Jittery investors are beside themselves over what’s next for stocks. Worries persist that the market lacks catalysts yet nobody wants to miss a move higher.
"We're right at the precipice and people can't decide if the rally's still got room left or if we're priced about right and due for a sell-off," says Warren Simpson, managing director at Stephens Capital Management.
What should you expect?
Insights from the Fast Money Traders
I’m skeptical about this rally, reveals Guy Adami. If we see the S&Pclose below 900 it probably trades to 875.
After 7 or 8 weeks of screaming up it wouldn’t be shocking to see a rest here, speculates Karen Finerman.
I think we're in one of the rare moments in time when markets are fairly priced, muses Oppenheimer chief market technician Carter Worth. I don't see a big new move up nor do I anticipate big new lows. Instead the market will normalize.
I’m keeping an eye on the SPDR’s , adds Jeff Tomasulo of SMB Capital. If they can stay above $90, that’s a good sign.
The decline in short interest on the S&P combined with the decline in the Vix makes me bullish on S&P over the next few months, counters Jared Levy of Peak6 Investments. I’d play it with by selling the 82 puts in the SPY.
It’s worth noting in a Wall Street Journal editorial hedge fund manager Andy Kessler said in no uncertain terms, “this sure smells to me a suckers rally,” largely because “there aren't sustainable, fundamental reasons for the market's continued rise.”