By the end of this week, the attention will shift to the December employment report and then on to earnings starting next week. By the end of the month, earnings and forward-looking projections will be what needs to step up to the plate if the market is to continue the rally.
More Quotes from Marc Pado:
It will impact the Dow but on broader basis it won't do much to the market. I think there are much bigger factors today such as the semiconductor index above its 200-day moving average and it faces some cautious comments out of Merrill,Marc Pado
The negative productivity number we saw today about the fourth quarter raises fears that companies are not going to be able to absorb those costs.
Marc Pado
Adobe Systems issued an earnings warning that is a little light of expectations. The market has shown some true resilience, but the question is, how long can the rally last if technology stocks refuse to participate.
Marc Pado
And the forward-looking statements that companies are likely to give will probably be restrained given all the negatives that companies see rising interest rates, rising mortgages, a lot of concern.
Marc Pado
These were reassuring statements by the Fed, ... I think what the market ultimately fears is inflation. What makes assets worth less in the long run is inflation. What the Fed is effectively saying is, 'We won't let prices get out of control.'
Marc Pado
Any time you remove uncertainty, it's good news for the market. Having raised the question, the market has shifted its attention to Greenspan from earnings.
Marc Pado
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