I think the question the market is struggling with is whether we are concerned about inflation and too strong an economy, or if the Fed is raising interest rates too much and cooling things off. So we have a little pause in the market today as it tries to work this question out.
We had a really strong rally, ... and there's the likelihood of seeing a significant correction through the end of October.
This is a really tricky time for investors, because there is such a strong seasonal tendency for markets to struggle.
I'd like to see the market turnaround right here, hold Friday's lows and move higher, ... If we don't hold (the lows) it's a real strong sign that you got to take this market lower to get it fully oversold.
The Fed is going to have a hard time stopping their increases if the economy seems to be gaining strength. I think the Fed will have a very hard time talking down the inflation hawks if the data comes in stronger than expected.
Today we should get some idea of just how strong the bears are. Yesterday's lack of reaction implies traders don't think the bears have much of a game here.
And Wrigley has been very strong for some time, continues to move higher, ... Just had another breakout to a new high. There are lots of stocks in this market that are doing quite well. They just aren't technology stocks.