There was some light profit-taking ahead of the (Easter and Passover) holidays. Volume is not that heavy and people are just waiting on the sidelines.
More Quotes from Peter Cardillo:
Obviously, this is going to raise the level of speculation and fear. And the news may impact oil prices, sending them higher, which would cap equities.Peter Cardillo
There's no question it's earnings-driven. The rally continues to move ahead but on a rotation basis. There are two things driving the market - earnings and economic data. Today's market seems more based on earnings than economic data.
Peter Cardillo
It is good news since we did not get any surprises on the upside, but by the same token, the Fed already made its decision, not changing its bias or interest rates.
Peter Cardillo
The key is obviously inflation. A lot of inflation talk could reverse the thought that the Fed is ready to pause after the January meeting.
Peter Cardillo
I suspect over the next session or two, we could see more selling, as investors await all the economic news due next week,
Peter Cardillo
In the past five to six weeks, blue chips got battered somewhat. As we approach the end of the quarter, now that they've come down in price, institutions are focusing on them again.
Peter Cardillo
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