Michael Sheldon Last Quotations

The market tone has improved over the last week or so,

Pepsi's report looked pretty positive, in addition to Cisco, which is a bellwether in technology industry. Cisco's results last night were certainly a positive.

The technical trends of the market and the sentiment has improved over the last few weeks, plus there are seasonal factors working in the market's favor.

I think the last few weeks have probably been frustrating for investors. Earnings have been very positive, but the focus has been on interest rates. Over the next few sessions, it looks like the fear of higher interest rates will probably outweigh the earnings.

Markets are in a trading range right now, consolidating gains after the last few months. A lot of investors were looking to this week's data as a way to break out of the range, but what we've seen has left enough doubt in the minds of the bulls that we aren't likely to break out of this range in the next few sessions.

We're really seeing almost a stealth rally today. Some of the most beaten-down groups of the last few days -- like airlines and retailers -- are seeing gains. But it's not just them. Five out of 10 S&P 500 groups are up at least 1 percent.