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.
More Quotes from 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
Sentiment had gotten so bad. People are wanting to start get back in.
Tom Schrader
A lot of the reason for the rally is that people think that everything's on the table. You saw a knee-jerk reaction this morning, with people selling on an initial reaction to the news, Europe being down so much and some weak earnings, like Kraft.
Tom Schrader
Everyone's always concerned about inflationary pressures, and the CPI will certainly give us a hint about that on the consumer side,
Tom Schrader
Oil is certainly creating some anxiety in the market.
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
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