Zeev's Turnips Patch-No Politics (ZEEV)

[marketmaven]

Hey, Fred? These guys are "daydreaming about the Hamptons"

Floor Talk : Regarding this morning's sell-off, some traders on institutional desks that we've spoken to say the key question for most money managers now is, why buy stocks when imminent rate hikes, Iraq, high oil prices (now above $40), lofty valuations in many groups, a deteriorating technical picture, and an uncertain presidential race continue to loom over the mkts? In short, today's trading is a classic case of a lack of buyers, as opposed to panic selling. As the aforementioned concerns continue to outweigh upbeat earnings reports, the sentiment on most desks will continue to be negatively biased until there is some sort of catalyst to induce money managers to stop daydreaming about the Hamptons and go back to accumulating stocks.