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[video] Quick Take: Dow Gives Back Gains

Stocks in this article: SPY

NEW YORK (TheStreet) -- The markets opened higher on positive Chinese economic data but the Dow, while still up, was much higher earlier and the S&P 500 is now near its session low Friday. TheStreet's Debra Borchardt looked at the news with Jon Corpina of Meridian Equity Partners. 

While at first glance the Chinese data looked good, Corpina said that once market participants broke it down it wasn't as positive, with large corporations growing and small companies floundering. 

Corpina added that while the financial and energy sectors play an important role in a rallying market, they seem to have gotten ahead of everything else. Now, the others sectors are playing catchup and these two sectors are pulling back.

Corpina said there's a lot of uncertainty still in the market due to the threat of another government shutdown, this quarter's earnings and economic data. We also lack a catalyst to move markets in either direction at this point, he added. 

He said the markets have barely budged on bad news over the past several months, while the good news has slowly pushed markets higher. He concluded that it's unlikely anything will derail the market over the next six to eight week, ahead of what he expects will be a "Santa Claus" year-end rally.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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