Rich Barry, floor governor at the New York Stock Exchange and one of the most bullish traders we know, just sent out a pretty cautious email.
On Monday, Barry said that while markets are looking past the first 3-and-a-half days of trading action ahead of Thursday’s Fed decision, something else has changed: the market doesn’t look ready to keep grinding higher.
“Regardless, when looking at the big picture, we think it may be time to sell rallies in the market. Until we can see the market extend to fresh new highs, we think the game has changed and we may find ourselves in this ‘consolidation-mode’ for a while. Just a gut-feeling…”
We’d note that over the last year Barry has consistently been bullish and a believer that while dips may occur, we’re in the midst of a new bull market.
Barry is also a disciple of legendary floor trader Art Cashin, the director of floor operations for UBS who has been on the NYSE floor for half a century.
And so while this is just one person’s view on the stock market — and not necessarily an outside view at that — Barry’s revised, and cautious, outlook on the market caught our eye.
On Monday stocks were lower across the board, but considering the recent volatility we’ve seen, not doing much, with the Dow off 58, the S&P 500 off 8, and the Nasdaq off 16.
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