You had a lot of people buying ahead of the Fed meeting because they were hoping the tone of the meeting would be anything but what some of the comments were. They were hoping the tone would be geared toward seeing signs of improvement.
More Quotes from Nick Angiletta:
It's a lack of conviction to step back in. Everybody was hoping someone would come in on the buy side and find a new short-term bottom but I think we're setting ourselves up for a tough summer.Nick Angiletta
It's welcoming to see the market give a little back.
Nick Angiletta
I think people are excited to see this market stabilize this week and not give back all of its gains. It's just kind of wait-and-see right now.
Nick Angiletta
There really is not clear guidance to what the outlook is going forward.
Nick Angiletta
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