Tom Schrader Lack Quotations

We're starting to get into that no man's land of lack of earnings, with most of the S&P 500 having reported already. We'll have durable goods orders tomorrow and beyond that, the market is going to have to count on the economic news and the price of oil for drivers.

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.

Oil is always a negative factor for the markets and that, combined with lack of economic data, is contributing to a lack of interest in the stock markets this morning. On the bright side, the series of company upgrades is certainly welcome.

The consumer confidence (index) this morning was better than expected, and the lack of negative pre-announcements has given people the impression that first-quarter earnings are going to be good.