There was a little bit of panic selling when trading started. A lot of traders are identifying bargains. But money flows are still negative by virtue of a lot of selling.
We're experiencing a wait-and-see attitude because it's widely expected that earnings will not be that great. The odd surprise will help bolster the market but more importantly investors are waiting to hear guidance heading into the next quarter.
We've got some pretty heavy data this week and I know people are holding off a little bit.
We saw a breakout, a fundamental breakout today again, on a lot of these tech stocks. There's a lot of support behind them. They're the ones making all the gains right now for the most part.
The sentiment was to close out positions before Nortel's release. If you've got a bellwether tech like Nortel announcing, you don't want to be caught on the wrong side of that.
People are wondering whether the numbers are going to reinforce strong economic growth and whether or not it's going to put the pressure on the inflation issue again. Nobody's willing to take a direction.
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