Richard Cripps Market Quotations

This was a good, constructive quarter. The market overcame two problem areas: the Fed raising interest rates and high oil prices.

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.

Keep in mind most people are now working into the next quarter. The window dressing that has been powering the market may be gone.

I think that the correction that we've seen in the market averages, in the Nasdaq, is probably reflecting an inflection point for the equity market that's going to be not as focused on technology. It's going to be shifting more into the broader segments of the equity market.

We've set up a situation where a 25 basis point (a quarter percentage point) cut is good but you're looking at a market that's desperate.

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.

You get a kick in the market that draws in the buyers. I think we're in a trading range and are getting into the bottom half of that trading range.