Tom Schrader Selling Quotations

The selling today is long overdue after the recent rally. You're seeing a lack of buyers ahead of the Fed. You'll probably see more selling tomorrow as the meeting begins.

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 seems to be some natural selling, an extension of last week ... Terrorist activity over the weekend in Turkey led to selling in Japan and selling here; the earnings this morning were mixed, and you have no staggering economic news until Thursday, so people are taking some money off the table right now.

It's a continuation of the same concerns. People don't want to put money in when we have nothing but uncertainty on the international front. There's been so much selling already, but whatever is left is enough to drag the market down. People want to sit it out right now.