“There weren't really any trading floor rumors, nothing in terms of news. What you saw late afternoon that turned it around was a lot of short covering. So much selling had been done all day that shorts needed to cover. We're also at the end of the quarter and that comes into effect, too.”
“There are a couple of tech conferences this week and some economic reports due, but other than that, the problem is there's just no real catalyst right now.”
“People are waiting for the next catalyst. Earnings are done, the Fed is in a neutral stance. There's nothing big coming up in the next month, so the market will continue to trade on rumors and speculation.”
“People are really going to be watching the pre-numbers for this next quarter. We need to get some sort of reversal if we're going to be able to stabilize.”
“The market is event driven and we're looking for some events in times of turnaround. We need corporations to start spending money again and then for that to follow through to the consumer.”
“Next week is relatively light, but the following week has a lot of names reporting and nobody wants to buy in front of the numbers. It's going to be less about what the individual companies report, but rather the overall tone that will move the market.”
