Marc Pado
Marc Pado
growth positive rather
Most everyone has rather positive expectations for double-digit (corporate earnings) growth for the first quarter. That is already 'baked in the cake'.
companies given interest likely negatives restrained rising statements
And the forward-looking statements that companies are likely to give will probably be restrained given all the negatives that companies see: rising interest rates, rising mortgages, a lot of concern.
attempt failed favor high momentum swung
The momentum has swung in favor of the bulls, but we need to keep it going or it will look like another failed attempt at new high ground.
bit positive rise
It's a little bit (bond) positive because GDP did rise as expected.
attention good greenspan market news raised remove shifted time
Any time you remove uncertainty, it's good news for the market. Having raised the question, the market has shifted its attention to Greenspan from earnings.
bulls work
The bulls have some work to do today.
afternoon event sets tone
It's probably going to be the one event in the afternoon that sets the tone for how we finish.
broken clear current earnings expect expected fed focus levels rate shift support supports
Those very short-term support levels were broken yesterday, but the supports under the current levels are substantial. Now that the Fed has made it clear that we will see one if not two more rate hikes, the uncertainty has been removed. We expect the focus to shift to first-quarter earnings results, and they are expected to be good.
ball broken crude curve focus high hit markets needs news question tone turned yield
There is no question that the tone has turned more positive. We haven't broken out yet, but the markets are poised. Now all we need is for the news to hit the ball out of the park, and it needs to be perfect. Crude is still high and the yield curve is still flat, but the market's focus is on other things right now.
bulls continued crude help market obstacles positive rally reinforce represent retail sales strength support weakness
While we would like to see a follow-through day, the positive implications from yesterday's rally should help reinforce a support under the market at Tuesday's intraday lows. Weakness in same-store retail sales and continued strength in crude will represent the first obstacles for the bulls today.
coming date flows money tax
With the tax date deadline, you're getting money flows coming into the market.
last perhaps yesterday
Yesterday was perhaps as technically disappointing as last Friday.
continue expected fed market needs question recent retail sales shows slowing whether
Yields, especially on the long end, have been dogging the market in recent weeks. And retail sales down more than expected shows enough of a slowing to question whether or not the Fed needs to continue to act.
hikes impact quite rate
We're not going to feel the impact of these rate hikes for quite some time.