The number today struck me as neutral. More stocks are up than down, and that's the ultimate test.
More Quotes from Donald Selkin:
We've had moon shots over the last few days, so this is natural. The market is digesting a lot of the gains it has made. The important thing is there is an asset allocation shift that has followed through from yesterday, with people getting out of bonds and into stocks.Donald Selkin
Normally, lower rates would be seen as a positive for stocks, but in this case, it seems like the Fed is behind the curve and the Fed is supposed to be leading us out of this. For months people have been talking about the disconnect between the economy and stock prices. Now it's starting to seem like that disconnect is narrowing.
Donald Selkin
The silver lining on this is that it confirms that the Federal Reserve will not be raising interest rates anytime soon, which is good news for the market.
Donald Selkin
I think tomorrow (the Fed) will do nothing. But the talk now is that they might move toward a tightening bias.
Donald Selkin
Individual stocks can go up, but the market is too overbought internally and there is too much complacency for a rally.
Donald Selkin
The market may be overreacting to stock news that really isn't so terrible. For some reason, Home Depot's news is being seen as really negative.
Donald Selkin
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