Art Hogan
Art Hogan
backing bit companies earnings energy handle high positive price season
We've been able to handle a lackluster earnings season so far. Energy companies haven't really come into the fray yet, so things may look a little better after they report. Another positive is that we're backing off a bit from the high price of oil.
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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.
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We're getting an oversold bounce. Telecoms are getting a boost because of the AT&T Wireless (news), ... Investors are going to buy those tech stocks that we're not necessarily worried about.
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We're in that dreadful point in investor psyche where bad news is bad news and good news is bad news,
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We spent the week worrying about yields and what the economic data would do. We managed to work our way through it. We finished off the week the best we could. Next week we have a host of economic data that may or may not change our mind. We'll see how it plays out.
catalyst further move run sort
We've sort of run into resistance, we need a significant catalyst to move us further and it's just not there.
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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 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 seen some really good stuff and some really rough stuff, ... The market has worked its way through a bottom, at least on the Nasdaq and S&P. Money is rotating, so that means it's staying in the market and that's good news.
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.
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We set the mark kind of high with the Goldman Sachs' report, so we're not positive its brethren in the space can follow through and equally outperform.
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We really have priced in a lot of bad news. Even if we continue to see a string of (negative) pre-reports, at some point in time, we're going to start to trend higher.
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The price of oil will be the main driver this week, particularly since there is so little economic news.
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The price of oil is acting as a natural drag on the U.S. economy and the global economy. It creates a great deal of investor uncertainty, ... as earnings reports start coming in, it's going to be what companies tell us about the next three quarters that determines if investors get off the sidelines.