Today, there isn't any economic news, and the earnings news is having an impact on those stocks but not the broader market.
More Quotes from Douglas Altabef:
My sense is that you'll see a few more days of gains as a lot of money managers want to be long the market through the quarter end.Douglas Altabef
The market is clearly in a cha-cha mode. There's very little conviction and that's why we're seeing this kind of volatility.
Douglas Altabef
We were going to have a knee-jerk negative reaction to the Fed's decision no matter what, with so many different opinions on what should be done, but I think today, it may be that people are looking more closely at the statement and see it as the Fed saying things are slowly going in the right direction.
Douglas Altabef
It's always been a high-multiple stock among the retailers based on the reality of terrific business performance. Wal-Mart has many times in the last 15 years been a lousy investment possibility because it's priced so high. Our thinking is they've got to always be right.
Douglas Altabef
With Iraq off center stage, there is more good to focus on than not. The prospect of a double-dip recession will fade, I think.
Douglas Altabef
Profit news continues to be good, and we are seeing some relief from the profit taking of the last few weeks. But there is an ongoing tug-of-war between 'we've come too far too fast,' and 'the economic recovery is strong' and you're seeing that played out on a day-to-day basis.
Douglas Altabef
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