Tom Schrader Rally Quotations

I think the rally got started by news of the super-secret meeting with the Iraqi military this morning and just kept going from there. Everybody loves equities and the dollar today and everything else is down.

We're definitely kind of seeing a little bit of a year-end rally here, and I would expect it to continue this week.

We've got a big rally in tech going and it's a nice change of pace.

A lot of the reason for the rally is that people think that everything's on the table. You saw a knee-jerk reaction this morning, with people selling on an initial reaction to the news, Europe being down so much and some weak earnings, like Kraft.

It's a pretty good rally today but not tremendously strong. The breadth is good, but I'd like to see the volume a bit stronger.

I'm trying to stay positive but it's really hard. I guess one silver lining is that October, historically, has often been a period when we've been able to put in a good bottom and see real capitulation. We've already hit several lows this month and from a technical standpoint, it looks like because we are at such extreme levels, we really could see some sort of rally before the end of the year.

This is more or less a continuation of the October effect. Since about mid-October, we've been rallying and that's traditionally the time you're going to see that. We've had some nice earnings reports in the last week supporting a rally and we're probably going to continue to see that.