One Potential Catalyst That Could Shake Up Markets: Tom Essaye Quoted in Barron’s
Stocks Close Lower, Pausing November Rally
Sevens Report Research’s Tom Essaye told Barron’s it looked like a “wait and see day” ahead of the personal consumption expenditures price index on Thursday, among other data points ahead.
“More times than not, if you’re wondering what’s driving markets right now, it’s usually yields,” Essaye said.
As the end of the year approaches, Essaye thinks it will take a major surprise from the upcoming data releases to send stocks tumbling.
“The bar to get people to heavily sell stocks is pretty high, considering if we can just kind of hold on right for the next five weeks, then we put in the books a pretty good year,” he said.
He said that will change once the calendar flips to 2024, when the market will have to live up to high expectations priced in by traders.
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