Stocks reversed course just before noon today breaking into positive territory, but not with any kind of authority. NYSE floor trader Keith Bliss of Cuttone & Co. says expect more of the same for the foreseeable future.
“The markets will be in a tight trading range,” he believes. “All the hot spots around the globe seemed to have calmed down for some time. Outside of any exogenous event that we can’t predict right now, I expect the markets to be pretty ambivalent as we go through the next couple of weeks.”
He says the next real shot at a catalyst up or down is the March Federal Reserve meeting.
Despite trading at fresh highs, Bliss says stocks have room to run in this environment. “The path of least resistance is upward for this market and I believe that as long as we get calming tones out of the Fed, out of Europe, out of China you’ll continue to see this thing grind higher.”
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