Elvis Picardo Quotations

This is just a normal, healthy bout of profit-taking. It's been a one-way street since the October lows and the index was up close to 20 per cent in that time.

This rally looks sustainable because the gains are smaller. It is not like you have a 250-point gain in one day, which is hard to keep up.

I think the biggest impact today was the profit warnings coming out of the United States. We had some real heavyweights like Lucent, whose woes in particular brought Nortel down because they operate in the same market space.

This has been a fairly volatile month for the TSX, and today is no exception.

We have seen selling into strength and that pattern has not changed in the last few weeks.

From here on, I think the market will focus on the fact that the easing cycle is going to come to an end pretty soon. Which means the Fed might be seeing a recovery in the economy early next year. Investors are going to want to be in a position that they'll be in the rally once this happens.

Clearly, the markets are still looking for direction. I think the next bit of good news will be from the Fed, and if there is any hint of lower interest rates that should be really bullish.

The financial services sector is especially strong because interest rates are stable and the economy is growing at a good pace.

I think investors are asking why the Fed acted so quickly and so decisively.

Transportation stocks have had a tremendous run in recent months despite high energy prices, so it could be that investors are taking some profits off the table here.