“A problem with the banking industry is that it's very difficult to evaluate what loans banks have in their portfolios. At times like this, banks will come under selling pressure.”
“I think economic numbers are always important to the market. We're at a modest level of support here and I think that most people really want to see the market hold together until year end. But, it's really been weakening.”
“I don't think we're going to pullback right now, but I think we could pullback because we have been in this advancing phase. Our summer rally, it's been sort of a hard one to find. But we've been having a summer rally. So we could at some point, when we start running into resistance levels in the S&P and the Dow, have some sort of a pullback. But it will be a short term one.”
“I think that when investors gain confidence, they tend to move out of some of the Dow stocks, and into technology and biotech, and the more exotic areas of the market. That's why we've been having that swing back and forth.”
