Ned Riley January Quotations

The bottom line is clearly the Fed has dashed the hopes of a hiatus after this January increase.

The rally in the first two weeks of January was based on expectations that we would have a decent reporting period. Largely, that's been true, with many earnings reports meeting or topping estimates. But unfortunately, the commentary about the future has been a huge downer. That's one of the things holding investors back now.

I don't believe in these kinds of indicators, but I do believe in momentum. The momentum in January was good and I do think we will have an up year, but not because of an indicator.