I wouldn't discount the likelihood that next week will be flat to lower. It's a holiday week, volume will be light, and after four up weeks we'll need a pause.
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
Lexmark was bad, 3M was good, and in general you've had that today, with the mix of earnings sort of canceling each other out, ... I think people are using this as a reason to take profits, particularly after the tremendous run we've had, and I don't think that's a bad thing.
Tom Schrader
It's a continuation of the same concerns. People don't want to put money in when we have nothing but uncertainty on the international front. There's been so much selling already, but whatever is left is enough to drag the market down. People want to sit it out right now.
Tom Schrader
Sometimes Greenspan tends to spin a web when he's talking, so I am not sure how many hints he'll give about the size and speed of interest rate hikes.
Tom Schrader
We had such big gains yesterday that it is not unusual for us to consolidate a little bit. Then, oil's down but gasoline is up and that is counterbalancing each other, ... The economic news we had this morning was less than inspiring.
Tom Schrader
The confidence number this morning was abysmal, and that's what shocked the market. The higher oil prices are definitely starting to have an impact on consumer spending.
Tom Schrader
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