I think the record-high oil prices are still weighing on the market. Also, the Merck news is now spilling over to Pfizer, JJ and the blue chips.
More Quotes from Joe Sunderman:
I just don't see a whole lot out there that could push us a lot higher. The most positive thing we could see over the next few weeks would be for stocks to trade in a range.Joe Sunderman
We've had pullbacks in the price over the last few months, and the prices have always rebounded, so there's some wariness, ... You need to see a more sustained decline in prices over a longer period of time.
Joe Sunderman
I think it's good that thus far the market has been able to put back-to-back up days together and to hold on to those gains today.
Joe Sunderman
I think everyone thought there was going to be an election overhang and as a result of that, a lot of people had money sitting on the sidelines. The fourth quarter is generally pretty strong for stocks, and that proved true this year as well.
Joe Sunderman
Oil continues to dominate trade, with crude at or near the highs. Worries remain about how high prices over the long term will impact consumer spending, the economy and interest rates.
Joe Sunderman
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