“The markets are getting oversold and typically you're at levels where markets that are this oversold can have pretty good rallies. I think investors are cognizant of the fact that things are weak, but they also don't want to miss an incredible rally if one occurs.”
“Whenever the market is as oversold as it is right now, it's typically been a good idea to do some buying. The question is what to buy and the lack of a 'go to' area is keeping investors on the sidelines.”
“We're looking at a 12 percent decline in earnings this year for the S&P 500, and that's the sharpest decline we've had since the last recession. The confidence level that one has in looking at those earnings is very low.”
“From a trading desk standpoint, you'd rather be long (own stocks) here than short, and that starts to build its own dynamic and attract its own level of interest. The market is oversold and selling pressure is easing.”
“Wal-Mart highlights an economic transition from relying on consumers to relying on the private sector and capital spending. So, we're looking more at companies like Caterpillar rather than Wal-Mart.”
