I doubt the advance is done for the year. There are a lot of seasonal characteristics that are in play and there is still a lot of liquidity.
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There are many reasons to be optimistic -- corporate earnings have been strong, with more than 70 percent of companies in the first quarter exceeding estimates. The employment picture seems to be improving,Peter Brodie
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I think we've gone through this consolidation phase over most of the first part of the year, after last year's gains. I think it's natural to see that, but it's been difficult for investors.
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August through October, you historically have weakness. Even with a number of supportive factors in place right now, it's likely that these seasonal factors will kick in.
Peter Brodie
But in the short term, there's a lot of uncertainty, about terrorism, the presidential election and interest rates.
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