We're suffering from a dearth of information -- there's no economic news until Thursday.
More Quotes from Tom Schrader:
I think we're going to see some sideways action this week. We had a nice run last week and there's a significant amount of economic and earnings news due out later in the week. I think people are taking a 'wait and see' approach ahead of that.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
Sentiment had gotten so bad. People are wanting to start get back in.
Tom Schrader
We've got some weighty numbers tomorrow, with consumer sentiment and Chicago PMI due.
Tom Schrader
The concern is that we're very overbought right now.
Tom Schrader
I'm trying to stay positive but it's really hard. I guess one silver lining is that October, historically, has often been a period when we've been able to put in a good bottom and see real capitulation. We've already hit several lows this month and from a technical standpoint, it looks like because we are at such extreme levels, we really could see some sort of rally before the end of the year.
Tom Schrader
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