing, so the markets are going to muddle around here. We still might make a moderate recovery high in the rally then we're going to go back into the trading range and get through the next couple of months.
certainly damage gone number obviously popular serious support
Obviously some serious damage has been done to the market. We've gone through some important support levels, certainly with a number of the popular averages.
above few gained healthy points seven snap today weeks within
Nortel was above C$130 a few weeks ago and went down to around C$95, which was a healthy correction. It gained more than seven points today and the snap back is completely within reason.
bad coming damage earnings good lower market news start trying
The bad news being the lower earnings that are going to start coming out. The good news is most of the damage has been done in the market and it's trying to find a good bottom.
concerned corporate economy inflation markets mixed profits risk run signs slowing
It's a mixed bag. The markets are concerned about the slowing down in the economy. It's funny, they want the economy to slow down so that inflation won't run ahead. Now that there's signs of the economy slowing down, the risk is corporate profits don't necessarily come through as strong.
anxiety border both earnings full market south week
This is the first week of full-tilt fourth-quarter earnings both here and south of the border so the market is really full of anxiety and apprehension on that.
dynamic lows meaningful rally saw test
But the probability is that we still have to test the lows that we saw in July, and that should set up a much better dynamic for a more meaningful rally going into the end of the year.
absence fallen frankly good quite saw tech
It is a tech wreck, that's for certain, ... You need capitulation to have good bottom. I didn't see that today. I saw an absence of buyers. Quite frankly there just weren't enough bids. Have we fallen enough here? Probably not.
article good number plus stock stocks talked tech
On a very, very short-term basis, Nortel's stock was exceptionally oversold. Plus there was an article in Barron's that called for tech bounces and talked of a number of stocks that were good value. Nortel was in that handful,
continue economy evidence expectation reasonable seeing slowing
So if we're seeing incremental evidence now of the economy slowing down, then we should have a reasonable expectation to continue to expect that to happen.
guess markets systems tone
I guess Cisco systems set the tone for the markets as a whole and everyone just followed,
balance expect quieter volumes
It was pretty flat, pretty subdued. I expect quieter volumes for the balance of the week.
closer market trading
You just have so much uncertainty and the one thing the market doesn't like is not knowing, ... We're probably getting closer to a sell-out climax, a washout, that will at least give us a trading rally.
monday
We had a lot of catch-up to do because on Monday Nortel was up and was one of the most actives on New York,