What you're seeing right now is that private equity investors, corporations as well as institutional equity investors are all picking and choosing through equity assets.
The market has been handed a lot of head winds, both today and over the last few weeks.
It's abnormal that all three should be active at the same time. That all three types of investors are willing to be active in the market shows that U.S. companies are very focused on efficiency.
It's been on people's minds that it might be a red October, which would be fairly typical. I think we'll see a tight market for the next few weeks, not much up or down, but then we should be able to see modest gains toward the end of the year.
There's some earnings optimism.
I expect the sell-off in oil prices is a good thing for the stock market. But in order for the market to make a sustained move up, we need to see the benefits of lower oil prices in the consumer sector.
The market will be focused on the Fed next week, on what the language of the statement might be.
It's been on people's minds that it might be a red October, which would be fairly typical.
Today, we're seeing a more muted reaction to the storm after a difficult first half of the week.