I think the rate cut was the worst-kept secret around. If they didn't do 50 basis points, the market would be concerned, because I think 50 basis points was in the marketplace.
It was extremely, extremely quiet. It's largely a handful of stocks again that are leading the market. I'd like to see more breadth to the marketplace. It's like the dog days of summer, as they call it: not very much activity.
It is month-end. It's been a perky and prosperous January, so people are unsure whether they should go in and commit money right now with the market up 6 percent. It's had a nice move, so people are reticent.
It's the banks that are leading it up.
I don't think it's over for these companies, but in the short run I think they were overbought.
A lot of people sensed the market was ripe for a rebound but it's just not happening. It's definitely not something that happens overnight, so in addition to time it's going to take some good earnings.
The flip side of high technology (has meant) people have been staying away from basic industries because they're not nouvelle cuisine. You could be seeing some stock rotation here.
It's extremely volatile today. There's no rhyme or reason to it. On balance, a quiet day, the metals seemed to be a little firmer.
An incredible turnaround today, the market was down and dirty early this morning and it came back gradually.
Northern Telecom and Bell, which had a nice day yesterday, gave part of it back today.
