Art Hogan
Art Hogan
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We've got a lot of economic news between now and the next Fed meeting in May. The path of least resistance is higher, but there's a bumpy road.
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During earnings, we're often in a trading range, and I think we still are right now. We've got 100 members of the S&P reporting this week, a lot of economic news and the Fed tomorrow, so for the market to go sideways a bit is not a bad thing.
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We've had a lot of bad news today -- the economic data, Cigna and the insurance sector is doing poorly, a bunch of companies missing estimates or warning -- but this is a market that really doesn't want to sell off,
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We've had a few good days and the only economic number we had today was the jobless claims, ... People are starting to get nervous -- if the jobless claims look like that, what will the unemployment rate look like, and that's the driver.
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What Goldman is saying about Sun and EMC is IT (information technology) spending hasn't picked up that much, ... But we're more concerned about the economic recovery, so the data will probably play a larger role.
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This is not unlike the five percent to 10 percent correction a lot of people were calling for in the beginning of the year. You have an absence of corporate and economic news and clearly people are trying to rationalize valuations.
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My guess is we're going to have some positive action after last week's selling. We're in the last week of the month and the last week of a quarter, so there's some momentum there. If the stream of economic data is as positive as it's been, we're going to see some strength from that.
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The price of oil will be the main driver this week, particularly since there is so little economic news.
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We need a significant catalyst. Whether it be great second-quarter earnings or blowout economic data or some marquee firms coming out with a mid-second-quarter preview.
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It sends a signal that the U.S. economy has weathered some pretty harsh storms over the past few years and in recent months.
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You don't get a ton of people making huge bets ahead of the Fed meeting, ... There's little corporate news and no economic data, so I think you'll get some bargain hunters here.
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It's a lagging number that will have two revisions. There were no major surprises. Economic data will still move this market, but this isn't one of them.
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There's been this tug of war all day between factors like falling oil prices, more negative than positive economic news and everything going on at GM,
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We spent the week worrying about yields and what the economic data would do. We managed to work our way through it. We finished off the week the best we could. Next week we have a host of economic data that may or may not change our mind. We'll see how it plays out.