I would characterize this as a profit-taking session.
Investors are going to take microscopes to these numbers, try to get behind them and try to pre-guess what the Fed is likely to do.
We're out of RRSP season now and that's going to dry up a lot of flows.
The damage to investor psychology is pretty severe and it takes a while to overcome that. But there is a lot of evidence of panicky selling, which one can only hope is indicative of a market trying to find its footing.
It's all CP today. There's a nice little gift for the folks that own CP. Unlock some of the conglomerate discounted value in those things.
It's been quite a bizarre market. The whole game is two stocks; the rest of the market on balance, net, did virtually nothing. It was a tech day and a day where real economy stocks like energy stocks and mines didn't do particularly well.
The banks had some great moves last week and so we're just seeing a little bit of consolidation.
We're up today because of the Iran (tensions) and therefore the price of gold and oil is driving our market. It's the natural resource complex that is once again driving the Canadian market.
Now you've got the herd mentality rushing to the fore. This whole thing is nothing more than a reality check: it's a warning shot across the bow of the tech sector. The day traders and the tech-heavy investors, I think, are a little scared right now.
People had themselves worked into state of expectation that the Fed was going you go 75 basis points and maybe even 100 and the fact that they only went 50 points (one-half percentage point) has obviously not been well received.