Michael Sheldon
Michael Sheldon
Michael Sheldonis a former Australian rules footballer who played with Essendon in the Victorian Football League...
footing market poor start trying
The market is trying to find its footing here, amid what has been a poor start to the year.
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Right now, I think the market needs a catalyst in order to get out of this difficult environment. Hopefully if oil prices continue to decline and move back into the mid $50s, that could turn sentiment more positive on Wall Street.
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The market tone has improved over the last week or so,
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The markets were able to build on yesterday's gains. Market breadth was encouraging.
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The technical trends of the market and the sentiment has improved over the last few weeks, plus there are seasonal factors working in the market's favor.
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Following the disappointing tech news after the close, it looks like the market could be in for rough sledding at the open.
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So far the earnings season has gotten off to an underwhelming start. I think the positive news from Intel is just what the market needed and is likely to lead to a favorable opening on Wednesday.
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The markets are rebounding a little after several sessions of weakness that stemmed from rising oil prices, rising fears of terrorism and a sharp decline in the dollar. Those issues have somewhat abated today, but they are issues the market will continue to face over the next few weeks. As a result, you could see more profit taking.
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Looking ahead to next week, the more important question for investors will be: 'Will the market experience a holiday hangover as investors take profits?'.
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That's likely to remain the case until we start to resolve a few of the issues overhanging the markets include interest rates, energy prices and the strength of the economy over the next several months.
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Oil prices in the morning would've been the biggest story, but by the close the market's incredible resilience is what investors are left with, ... It's a contrast to how the markets ended yesterday. I think so far higher oil prices have not had a major impact. There are a lot of positives driving the consumer and the stock market.
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Looks like the stock market has gotten off on positive footing after yesterday's broad-based decline. We're seeing gains in eight of 10 S&P sectors. The data that came out so far was pretty much in line with expectations. Looking ahead, investors will be keeping an eye on auto sales.
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This market is just extremely resilient, and if we don't get a major spike up in energy prices or interest rates from current levels, the strong earnings environment we find ourselves in could help carry the markets higher for several more weeks.
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If we can build on Tuesday's significant . . . turnaround, you could see buyers start coming back into the market and you could see a further push higher over the next several days.