Larry Wachtel Strong Quotations

I'm amazed at how well the market has held. This sideways action shows a very strong market.

It's becoming a day-to-day struggle between bears and bulls. Once oil and yields move to highs, the bears take advantage. Those are the twin dreadnoughts of the market. But earnings news has been strong and has kept bulls on top.

Negative guidance from Intel kicked off a new selling wave in beleaguered technology, while the February job figures turned out to be strong enough to raise some doubts about aggressive Federal Reserve ease.

We have good earnings today, but there's just too much good economic news. We're increasing the likelihood of a rate hike in June. The data are coming in stronger than expected, so the Street is expecting another hike. The better the news, the more likely the Fed will tighten. It's a strange phenomenon that good news can be bad news.

Basically, the (people on the) sidelines are coming in. The economic signals are just too strong to ignore.