Bryan Piskorowski
Bryan Piskorowski
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It's been a disastrous week and we're just limping along here -- ultimately we're in a profit recession and the question is how long will that linger, which is frustrating the plight of equities. In the bigger picture you have a market that is clearly unhappy, and that stems from the lack of visibility.
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Clearly trading here in the month of May feels more like August. But bottom line here, yes, we are, we're pinned in by interest rate uncertainty; we're pinned in by the Fed meeting coming up at the end of June. Obviously with those two things hanging over our head, the bottom line is the market really hasn't been taking a position on either side of the coin. In the last two weeks, we've basically been trading -- I can't believe this -- in the 10 percent range on the Nasdaq. But that's what it's been.
beating below clearly consensus earnings front mixed putting recent reported reports results suffering thus
After suffering from an oversold condition, recent earnings reports have clearly benefited the bulls. Putting this into perspective, one-third of the S&P 500 has reported thus far, with 72% beating the consensus estimates, while only 17% have come in below estimates. After some mixed results on the earnings front in tech, we are on the mend.
bulls earnings party stronger wine
Earnings have been good, but we're priced for perfection. The bulls want a stronger wine to keep the party going.
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This morning it was really a story of positive earnings on the tape and no major hiccups on the economic front. All in all, it's going to play out as a respectable but not blow-out earnings season.
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That kind of capitulatory downside will lead to bounces, but the question is sustainability and follow-through. That's something the market has been unable to demonstrate any credibility in doing so over the last three months.
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I think a week of profit taking is fairly healthy after the kind of run we've seen.
positive shift structural
You've got HP today. You also have a structural shift, a seasonal shift that is very positive right now.
market
The market is not going to be applauding this,
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It was really a story of positive earnings on the tape and no major hiccups on the economic front. You had decent reports from three sectors in general: industrial, tech and health care.
recovery
It's a mildly affirmative day as recovery makes the scene.
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Selling on the news has been the mantra for second-quarter earnings season. What's more has been the bull's inability to piece together any kind of winning streak. With sustainability in question and anxiety abounding about tomorrow's (Thursday's) Employment Cost Index and Friday's second quarter GDP, few players are willing to step up to the plate today.
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Stocks have put together a respectable run over the past few sessions, but we're not getting that warm and fuzzy feeling this time. With inflation fears kicking around and the April jobs data looming on Friday's horizon, skepticism is in the air.
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I still think it's a relatively fertile investing environment. There are better roads ahead and the market is generally going to try to consolidate and deal with a slowing economy.