Technically, the market still looks pretty good despite the light volume we've seen this week. But we're probably not ready to break out above this level until we get a better read on when the Fed is going to be finished up raising rates.
More Quotes from Jeff Kleintop:
There is disappointment in the stock market that they gave no sign that they're any closer to being done.Jeff Kleintop
You still have a lot of uncertainty, and the jobs report tomorrow, which will set the stage for what the Fed could do. You're just not going to see a lot of buyers in the market ahead of that.
Jeff Kleintop
What he's coming through very clearly and saying is we will probably pause soon but don't assume we're done because we pause. ... But I think the market is just reacting to 'Hey, hey, Ben said we might be done soon'. Whenever you take a little uncertainty out of the picture, well, the market is going to like that.
Jeff Kleintop
Today (Wednesday), a lot of people are on the sidelines, but I think generally investors are beginning to return to the market after they were vacant in the first three weeks of the year, ... Mutual Fund inflows have shown that.
Jeff Kleintop
It's not a sector play. There's no real huge leader like tech was in the '90s. It's about finding the right company with a compelling story.
Jeff Kleintop
All of these things point to an improving environment for stocks, but the outlook for the year remains flat, ... I would think the SP 500 will trade in a range of about 1,075 to 1,125 until the fourth quarter.
Jeff Kleintop
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