The concern is that we're very overbought right now.
More Quotes from Tom Schrader:
This is more or less a continuation of the October effect. Since about mid-October, we've been rallying and that's traditionally the time you're going to see that. We've had some nice earnings reports in the last week supporting a rally and we're probably going to continue to see that.Tom Schrader
I don't think people have set aside dollar concerns long-term or even intermediate-term, but definitely right now, short-term, people have calmed down about it.
Tom Schrader
The consumer confidence (index) this morning was better than expected, and the lack of negative pre-announcements has given people the impression that first-quarter earnings are going to be good.
Tom Schrader
More than half the Dow stocks are up. People are putting money into mainstream companies looking for quality and less volatility.
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
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.
Tom Schrader
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