Rick Hutcheon Quotations

We're out of RRSP season now and that's going to dry up a lot of flows.

It seems to be a situation where nobody really wants to do very much of anything, partly because of uncertainty of what could transpire in Iraq. Managers are chewing their fingernails a little bit about what the third quarter pre-announcements are going to look like over the next few weeks.

I would characterize this as a profit-taking session.

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.

It was very narrow, it was very focused and very dangerous. It was a rally that was built on very modest underpinnings. You knock out any one of those legs and you're in trouble.

The banks had some great moves last week and so we're just seeing a little bit of consolidation.

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.

We're absolutely in wait-and-see mode and if he doesn't cut tomorrow, hang on to your hats because we're going down big time.

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.

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.