I think the rally got started by news of the super-secret meeting with the Iraqi military this morning and just kept going from there. Everybody loves equities and the dollar today and everything else is down.
More Quotes from Tom Schrader:
I wouldn't discount the likelihood that next week will be flat to lower. It's a holiday week, volume will be light, and after four up weeks we'll need a pause.Tom Schrader
Oil is always a negative factor for the markets and that, combined with lack of economic data, is contributing to a lack of interest in the stock markets this morning. On the bright side, the series of company upgrades is certainly welcome.
Tom Schrader
If it's 25 basis points and the bias is neutral, they're going to sell it off. If it's 50 basis points and neutral, they'll sell it off. You'll probably see a smaller bout of selling if it's 50 points, because although that would mean the economy is doing worse than we've thought, it would also signal that the Fed is not going to cut again for a while.
Tom Schrader
Economic numbers this morning were very story and could give the Fed more ammo to possibly continue their rate hikes past May. Most of the numbers we've seen over the past few weeks have been stronger than expected.
Tom Schrader
Everyone's always concerned about inflationary pressures, and the CPI will certainly give us a hint about that on the consumer side,
Tom Schrader
I think people are very worried that this is going to stretch out, particularly if it's close. No one knows who is going to win, or when they will win, and there's still talk of terror activity around the election.
Tom Schrader
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