Investors are feeling that we've seen the bulk of the gains already so they're taking some money off the table. There's no major catalyst to keep this rally going.
November has had a lot better tone to it than usual. We're seeing money rotating into the growth stocks. If I had to guess, I think people are pretty positive on the market.
It's very, very early in the earnings season, but so far it's been pretty good. We started (the day) with people optimistic after yesterday, but the enthusiasm has faded.
Nasdaq had a pretty big pull-back yesterday, so Intel's helping today,
Oil had a pretty big spike yesterday and that was negative. If it continues to go that way again, it could be something we start to watch again.
Consumer confidence is the big number today, ... I wouldn't be surprised by a market rally if the numbers come on the stronger side.
The consumer confidence number was not good,
That was an unlucky finish for us, but it really motivated us more than it took away from our motivation. I think it really unified our team even more.
Overall it looks slightly positive this morning.
Apple was a disappointment last night. It's kind of leading the techs down. That group seems to be getting hit harder than the overall market,
It's mostly just celebrating that Rita didn't turn out to be as devastating to the Gulf as feared, and energy prices are down, ... Almost all sectors benefit because people have more money to spend.
In general we try to cut our positions at the end of the day and even more so on a weekend. Ahead of an event like this, you're going to be a lot more conservative than normal.