Art Hogan
Art Hogan
basically happens market next rest seeing sold waiting
I think the semiconductors and the Nasdaq had sold off a little more than the rest of the market recently, so you're seeing them gain, ... But basically we're all waiting for everything that happens next week.
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We're seeing better earnings news in corporate America. That's what the market is celebrating, ... We made major collateral damage to stocks in the last six weeks and over a larger 2-1/2-year period. What's happening now is that the market is bottoming out and is building a higher support base in the process.
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We're seeing a nice handful of earnings today. That is going to be the driver. The other driver, or the thing that's not going to hold us back this quarter, and I would argue has held us back the last three quarters, is the consensus is the Fed is done for the year, ... We don't have a credit tightening cycle to go through and we're seeing terrific earnings. So I would argue that the focus returns now to earnings growth, revenue growth, the strength of corporate America and not necessarily the macro-economic themes like monetary policy which have been on the forefront for the last couple of quarters.
points reaction seeing
We were up more than 100 points yesterday, so you're seeing a reaction to that today,
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Not to be heartless, but this is very good for Wall Street, ... And I think that is why we are seeing this market take off in the early going.
reflex seeing
It's an oversold bounce, ... After you get oversold, you have a reflex rally, and that's what we're seeing now.
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This is definitely good news, ... Six out of the previous eight PPI reports have been higher than expected but the corresponding CPI reports have not. That means that we're not seeing the creeping effects of inflation passed on to the consumer.
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I don't we're seeing we see the collateral damage to broader market that we did in the fourth quarter,
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The concern (about ECB rates) is that the firmness we've been seeing in the dollar is because they were raising rates and the Europeans weren't, ... If they start raising rates, that firmness evaporates, and our investments don't look as attractive as they did last week.
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This was a nice way to start off the new year. A lot of this was driven by the fact that the Fed confirmed that end is in sight. We've held onto the belief that when the Fed ends that stock prices will go up. We'll still have rate hikes but the market is celebrating that we'll see an ending sooner than later.
bargain friday hunters low volume
When you have a low volume Friday selloff, you'll sometimes see the bargain hunters come back in Monday.
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With declines three days in a row, you know it must be earnings season,
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We are starting to see (economic) stabilization and, I think the fact that the Fed didn't make a move speaks to that.
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The problem is that terrific news on inflation is not what we need right now, ... We need terrific news on the demand side of the economy. The economy hasn't stabilized yet so we don't have any great need to buy stocks.