I think we're going to see some sideways action this week. We had a nice run last week and there's a significant amount of economic and earnings news due out later in the week. I think people are taking a 'wait and see' approach ahead of that.
More Quotes from Tom Schrader:
They like the CPI news this morning and the action in oil markets, with oil down 2 percent. Investors are less worried about inflation, and with energy prices coming in a little bit, that will give more money for the consumer to spend.Tom Schrader
It seems that GM put a damper on things with some negative comments, and the economic numbers were a little weaker. They are both putting an overhang on the IBM news, which was generally positive. This is one of the biggest earnings days we have -- and people are going to be focusing more on the guidance than they are the actual earnings.
Tom Schrader
It seems to be some natural selling, an extension of last week ... Terrorist activity over the weekend in Turkey led to selling in Japan and selling here the earnings this morning were mixed, and you have no staggering economic news until Thursday, so people are taking some money off the table right now.
Tom Schrader
The selling today is long overdue after the recent rally. You're seeing a lack of buyers ahead of the Fed. You'll probably see more selling tomorrow as the meeting begins.
Tom Schrader
Any time a big stock like Honeywell is up 6 percent, that's certainly going to put a positive spin on the market.
Tom Schrader
It might be tough to keep up this pace, but the gains will probably continue. People are definitely putting money into stocks.
Tom Schrader
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