Tom Schrader
Tom Schrader
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We had such big gains yesterday that it is not unusual for us to consolidate a little bit. Then, oil's down but gasoline is up and that is counterbalancing each other. The economic news we had this morning was less than inspiring.
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We're suffering from a dearth of information -- there's no economic news until Thursday.
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Economic numbers this morning were very story and could give the Fed more ammo to possibly continue their rate hikes past May. Most of the numbers we've seen over the past few weeks have been stronger than expected.
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It seems to be some natural selling, an extension of last week ... Terrorist activity over the weekend in Turkey led to selling in Japan and selling here; the earnings this morning were mixed, and you have no staggering economic news until Thursday, so people are taking some money off the table right now.
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It seems that GM put a damper on things with some negative comments, and the economic numbers were a little weaker. They are both putting an overhang on the IBM news, which was generally positive. This is one of the biggest earnings days we have -- and people are going to be focusing more on the guidance than they are the actual earnings.
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We're starting to get into that no man's land of lack of earnings, with most of the S&P 500 having reported already. We'll have durable goods orders tomorrow and beyond that, the market is going to have to count on the economic news and the price of oil for drivers.
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Oil is always a negative factor for the markets and that, combined with lack of economic data, is contributing to a lack of interest in the stock markets this morning. On the bright side, the series of company upgrades is certainly welcome.
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Last week was very busy and I think today there is less impetus to move. There's no earnings news, no economic news until later in the week, and so there's nothing really to move us.
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I think we're going to see some sideways action this week. We had a nice run last week and there's a significant amount of economic and earnings news due out later in the week. I think people are taking a 'wait and see' approach ahead of that.
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The storm is drifting east, and the further east of Houston it gets, the less damage it is going to do to refineries in the Houston area.
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The semiconductor index right now is a broken index. Until it finds some support, it will continue to sell off and that tends to drag down the market as a whole.
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The selling today is long overdue after the recent rally. You're seeing a lack of buyers ahead of the Fed. You'll probably see more selling tomorrow as the meeting begins.
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Things are going to be very, very quiet today, because I?m sure half the portfolio managers in New York and in Boston are going to stay home.
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Crude futures are down as investors see the storm going in a less economically vulnerable area, and that's what has got the market rallying.