Once we get to April and the first quarter earnings are reported -- and I think they're going to be pretty good -- (that) could be helpful. I doubt if you'll get anything out of the Fed meeting.
More Quotes from Larry Wachtel:
The earnings numbers are still respectable, but they are softening. The psychology is that you can't make projections about future earnings without having some sense about where the price of oil is going and what the consumer will do.Larry Wachtel
It's becoming a day-to-day struggle between bears and bulls. Once oil and yields move to highs, the bears take advantage. Those are the twin dreadnoughts of the market. But earnings news has been strong and has kept bulls on top.
Larry Wachtel
Earnings statements will make or break the market this week. I'll be watching the reports coming from some of the technology names, because I think that sector may lead the way this year.
Larry Wachtel
The traders wanted 75 basis points (three-quarter percentage point) so they sold on the news. After the traders sold, investors stepped up to the plate (to sell).
Larry Wachtel
So there's nothing to offset the economic news and stocks are muddling along. Until we get some surety about the economy or corporate earnings, we'll continue to have this drifting, dismal kind of day.
Larry Wachtel
A lot of the market is beginning to resist the downside because it's already been hurt so badly. That's what I think will be the primary factor next week.
Larry Wachtel
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