Massocca said he doesn't see a reason for a big sell-off, but he's not terribly positive either.
"I don't see any reason for the market to break out to new highs. I don't think we're going to see 2,200 higher. There's a lot of areas of the market that are doing very poorly. It's a very mixed bag right now, so looking at an index, it's hard to draw a conclusion because there's so many individual stories out there." He said everybody likes a handful of stocks, such as Amazon.com and Netflix.
The Fed may raise rates in December by 25 basis points, but Massocca said it's not likely the central bank will do much more next year and that shouldn't hurt stocks.
"My view is they want to get off zero but I don't think they do much more than that," he said. "I'm seeing a lot of fear and loathing in interest rate sensitive areas — end of cycle concerns, commodities concerns, international concerns. It's not an environment where the Fed is going to get particularly frisky."
Besides the Fed and data Thursday, there are still a few retail names reporting earnings. Best Buy and The Buckle report ahead of the open, as does JM Smuckers. Gap, Ross Stores, Williams-Sonoma and Fresh Market report after the bell, as do Autodesk, Intuit, Mentor Graphics and Splunk.
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