This is a funny kind of market, because earnings aren't really a positive driver for the market and haven't been for quite some time. The good ones don't really help, but the bad reports slaughter (the offending companies).
More Quotes from Roy Blumberg:
The Nasdaq advancedecline line actually ended the year lower than where it started, and that says that the soldiers weren't really participating, that it was a limited number of stocks driving the average up.Roy Blumberg
The strong employment numbers say there's still power out there in the economy and therefore the earnings picture will continue to be good. Meanwhile the hourly wage number was not that strong so it doesn't suggest any pickup in inflation. So it's a good number for Wall Street.
Roy Blumberg
Oracle is putting pressure on the technology stocks, but the Dow was up for seven days in a row before yesterday. The market was more than due for some kind of a sell-off.
Roy Blumberg
Even though the regular rate was slightly higher than expectations, right now the market is willing to discount the fact that energy prices are an important component. The reality is, it's an important sign and inflation is picking up. The fact is, people have to start taking a look at energy prices as a concern.
Roy Blumberg
The market is up so much that it's got to become a little bit more difficult to make progress. I don't think it's necessarily a sign of anything big I'm bullish, but not enthusiastically, jumping up-and-down bullish.
Roy Blumberg
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