Rick Hutcheon Market Quotations

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.

My guess is the action of the Fed was pretty much discounted by the market already.

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.

We've had a market that's been extraordinarily strong. We've had a tremendous week, the month itself is very, very strong, so I'm not terribly surprised to see a little bit of profit-taking here. Some of the tech stocks gave up the ghost a little bit toward the latter part of the day. Bell and Nortel kept us up today.

This is indicative of a market that's really degenerated into a show-me situation. But if earnings turn out to be OK, then maybe the market can build on itself and stage a rally because it's certainly due for a bounce.

We're in the process of grinding out a bit of a bottom here. But it's a rotational market and the guys that are playing the last cycle by running in and buying the techs and so forth are ultimately going to be disappointed.