It doesn't tell you anything in terms of the fundamentals. I think there will be a bet made tomorrow (Tuesday) and early Wednesday that the Fed goes 50 basis points (a half-percentage point). If it pays off, I think there will be a trading flurry.
More Quotes from Larry Wachtel:
The only thing that was positive today was that there was nothing negative, especially no lousy economic reports that we've had over the last four trading days. The summer doldrums have not appeared so far.Larry Wachtel
Clearly, the gulf between technology and the rest of the market was so wide it was impossible to sustain. And there had to be a correction somewhere and the correction is under way.
Larry Wachtel
Attention will be focused on the statement that follows the 215 p. m. ET rate announcement, as it will give us a better indication on the Fed's future course of action. Noteworthy is that the tendency has been for the market to rally ahead of the Fed meeting and to sell-on-the-news after the announcement, ... While the market is advancing, it is on light volume due to this being a Monday in the slow month of August in front of tomorrow's economic policy uncertainty.
Larry Wachtel
This is the first day of the month, you may have seen some end-of-the-month portfolio selling dissipating, ... And this is the day that Microsoft is distributing 33 billion in cash, so there is some anticipation of that finding its way back to the market.
Larry Wachtel
The weakness from Friday carried forward to the international markets and we could get a horrific open here today. The concerns stem from the rising rates structure and what we got on Friday was something of a good news, bad news syndrome.
Larry Wachtel
The traders wanted 75 basis points (three-quarter percentage point) so they sold on the news. After the traders sold, investors stepped up to the plate (to sell).
Larry Wachtel
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