There's a benefit of the doubt that most of these companies have hit bottom and I think there's still an element of investor psychology to spread the wealth.
More Quotes from Charles Payne:
The damage is already done. Investors are willing to go in and buy on the weakness. There is enough conviction that 25 basis points (one-quarter percentage point) is already built in.Charles Payne
It's amazing. It just seems that Bush and the administration did not really get the message. We know that Republicans are the get-tough party, and they're going to ask for longer prison terms, but he hasn't addressed the problems of the accounting issues game itself.
Charles Payne
However, there's some concern as to what 25 basis points will really do, ... The time to look at the Fed's impact on stocks may not really be tomorrow, but rather Thursday. If we only get 25 points and then weekly jobless claims are really poor, you could see some selling.
Charles Payne
We knew it was coming but there were some rumors of a possible 50 basis point cut (a half a percentage point) and every time that happens it sets us up for disappointments. The reality is a very large majority of people don't know how to react to this so they're taking their cue from the market. It's really indecision.
Charles Payne
With the low volume, if we have some good news on Friday, we could get a nice jump,
Charles Payne
Historically, these types of declines haven't really been bad news for the market because they force the Fed to take action.
Charles Payne
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