Last quote by Peter Coleman
Peter Coleman quotes
Oil's quietly made a run here from $50 to [near] $40 with no one talking about it. … Are investors going to start dumping energy stocks again?
If the polling data changes dramatically overnight and it looks like the leave vote is much stronger, I think you definitely see some downdraft in the market tomorrow.
The turn (in stocks) started when Europe started to close.
Although oil is key, earnings will be the focus this week. Earnings were down but they beat expectations.
In general, unless something happens, we're still in an uptrend, end of quarter uptrend.
After a week like last week where you had three central bank meetings and quadruple witching, there's really not a whole lot going on this week with Good Friday and Easter being off. It's not a dramatic move here.
It's a bit cautious here because we took out a key level yesterday in the S&P and a resistance level, 2,025. You're at pretty lofty levels here.
That obviously's been a bit helpful, the stabilization in the currency.
I think the reaction was a little bit rash and quick after all the information that came out yesterday. I think the fact that our markets rallied and stabilized a bit helped sentiment overseas. You got all the key risk-on factors up today.
The S&P 500 went from being very oversold to very overbought in only three-and-a-half weeks. During that time, the S&P 500 vaulted a very impressive 10 percent and a little bullish fatigue is now kicking in.
In general, people think we've put in a bottom at $25 in oil and people just putting some money to work in the beaten-up energy and commodities stocks.
I think we've had a really, really powerful three-day runup. We're due for some profit-taking and I think that's what you're getting today.
Obviously you're going to have to bounce at some point. The biggest thing I've seen is the reversal in the biotech stocks.
For worldwide market sentiment, if China can stabilize it definitely can help markets stabilize worldwide. but that has to be sustained and oil is still driving the market.
We took out $34 (in WTI) and it's been down from there. 1,990 (on the S&P 500) was a key technical level and we blew through there. You've had the constant overhang (of oil) over the course of the day. When oil took it's last leg down that's when we started (falling).
Until we get some stabilization in oil we're going to have some problems in the market.
We took out 2,000 on the S&P 500 and 17,000 on the Dow. That (may be) creating some levels for some selling going down.