Some jitters likely before Budget: Advent Advisors

What is the market mood like currently?

I actually do not believe that the direction of the market has anything very much to do with what is happening domestically. Everything is being led by what is happening internationally and the announcement of the Fed yesterday was initially greeted with pessimism. But at the end of the day, I do not believe that discounted hike means anything at all to the market.

It is largely to show the world that action is being taken and once the market digested that, some buying came back in. If you ask me clearly, very little has changed since the last six to nine months that the direction of markets is being driven by what happens overseas and purely by liquidity factors and not fundamentals. But I do believe that there will be some jitters maybe immediately before the Budget. Depending on what actually happens in the Budget, you will see markets behaving in a certain fashion next week.