24 Quotes by Rick Hutcheon
- Author Rick Hutcheon
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Concentration on economic numbers and data is going to be intense for the next little while.
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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.
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- Author Rick Hutcheon
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Tech stocks are under great selling pressure. A quarter end is coming up and fund managers are probably trimming their positions in the technology sector simply because they don't want to show big tech weights at the end of their reporting period.
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People had themselves worked into state of expectation that the Fed was going you go 75 basis points and maybe even 100 and the fact that they only went 50 points (one-half percentage point) has obviously not been well received.
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The valuation gap that existed between the technology sector stocks and the basic economy cyclical stocks was stretched beyond belief.
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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.
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It's all CP today. There's a nice little gift for the folks that own CP. Unlock some of the conglomerate discounted value in those things.
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It's been quite a bizarre market. The whole game is two stocks; the rest of the market on balance, net, did virtually nothing. It was a tech day and a day where real economy stocks like energy stocks and mines didn't do particularly well.
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The banks had some great moves last week and so we're just seeing a little bit of consolidation.
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