Today's ISM services number was a disappointment. The economy can't improve if the only sector expanding is the consumers. And now the mixed retail result is raising concerns there, too.
There's ongoing, underlying strength in the economy, and that's important because as rates move higher, the durability of growth and the endurance of the momentum is very important for investors.
This is quite different than October of 1997.
The market is struggling for new direction. Each new piece of information on the economy is giving mixed signals,
The market's done really well considering it's September, ... I think that reflects the changing fundamentals and the fact that analysts are expecting better things from the earnings and therefore raising estimates and issuing upgrades, in particular, in the technology sector.
The market is being very rational where it's placing capital and the companies that can grow their unit volume, get revenues and earnings going at a 30 to 40 percent clip are being rewarded accordingly, ... I see nothing irrational about it.
We continue to be in this trading range, at the lower end right now, ... The only catalysts that can get us out of here in the next few weeks is some relief at the pump, lower oil prices and news about how much the Fed is going to raise rates.
We're in this transition period right now, getting ready for interest rates to start rising, which will happen June 30, and for second-quarter profit reporting season to start, which will be early July, ... Those things could get the market going again.
We've had a 7.5 percent correction in the Nasdaq and something more modest in the Dow and S&P 500 over the last six weeks, so you've got a little bounce right now,
I think there's a real lack of commitment in the market right now from both institutional and individual investors,