In terms of tech, historically, chips have led the markets, so people are thinking if they can see a turnaround, maybe other techs can, too.
Troy Nickerson
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.
end day news rumors afternoon effect selling short
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.
real problem
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 market waiting rumors big trade
We've had two very strong days in a row. But I don't think it will be sustainable at quite these levels going forward.
days strong forward
Generally, investors are looking for entrance points or exit points, and there's a lot of negative pricing out there.
negative
We need to get corporate earnings to turn around before investors regain confidence.
confidence corporate
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.
people
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.
money start events market times corporations
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.
numbers light names individual market
people thinking
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