We are facing a large number of Katrina-related warnings, ... The market is just coming to realize that it is going to be a tough September.
More Quotes from Marc Pado:
Every time investors think the Fed is going to be one-and-done, they rally the market 100 points. Yesterday was no exception. The potential for an additional 25 basis points in June faded from over 50 to about 28. That gave the market the added juice it needed to penetrate serious overhead supply.Marc Pado
From now on, strong economic numbers threaten another rate hike. Weak numbers point to profit disappointments. What the bull market needs is a catalyst, which would likely need to be a break in energy and basic materials prices.
Marc Pado
Net-net, there's probably plenty of oil in the market. OPEC left production quotas, so that's a plus for the market this morning.
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
There is no question that the tone has turned more positive. We haven't broken out yet, but the markets are poised. Now all we need is for the news to hit the ball out of the park, and it needs to be perfect. Crude is still high and the yield curve is still flat, but the market's focus is on other things right now.
Marc Pado
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