NEW YORK (TheStreet) -- The S&P 500 is giving up some of Tuesday's gains, and currently trading flat so far in Wednesday's session. The Dow Jones Industrial Average is lower, while the Nasdaq is higher.
TheStreet's Gregg Greenberg is joined by Matt Cheslock, an equities trader at Virtu Financial. He said the price action isn't as bad as some might think.
He added that a lot of the weakness has to do with investors taking profits, especially in high-flying stocks like Twitter (TWTR), Netflix (NFLX) and Best Buy (BBY).
Gold and oil are both lower on Wednesday as well.
Cheslock suggested that there is some indecision among investors, with many looking for the sector that will provide them with growth.
Turning to earnings, which unofficially begin when Alcoa (AA) reports tomorrow morning, Cheslock said the company's report isn't that important.In the past, Alcoa used to be a big influence on the market and was a Dow Jones component, he said. Neither are true anymore.
He concluded that earnings should be a big driver going forward, especially now that the government shutdown is out of the headlines. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV