Stocks have had a real tough time maintaining gains this whole week. When we start taking a look around, gains tend to evaporate. Today, investors are looking at tech leaders. Those stocks are where the weight is being carried.
More Quotes from Paul Nolte:
Few companies are pounding the table and saying things are terrific so there's not the wild enthusiasm you would expect with a good earnings season,Paul Nolte
If you look at how the markets have been trading the last few days, we're seeing a much broader decline. We're not seeing a leader that can carry the day. It's not limited to a few stocks anymore. Disappointment is broadening out during this earnings cycl
Paul Nolte
What a difference a week makes, from improprieties in the Japanese markets to still-higher oil prices amid diplomatic rumblings in the Middle East to less than stellar earnings.
Paul Nolte
Right now sentiment is all loaded on one side of the market. It gives you the idea we're running late in the game -- we may be in the process of putting in a short-term top in the market.
Paul Nolte
We're getting a moderation in bond yields, and energy prices came down today. We're looking at things more favorably than this morning. There's still residual analysis about the Federal Reserve, and we're seeing some gamesmanship heading into next week's meeting, debating how more hikes we have.
Paul Nolte
Already the futures markets are pricing in another rate hike and talk about a 5.0-plus fed funds rate is making the rounds. The currently inverted yield curve may also be a signal to the Fed that the economic growth of the past couple of years may be waning and any added tightening may be like kicking a good man while he is down.
Paul Nolte
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