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 Elvis Picardo - “This rally looks sustainable because the gains are smaller. It is not like you have a 250-point gain in one day, which is hard to keep up.”
 Elvis Picardo - “It's a sweet-spot theory. We have economic growth that's very robust, but at the same time it's not strong enough to raise concerns about inflation.”
 Elvis Picardo - “Over the past few months, we've seen these concerns about Iran and Nigeria. We've seen them rise and fall and today was a day when those concerns were predominant.”
 Elvis Picardo - “This has been a fairly volatile month for the TSX, and today is no exception.”
 Elvis Picardo - “It's a little disappointing to see a down day on the last trading day of the year. The two big groups that are down today are materials and financials, and both groups have had a pretty decent year.”
 Elvis Picardo - “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.”
 Elvis Picardo - “It was another day of wait and see. Nortel reiterated its guidance for the Canadian market. But the market is clearly looking for leadership.”
 Elvis Picardo - “Overall, fourth-quarter earnings growth will be weak because the economy has slowed much faster than people had expected.”
 Elvis Picardo - “This is just a normal, healthy bout of profit-taking. It's been a one-way street since the October lows and the index was up close to 20 per cent in that time.”
 Elvis Picardo - “Clearly, the markets are still looking for direction. I think the next bit of good news will be from the Fed, and if there is any hint of lower interest rates that should be really bullish.”
 Elvis Picardo - “I think the view certainly had been that we were possibly looking at a Conservative majority, so ... we might see some modest profit-taking on the Toronto Stock Exchange.”
 Elvis Picardo - “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.”
 Elvis Picardo - “Energy prices seem to be in the sweet spot. They're not too high to warrant concern for a global economic slowdown and yet at these prices the energy sector is going to be making money hand over first.”
 Elvis Picardo - “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.”
 Elvis Picardo - “With the mood of the market, people are going to be looking for stocks that haven't yet taken part in recovery and I think Nortel would be an obvious candidate because it's still fairly close to its lows.”
 Elvis Picardo - “That is a factor that has helped sentiment today. Canada is a prime target for many overseas buyers because we are so strong in energy and commodities, and the valuations are definitely lower than the U.S.”
 Elvis Picardo - “It seemed optimistic to begin with. The fact that the gains have not been sustainable is not encouraging.”
 Elvis Picardo - “Despite whatever has happened, investors are still in the mood for a bargain.”
 Elvis Picardo - “People are still paying a lot of attention to the data. I would not say investors are being bearish. But they are taking profits when they can.”
 Elvis Picardo - “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.”
 Elvis Picardo - “The market tried to race higher ahead of those results, but there was still uncertainty as to what Cisco would say about future quarters.”
 Elvis Picardo - “The action this week does indicate that the recovery horizon has been pushed out further. Investors are now pushing the horizon into the next year or perhaps even after that.”
 Elvis Picardo - “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.”