Peter Greene Next Quotations

Next week may be a little more challenging. We're really looking forward now to third-quarter profits and the market could be in a trading range until then.

The rally that we've had for the last couple of weeks was basically concluded this week. You're seeing investors starting to discount positive news from companies and a Fed rate cut next week,

The question is, how seriously do we take what's going on today, considering the volume, and what's going to happen next week when people come back? ... I would take today as a positive with the caveat that not many people are here.

War news is having a fingernail-biting impact generally. Right now, there's a sense of people not wanting to do much until the troops get to Baghdad, which could happen in the next day or two. But there's also the hope of some sort of diplomatic resolution before this situation becomes a runaway train. I don't think either side wants to see this prolonged.

What's happening today is very telling of where the market is right now. Typically, when there is negative news people tend to make 'flight-to-safety' moves into bonds and gold, but that isn't happening. That tells me that asset classes in the near term are very tired, and that we could see more of a pull back from here over the next few months.

The market is negative short-term. We are locked in a trading range until the next Fed meeting.