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[video] Quick Take: Markets a Mixed Bag Before Alcoa Kicks Off Earnings

Stocks in this article: SPY DIA QQQ TWTR NFLX BBY

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.

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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