Why the Markets Won't Be Going Anywhere Fast
"The market has the emergency brake on [until the elections] and the long-term investors have fled the market," Weisberg says. That helps explain why volume has been light for much of the summer -- and why the S&P 500 ($INX) has been stuck around 1,080 since mid-May.
"Economically, nothing has happened [for months]," Weisberg says. "And the outlook has gotten grimmer." Whether rightly or wrongly so, the market thinks President Obama is anti-business, Weisberg says. He believes investors will mark time until the November elections before committing new money to stocks.
For more on Weisberg's view from the floor of the New York Stock Exchange (NYX), see the video below: