(CNBC) U.S. stocks trimmed their gains Friday afternoon, with the S&P 500 on track for its second weekly loss in three, as investors positioned for the end of the quarter on Monday.
“The last two trading days of the quarter, people are looking to take some profit. It’s a similar pattern to what we’ve seen in some of these momentum stocks the last couple of days. The market is telling us you should expect more volatility today and Monday. People are trying to figure out which sectors to be in the next quarter, and what things do I need to be lightening up on,” said JJ Kinahan, chief strategist at TD Ameritrade.
“When the market is trading in such a tight range, and the S&P 500 has been in a 40-point range for six weeks, people get trigger happy,” Kinahan said.
