Rick Hutcheon
Rick Hutcheon
bit bottom buying cycle forth grinding guys last market playing process running ultimately
We're in the process of grinding out a bit of a bottom here. But it's a rotational market and the guys that are playing the last cycle by running in and buying the techs and so forth are ultimately going to be disappointed.
accounts held paper stock
I would think that that stock would be held in a lot of index-type accounts that probably can't own a lot more American paper than they already do.
dry season
We're out of RRSP season now and that's going to dry up a lot of flows.
again canadian complex driving gold iran natural oil price resource therefore today
We're up today because of the Iran (tensions) and therefore the price of gold and oil is driving our market. It's the natural resource complex that is once again driving the Canadian market.
I would characterize this as a profit-taking session.
bell bit gave ghost itself kept latter market month stocks surprised tech terribly toward tremendous
We've had a market that's been extraordinarily strong. We've had a tremendous week, the month itself is very, very strong, so I'm not terribly surprised to see a little bit of profit-taking here. Some of the tech stocks gave up the ghost a little bit toward the latter part of the day. Bell and Nortel kept us up today.
action fed guess market
My guess is the action of the Fed was pretty much discounted by the market already.
across bow herd mentality reality rushing scared shot tech traders warning
Now you've got the herd mentality rushing to the fore. This whole thing is nothing more than a reality check: it's a warning shot across the bow of the tech sector. The day traders and the tech-heavy investors, I think, are a little scared right now.
built focused knock legs modest rally
It was very narrow, it was very focused and very dangerous. It was a rally that was built on very modest underpinnings. You knock out any one of those legs and you're in trouble.
basis expectation fact fed maybe obviously people percentage points state themselves worked
People had themselves worked into state of expectation that the Fed was going you go 75 basis points and maybe even 100 and the fact that they only went 50 points (one-half percentage point) has obviously not been well received.
concentration data economic intense next numbers
Concentration on economic numbers and data is going to be intense for the next little while.
coming fund great managers positions quarter reporting sector selling simply stocks tech technology weights
Tech stocks are under great selling pressure. A quarter end is coming up and fund managers are probably trimming their positions in the technology sector simply because they don't want to show big tech weights at the end of their reporting period.
basic belief beyond cyclical economy existed gap sector stocks stretched technology
The valuation gap that existed between the technology sector stocks and the basic economy cyclical stocks was stretched beyond belief.
absolutely cut hang hats mode
We're absolutely in wait-and-see mode and if he doesn't cut tomorrow, hang on to your hats because we're going down big time.