Art Hogan
Art Hogan
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We're seeing a nice handful of earnings today. That is going to be the driver. The other driver, or the thing that's not going to hold us back this quarter, and I would argue has held us back the last three quarters, is the consensus is the Fed is done for the year, ... We don't have a credit tightening cycle to go through and we're seeing terrific earnings. So I would argue that the focus returns now to earnings growth, revenue growth, the strength of corporate America and not necessarily the macro-economic themes like monetary policy which have been on the forefront for the last couple of quarters.
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We're seeing better earnings news in corporate America. That's what the market is celebrating, ... We made major collateral damage to stocks in the last six weeks and over a larger 2-1/2-year period. What's happening now is that the market is bottoming out and is building a higher support base in the process.
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We're starting to see that companies are starting to admit that the second half is going to be slow, so that's a lingering fear,
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We're still in the pre-reporting season, so, we'll hear more warnings from corporate America, hopefully more positive than negative in terms of guidance.
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We bought on the rumor and are selling on the news, ... We've priced in the victory here. There's very low participation -- there's just no money in the game. Folks are starting to shift focus now.
cross currents funds talk
There are a lot of cross currents today. And there is talk that one of the big hedge funds is going under the waves.
low next players sleepy volumes
There are sleepy volumes and low participation. There are no players around. Next week, unfortunately, is going to be the same.
deal obviously
When you see a deal of this size, obviously (Washington Mutual) is still acquirable,
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We have to get used to the fact that the emergency level of the fed funds rate is behind us, ... The sooner we become cognizant of the fact that the global economy won't be crushed and corporate earnings won't roll over, the sooner the market will fight its way to trend higher.
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We've shifted focus here. It's been earnings, earnings, earnings all week, now its the economic reports, ... Unfortunately, it's a mixed bag and the biggest surprise was the GDP reading.
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We've sort of gotten through the meat of earnings season, and we're going to start focusing on the state of the economy.
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We've sort of run into resistance, we need a significant catalyst to move us further and it's just not there.