Everybody's worried that the stocks that have done so well have really overshot.
People are selling everything, and that is different because it suggests a lack of attention to which companies are going to be fine. This could be a good sign for the market to start moving higher, not necessarily tomorrow, but as we get toward the end of this.
Right now we have two trains leaving the station and everybody decided that they needed to be on one or both ... therefore we saw very different investing styles push very different groups of stocks up and overall we have a very, very strong day as a result.
Clearly, the people who are buying growth stocks are saying the good news from a series of interest rates in the U.S. and Canada will mean inflation remains under control. The overall sentiment today was basically optimistic.
Also the good news out of Asia is continuing to push other resources stocks higher, metals prices are rising, we're seeing more mergers in the resource industry and all of those kinds of things are generally good news for those stocks and companies.
Not surprisingly, when we have a market that's not quite sure about direction, you're going to see real volatile days like this where things are turning on emotion rather than on any underlying fundamental.
It was basically not a good day for the tech stocks in general and that's the main reason why we saw the 144-point drop.
You have one of those people who everybody watches for signs of bad news saying things are good, and I think that certainly helped.
It matters a lot less because the economy has changed.
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