“People had themselves worked into state of expectation that the Fed was going you go 75 basis points and maybe even 100 and the fact that they only went 50 points (one-half percentage point) has obviously not been well received.”
“Tech stocks are under great selling pressure. A quarter end is coming up and fund managers are probably trimming their positions in the technology sector simply because they don't want to show big tech weights at the end of their reporting period.”
“This is indicative of a market that's really degenerated into a show-me situation. But if earnings turn out to be OK, then maybe the market can build on itself and stage a rally because it's certainly due for a bounce.”
“It seems to be a situation where nobody really wants to do very much of anything, partly because of uncertainty of what could transpire in Iraq. Managers are chewing their fingernails a little bit about what the third quarter pre-announcements are going to look like over the next few weeks.”
“The damage to investor psychology is pretty severe and it takes a while to overcome that. But there is a lot of evidence of panicky selling, which one can only hope is indicative of a market trying to find its footing.”