There are many facets to the market. One facet has been that money managers have been willing to dip their toe in the water.
More Quotes from Larry Wachtel:
Now, this day prior to the long weekend, I don't think we'll have the cavalry charge at the close today. But I think this has legs. I think it could drive forward to, say, Dow 8500,Larry Wachtel
so you can see how narrow (the rally) really is.
Larry Wachtel
A lot of the market is beginning to resist the downside because it's already been hurt so badly. That's what I think will be the primary factor next week.
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
However, the history of the stock market is that everyone sells into the strength. So I'll be taking it one hour at a time. I'm in a show-me mood today.
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
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