William Meehan, chief market analyst for Cantor Fitzgerald, described today's action as a mirror image of Monday's.
''The cyclical stocks had gotten pretty extended, so now we're seeing some profit-taking across some of the cyclical stocks,'' he said. On the other hand, investors are willing to take some more risks on technology issues, although they are stil richly priced despite Monday's sharp drop, Meehan said.
''We are in a transition period and no one is sure what is coming next,'' said Ricky Harrington, technical analyst at Interstate/Johnson Lane in Charlotte, N.C.
let's see "The cyclical stocks had gotten pretty extended"... "investors are willing to take some more risks on technology issues"
Gee that's funny, that was a short "rotation". Guess folks will start to "re-rotate".
''We are in a transition period and no one is sure what is coming next'' WOW, that's prophetic.
What a joke,
JH |
