Last minute tax-loss selling, that's why they stay open on the day before New Year's, so there might be some excitement, but it's just a beginning phase.
More Quotes from 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
There's a cautious backdrop (on Wall Street). We're heading to that glide path toward the Fed meeting. I think there has been a gravitation toward the cyclical stocks and away from the blue chips. And I think we'll continue to see movements into the papers and the metals.
Larry Wachtel
It was a respectable day. But after the (Fed) decision tomorrow, I think we can do better. I think the Street is braced for a no-rate-cut, no-rate-hike move from the Fed.
Larry Wachtel
Suddenly these inflation figures have a psychological impact.
Larry Wachtel
It's been a slightly negative day, but after three good days and three good months, I fail to see how this is going to be a significant problem. It's just a breather today.
Larry Wachtel
Tomorrow (Tuesday) we get numbers on industrial production and housing and big reports from Intel, Coke, Johnson Johnson -- maybe that can turn us around.
Larry Wachtel
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