“The market in general is people throwing in the towel,” says Michael Cohn, chief market strategist at Atlantis Asset Management. “Bear markets go from denial to panic to despair, and we’re at the despair point, which I’m hoping is the last of the stages.”
“We’re so deeply oversold I would think the market would start to recover and rebound pretty significantly,” says Chip Hanlon, president of Delta Global Advisors. “But I think the market’s deciding that this is going to be a prolonged and painful recession. I think that’s a fair conclusion, so were getting these fits and starts.”
“Even if they report good numbers, it’s the guidance going forward,” Cohn says. “As a CEO in this type of environment, if you paint a rosy picture going forward you’re going to be thrown in jail.”
“There’s nobody on the other side of these trades,” Michael Kresh, president of M.D. Kresh Financial Services, says of the hedge fund situation. “The reality is there’s nobody willing to come up to the plate and buy until they feel this is all over...Every time we get a nice up trade there’s a possibility that somebody needs to liquidate and they’re liquidating toward the end of that up day or the next day.”
-CNBC
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