Peter Greene
![Peter Greene](/assets/img/authors/peter-greene.jpg)
Peter Greene
Peter Greeneis an American character actor, generally known for playing villains. Peter lives in New York...
ProfessionMovie Actor
Date of Birth8 October 1965
CityMontclair, NJ
market people profits run wanting
As it stands, you have a continuation of some people wanting to take profits after the run this year. If the market is up this week, it's going to be muted.
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My opinion is it's only natural for the Nasdaq composite to undergo some profit taking after a 30-plus percent advance in two months. Also, many groups that have been very strong -- like the semiconductor group, the drug group -- these are up against relative strength resistance. So it stands to reason that they're going to be profit taking,
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It's a bit of a disappointment how we're trading today. It suggests to me that the market needs to do more backing and filling. We're not getting that type of follow-through you like to see. There just doesn't seem to be much conviction right now.
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I think it's going to continue to be a sideways market in August and into September. Seasonally, there's the tendency for selling, but as of now, there aren't any big events on tap that could take us a lot higher or a lot lower.
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The new entrants into the major-appliance business are making this probably the most exciting time in major appliances in the 13 years that I've been watching it,
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On the Dow, you have gains in the more cyclical names versus more selling in Citigroup. You also have the Dow getting a lift from some positive short-term movement in the dollar,
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If Kerry were to win his policies would be more restrictive on business.
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The stock looks very attractive, and they have a potential cancer drug and a potential Alzheimer's drug,
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There's big fear. People are selling because they don't know what's going to happen. The news out of the BBC this morning that Iraq is getting ready for chemical warfare is a big part of it.
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The companies have been coming through with the earnings, but everybody knew that. People have become accustomed to the earnings being good. There's no surprise element. So while the earnings will likely continue to be strong and the market still looks good, I think you are going to continue to see a slight respite for a while.
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It seems to me that the market is stabilizing, but the undertone is a negative one. After yesterday's advance, you'd think there would be some follow through. It seems to me the market is tired and due for a rest.
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The key is what happens tomorrow. How will people interpret what the Fed says? How will the dollar do? The dollar has been hanging in by default, but if it really starts to roll over, that would hurt stock prices.
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Interest rate fears are fully discounted now, which is why bonds are up today. That's why stocks are bouncing, why the utilities are rallying, regional bank groups are rallying. But I don't think the market is going to have much more lift here.
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The sentiment is changing. Airlines are bottoming, the 10-year note yield has bottomed, making it more attractive to be in stocks, and people are feeling more comfortable,