Bryan Piskorowski
Bryan Piskorowski
downside last lead market question three unable
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.
market
The market is not going to be applauding this,
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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.
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Tech stocks brought us up from our Oct. 8 lows and have continued to lead the market higher. When they go down it's going to drag the rest of the market with it.
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This is more a digestive phase. You have a market that's grasping and hoping to try and put a finger on the bottom.
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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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The market continues to be correlated with oil prices, and the volume is thin, which tends to exacerbate any moves the market makes. That having been said, we have managed to recover from the morning's lows, which is a positive.
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A couple of days of profit taking is healthy and I wouldn't be reading too much into it. The discounting nature of the market being what it is, we just got a little ahead of ourselves.
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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.
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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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I think a week of profit taking is fairly healthy after the kind of run we've seen.
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You've got HP today. You also have a structural shift, a seasonal shift that is very positive right now.
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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.