Last quote by Bruce Bittles
Bruce Bittles quotes
We've talked about a transition from a central banks-driven market to an earnings-driven market, and that is what we're seeing here.
You have a market that's restricted to the upside because of high valuations ... and to the downside you're protected by record-low interest rates. The market has stayed in the same place.
I think Hillary Clinton did pretty well. I think she was better prepared than Trump. Whether the debate will mean anything (remains) to be seen.
We've lost the upside momentum we've had. The trend is positive but the trend is neutral.
The focus of attention this week is on the U.K. vote on Thursday. It looks like overnight the polls tightened up a little bit. It's a pretty nervous market. Nobody has any profits for the year. The last thing you want to do is get caught in a downdraft.
It's a different situation than in previous years when you could buy the dip and be very confident. Here you have a trend that has turned negative and a Fed that is far less friendly than in 2012, 13 or '14.
The market's been hurt in the past two-and-a-half weeks by strong openings. That invites selling. Today the market opened sharply down and that shows a lot of pessimism here and may help turn things around.