Big institutions are holding back their own capital. They're looking for an upside catalyst for stock prices. Any activity on the mergers and acquisition, buy-back or dividend fronts, mixed with good news out of energy or the Fed, would be a catalyst to bring the big institutions back into stock market.
More Quotes from John Augustine:
We could be into mid-July until we see the Dow break that record. It may take another round of earnings to give it that push.John Augustine
The stock market has an opportunity to break upwards if corporate CEOs and CFOs say some good things, or at least some neutral things, about the outlook,
John Augustine
Overnight, you saw good news coming out of the tech sector and we suspect they are good harbingers of things to come out of the earnings season for the next couple of weeks.
John Augustine
The markets are reacting very positively to the news out of Japan. They're literally starting at the funding level to the banking industry before they start raising interest rates. This seems to be taking some pressure off the cyclical sectors around the world.
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Many market observers are coming out with the belief that the market will break upward after the election. Such strong consensus views often don't turn out to be a reality.
John Augustine
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