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.
More Quotes from Tom Schrader:
They like the CPI news this morning and the action in oil markets, with oil down 2 percent. Investors are less worried about inflation, and with energy prices coming in a little bit, that will give more money for the consumer to spend.Tom Schrader
We're starting to get into that no man's land of lack of earnings, with most of the SP 500 having reported already. We'll have durable goods orders tomorrow and beyond that, the market is going to have to count on the economic news and the price of oil for drivers.
Tom Schrader
A strong payrolls number would be important for the market and could get the indexes moving as it would enhance hopes that the labor market is improving, which ties into consumer confidence and consumer spending.
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 news that Bush was aware of or maybe authorized the (intelligence) leak is what's causing the weakness in the market.
Tom Schrader
It might be tough to keep up this pace, but the gains will probably continue. People are definitely putting money into stocks.
Tom Schrader
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