Bryan Piskorowski
Bryan Piskorowski
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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.
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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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I think the fact that the election is so close is having an effect on the Dow. It's (the race) so close here that little bits of nuances like a 24-year-old story on George W. Bush is having an effect on stocks.
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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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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.
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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'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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We're hoping for the 'bad news is good news' syndrome -- that we will continue to see signs of a slowing economy and that will make the Fed more accommodating.
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We're seeing some weakness, which is not surprising. We've had pretty sizable gains in the last two days, so you're seeing a little rotating out of sectors and some profit taking. However, I wouldn't be surprised if we see a little bounce after we get through the morning.