All the numbers we saw this morning were good for the market's purposes. GDP growth was certainly positive. Maybe there was a little disappointment that jobless claims didn't drop more, which doesn't bode well for next week's monthly unemployment number.
More Quotes from Tom Schrader:
We have negative news coming out of the home builders this morning, and obviously that's been an area that has led the economy.Tom Schrader
It's a pretty good rally today but not tremendously strong. The breadth is good, but I'd like to see the volume a bit stronger.
Tom Schrader
I don't think people have set aside dollar concerns long-term or even intermediate-term, but definitely right now, short-term, people have calmed down about it.
Tom Schrader
Intel and a Barron's online article about slower PC sales hit the techs in the morning, but I don't think they said anything that hasn't been said or hinted at recently.
Tom Schrader
This is more or less a continuation of the October effect. Since about mid-October, we've been rallying and that's traditionally the time you're going to see that. We've had some nice earnings reports in the last week supporting a rally and we're probably going to continue to see that.
Tom Schrader
The payroll data Friday is going to be the big swing factor. Ahead of that, I would expect that we could drift a little higher, but nothing too substantial.
Tom Schrader
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