These are low consumer confidence numbers, more than likely affected by the hurricanes and high prices of energy.
In the absence of any news, I think the market can stabilize on the Nasdaq. It's already dropped a massive amount. I think it's going to settle into a trading range from the mid-2000 to the 3000 level, and I'm looking to take advantage of some stocks this week both in tech and away from technology.
The market is just reeling from all the impediments ahead of it. There doesn't seem to be any meaningful reaction to any news on the earnings front or meetings that company's are offering to tell you that things are not as bad.
I want to believe that there's some consolidation first, some stabilization, ... I think it will be easier to make the case that a bottom is closer at hand. But if you're a buyer in the technology sector, you're really not looking to call that ultimate bottom, because you have to be able to ease your way in at this point.
Don't buy your favorite stock until you see the earnings statement. It's better to have the trend with you than guess at a bottom.
The whole story this week has been about boosting and maintaining confidence.
I think you're going to have days focused on earnings and that will hurt tech [issues]. You're going to have days focused on economic statistics, which, if they give a slow growth look, will be taken to heart.
The whole story this week was about maintaining and improving confidence ? from the Fed and from Wall Street corporations. There's an implicit belief that we have seen a good deal of the worst and Wall Street is still being ultra cautious.
All the non-tech players have been hiding out and making money, but now that's starting to wither away.
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