Art Hogan
Art Hogan
base building collateral corporate damage earnings happening higher larger last major market news seeing six stocks support weeks
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.
america argue consensus corporate couple credit cycle earnings fed focus forefront handful held hold last monetary nice policy returns revenue seeing strength terrific themes three
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.
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.
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.
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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.
reflex seeing
It's an oversold bounce, ... After you get oversold, you have a reflex rally, and that's what we're seeing now.
broader collateral damage fourth market seeing
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.
backing bit companies earnings energy handle high positive price season
We've been able to handle a lackluster earnings season so far. Energy companies haven't really come into the fray yet, so things may look a little better after they report. Another positive is that we're backing off a bit from the high price of oil.
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We bought on the rumor and are selling on the news, ... We've priced in the victory here. There's very low participation -- there's just no money in the game. Folks are starting to shift focus now.
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We're getting an oversold bounce. Telecoms are getting a boost because of the AT&T Wireless (news), ... Investors are going to buy those tech stocks that we're not necessarily worried about.
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We have to get used to the fact that the emergency level of the fed funds rate is behind us, ... The sooner we become cognizant of the fact that the global economy won't be crushed and corporate earnings won't roll over, the sooner the market will fight its way to trend higher.
deal obviously
When you see a deal of this size, obviously (Washington Mutual) is still acquirable,