My sense is that we're going to keep consolidating over the next few weeks after the kind of run we've had. Then you could see stocks start to move higher again.
We're pretty locked into this no-man's land as we wait for the Fed. I think that the Fed will probably cut 25 [basis points] and that you're not going to see much reaction tomorrow, because that size cut is priced in. What Greenspan says is going to be more important.
We're not seeing much movement today (Wednesday) but I think we hit a bottom last week and we've set the stage to move higher in the short term.
Texas Instruments' conference call left people pretty cold. That broke the momentum of that group and has spilled over into other tech stocks.
I think the Nasdaq probably bottomed Monday, and we're in the process overall of making a very meaningful bottom. The next couple of days will likely continue to be volatile, but I think we'll bounce off that bottom after that.
I think the oil concerns have gotten overdone, ... but the situation in Iraq is a different story, though, as is a potential attack.
We may see this push and pull for the next few weeks.
Greenspan had something for everybody, as he usually does. It depends on your frame of reference in terms of how you interpret it. I think his comments were pretty benign.
From a technical standpoint the market is in a pretty good place. But I think it's a classic summer Friday, and people don't want to commit too much after the week we've seen and ahead of all the news next week.
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