This market needs real earnings and an economy that looks like it is turning around. The market is extremely volatile right now, but on thin volume, so it doesn't take too much to move it.
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.
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.
There is a recession already in some industries. And I think the key driver is going to be the consumer and how bad the unemployment rate is going to be, considering that layoffs are starting to pick up.
I don't know how Toronto would be without Bell and Northern Telecom... those two stocks are helping to drive the market. If you look at New York...logically our market would be a little to the softer side.
An incredible turnaround today, the market was down and dirty early this morning and it came back gradually.
You had the bond market weaker and you had oil and gas up as a commodity. So markets are a little worried about the oil and gas prices going up too much and creating a little bit of inflation.
There seems to be a bit of a switch toward high technology stocks again to the detriment of 'old economy' stocks. I won't say it is euphoria, but a little it of a relief rally.
You're not getting much help from the commodities. People are trying to get a better sense. They don't know whether it's time to go in and pick away at some of the resources that have been hammered down or run for cover.
You're basically seeing the economy still showing a lot of strength, and that will probably get people a little nervous, in terms of what the Fed may have to do again -- another pre-emptive interest rate increase, and we'll probably have to follow suit.
