The stock market rallied late last year and early January because people thought we were near the end of the rate cycle, but now they're less sure.
Stocks have basically been predicting the economic slowdown since January and we've seen that anticipated weakness in the recent numbers.
I'm not sure what's holding investors back, but I'm not anxious. January was a pretty typical month and I think it's only a matter of time before markets do better. I'm just not sure what the catalyst will be.
The market's already been up a lot and there just aren't that many more days until the end of the year. People are looking at what happened in last year and thinking we might see a January pull back.