The market is clearly in a cha-cha mode. There's very little conviction and that's why we're seeing this kind of volatility.
More Quotes from Douglas Altabef:
We expect the year to end 2 to 3 percent higher or lower than where it is now. The case for it going down is a massive run of profit taking. The case for it going up is people wanting to get a jump on the January rally.Douglas Altabef
My sense is that you'll see a few more days of gains as a lot of money managers want to be long the market through the quarter end.
Douglas Altabef
There's no real compelling reason for stocks to be up. But you've got little new news and there's an upward bias, so we're up today after a few days of selling.
Douglas Altabef
You're really going to need to see some bellwether companies saying the quality of earnings is improving and that it's due to growth, not cost-cutting, before investors are going to be willing to set aside the skepticism.
Douglas Altabef
On a macro level, we are at the beginnings of an economic recovery, not as fast as some people want, and we may have some altercation with Iraq in the next six months. That uncertainty is putting the foot on the accelerator and pulling it off the accelerator at the same time.
Douglas Altabef
I think as the year goes on there is going to be more conviction about an economic recovery. I think the market's sort of sideways with an upside bias at least for the next couple of months. I think we'll have a nice fourth quarter.
Douglas Altabef
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