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.
More Quotes from Charles Payne:
I think it's a good sign that investors want to buy this market, but there still hasn't been any catalyst.Charles Payne
On down days it's been light, and on up days it's been huge, so that's a sign that investors want to buy this market.
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
Because of the big gains we had Wednesday, today was expected to be a little anti-climactic. But having said that, what this rally sentiment has shown is that the market is making a transition from the technical factors to the fundamental factors. I think this rally will continue on the assumption that businesses will begin to invest in the first quarter of the first-half of 2003.
Charles Payne
The consumer confidence and housing data were hopeful but not enough to reinvigorate a market that needs a break, ... We need numbers to beat estimates. Also, today's data put lots of pressure on tomorrow's (Wednesday's) personal income and (University of Michigan) consumer sentiment numbers to show improvement.
Charles Payne
There's a recognition factor that any of the so-called economic problems that faced the tech stocks also face any other company. Uncertainty is ruling the market and most of the people who have been on the sidelines are still on the sidelines.
Charles Payne
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