Scotty George Seeing Quotations

I think long term, even though we're down today, you're seeing some energy and drug stocks responding in a way that suggests the market believes he is going to cut rates again this year.

What we're seeing today and what we have been seeing for the last week is a drying up of sentiment as investors wait for some definitive resolution of world events and some new corporate catalysts.

Until we get some sort of clear-cut message about where we're going in terms of the conflict with Iraq, the economic slowdown and corporate profits, fiscal policy, and everything else, we're going to keep seeing this kind of action.

But more generally, we're seeing a follow through on a lot of the value buying that lifted us in the summer and it's creating some psychological support.

Right now the market is not reacting to fundamentals but is driven by the psychological. That's certainly the reaction you're seeing after the Fed news.

The market has been in a lateral consolidation for the last six to eight weeks, and we're seeing a continuation of that. Having broken through some technical resistance levels, it is appropriate that there has been some profit-taking. But the general trend of the market remains positive longer-term.