Peter Chandler Market Quotations

My suspicion is that on a short-term basis the market was oversold. It got spanked this morning with Nokia from overnight and the free fall (in Nokia stock) has stabilized to come back a point off its low,

We made a new low on the Nasdaq yesterday and on a very, very short term basis it's oversold and I think that we can expect this kind of activity from time to time where the market gives us some relief, some bounce.

People are at odds. Most people want to believe that we're in a bottoming process but nobody's prepared to put a whole lot of money out on that assumption. It's a show-me phase: Show me the market has bottomed and I'll join the party.

I still think that the concern is interest rates and high valuations of specifically technology. And you will get these relief rallies but the market probably still has a bias to the down side.

I think that provided a little bit of support for the market here. There's a lot of money sitting on the sidelines waiting to go in...The money is there to be pulled into the market once there is a comfort level,

You just have so much uncertainty and the one thing the market doesn't like is not knowing, ... We're probably getting closer to a sell-out climax, a washout, that will at least give us a trading rally.

We went up a long way quickly. This is some healthy profit-taking in what I would suggest is still very much an ongoing bull market in hard assets -- oil, gas and base and precious minerals. A healthy correction is a healthy thing.

We've seen pockets of strength in the Canadian markets, so the Canadian market actually acted a lot better than the U.S. market did as a whole.

(Today) was quite speculative, quite frothy, you didn't have a lot of dramatic movement in any of the senior parts of the market today. If anything, some of them were selling off, for example Northern Telecom (now known as Nortel Networks).

The fact that the market has held the gains from the end of last week is a positive sign.

We're still a market that's correcting, that's going to be awfully selective and there's still a bias to the downside.

We're in what I call the dog days of August. It's quiet, it's slow. Most market participants are sitting on the sidelines, waiting for some definitive sign from the economic numbers.

We're just about through the earnings season. We have to go through this bump and grind. I think it will probably be like this for several months yet to come, until the market starts to focus on looking beyond the short term to the recovery that surely will follow.

That's when companies will make an announcement to prep the market in advance of releasing their results, that they're going to be stronger or weaker than expected,

(Techs) are being psychologically driven with the mentality of 'I've got to get out, I've got to have closure', and that's what you usually need for market bottoms,

This is the first week of full-tilt fourth-quarter earnings both here and south of the border so the market is really full of anxiety and apprehension on that.

The bad news being the lower earnings that are going to start coming out. The good news is most of the damage has been done in the market and it's trying to find a good bottom.

The Canadian market is basically flat on the day. There's not a whole lot of direction from the markets. I still think that the market is looking for a definitive conclusion out of the U.S. election.

If the market gets some more confirmation of the slowing of the economy on Friday, then I suspect the market's got more to push on the upside.

Buy on rumor, sell on news, ... The market had discounted it, so as soon as it was news the market sold off.

The market got some disturbing news about some additional strength in the economy earlier in the week, and that's indicative of inflation rearing its head and the (U.S. Federal Reserve) tightening interest rates.

It's still very mixed, it's a very narrow market. It's like an automobile which has many cylinders. To really get our market in gear and running smoothly you need to have more cylinders hitting than fewer. We just had another cylinder kick in today with this spurt in gold.

It was a story of two different markets. The U.S. market was flat to nothing, the Canadian market was flying, and it's our darling stocks again -- Northern Telecom and BCE. Canadian technology was really what drove the market here. The story continues for Bell and Nortel.

There's a potential end in sight but as Yogi Berra said 'it ain't over till it's over,' so there's still uncertainty out there. When the market believes it's over, then we're going to get, if nothing else, one heck of a short-term rally.

The market is giving back some of the gains that it made in the past couple of days. The market is now overbought so we should expect to see it sell off,

The market is now focusing back on earnings. We're almost through the earnings season, but it's disappointing, so the markets are going to muddle around here. We still might make a moderate recovery high in the rally then we're going to go back into the trading range and get through the next couple of months.

The market has somewhat anticipated a half-point rate increase next week, so if they can see signs that the economy is slowing then the belief is that maybe the Fed will not have to do anything beyond the next meeting, and that maybe the worst of the rate raise is over.

The market now tends to be (thinking): With interest rate rises being behind us, if we've orchestrated a slowdown in the economy, how much of an impact will that slowdown have on corporate profits? Might corporate valuations be at the higher end of expectations? And so we're seeing some selling and softness, in the technology sector in particular, as a result of that.

The market took off from where it finished last week which is dumping tech stocks because of concern about poor prospects for quarterly earnings. You had widespread selling focusing on the technology area (and) where we are right now is at, or very close to, a bottom.