Is that a good sign or a bad one?
Top trader Jim Iurio tells Larry Kudlow that essentially he thinks the market breathed a sigh of relief.
With the worst of Hurricane Sandy squarely over, loss of life was minimal, yet the amount of rebuilding needed was substantial.
That kind of environment bodes well for a wide range of stocks - including home improvement stores such as Home Depot, generator makers like Generac and materials makers such as Eagle Materials.
"The stock market seems to believe companies such as these are going to see a lot of business," said Iurio.
And although he concedes the uncertainty of the election has been a problem for stocks – he reminded Larry Kudlow that within a week there will be certainty.
All told he said, "I like the stock market –I think it could be putting in a bottom. Sure we could see 15 handles lower on the S&P but I expect problems to be solved sooner rather than later.
Iurio is a buyer.
Jim Lacamp of RBC sees the markets a little differently. He tells Larry Kudlow that he views Wednesday's action as a sign the market is more worried, than anything else.
Although he agrees that some stocks such as Sherwin Williams and Lumber Liquidators may have the wind at their backs for the next 3-4 months – broadly Lacamp is cautious.
Ultimately Lacamp believes the lackluster move in the market is a sign that macro-issues such as weakness in Europe and the slowdown in China remain serious obstacles.
"The market itself is facing serious headwinds. We've got some problems that just can't be fixed overnight. Long-term I think it may be hard for stocks to rally," he said.
"The Kudlow Report" airs weeknights at 7 p.m. ET.