Today's market action is driven by the slower GDP growth rate. Despite oil being higher, I think the GDP kind of overruled everything and just makes the market feel better about what the Fed is going to do, or rather not do.
More Quotes from Scott Wren:
Energy prices really have fallen to a distant second as far as concerns for the market. The big concern is whether the Federal Reserve is going to keep raising interest rates and, if they do, whether that's going to slow the economy too much.Scott Wren
There seems to be a lot of uncertainty about what the Fed is going to say. It seems a little early, given the meeting is next week, but I do think people are just waiting around for better news.
Scott Wren
Technically, today looks bad as far as market action goes. It reminds me a lot of late 1999 to early 2000 when people thought the good times would never end. Now they think the bad times are never going to end.
Scott Wren
The attention focuses on higher profile misses, and we had a couple early in the season. Since then we've had some good numbers.
Scott Wren
The economic news has been very good, but the Fed remains somewhat of a mystery. It's the same problem that's really held us back all month and it'll continue to be a problem until we get some more clarity from the Fed.
Scott Wren
There's not a lot to trade off. You're going to see just some back and forth trading.
Scott Wren
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