Elvis Picardo Market Quotations

We might be seeing, after a long time, an ability to shake off bad news. That's what we need to see this market move higher.

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.

It is a classic indicator of a bull market when stocks don't go down even on bad news. It is a positive thing for the short term.

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.

Overall, the market is looking for some direction ahead of Cisco, which is going to affect the market greatly tomorrow. Investors are being cautious ... It's a wait and watch approach.

The fact that the Wednesday rally was not sustainable is a cause for concern. It shows that the market does not want a short term solution. Much of the reaction was euphoric.

It was another day of wait and see. Nortel reiterated its guidance for the Canadian market. But the market is clearly looking for leadership.

I think next week's meeting will be absolutely crucial. If the half-point rate cut is not materialized, the market is at risk of going down from these levels.

The market tried to race higher ahead of those results, but there was still uncertainty as to what Cisco would say about future quarters.