Concerns about higher interest rates and the yield on the 10-year note may keep stocks on the south side again this morning. The higher yield ... acts as a tax on corporations, and it may also attract money to the bond markets from equities.
More Quotes from Art Hogan:
We had a terrific week last week, ... Investor sentiment has shifted to people not wanting to miss out on any strength. There's a lot of cash on the sidelines.Art Hogan
We're seeing a nice handful of earnings today. That is going to be the driver. The other driver, or the thing that's not going to hold us back this quarter, and I would argue has held us back the last three quarters, is the consensus is the Fed is done for the year, ... We don't have a credit tightening cycle to go through and we're seeing terrific earnings. So I would argue that the focus returns now to earnings growth, revenue growth, the strength of corporate America and not necessarily the macro-economic themes like monetary policy which have been on the forefront for the last couple of quarters.
Art Hogan
The markets are hanging on nicely, considering the massive gains yesterday, ... Clearly, if the market can hold onto its gains from yesterday, and through the weak durable goods report today, the path of least resistance is upside.
Art Hogan
We've got a lot of economic news between now and the next Fed meeting in May. The path of least resistance is higher, but there's a bumpy road.
Art Hogan
Obviously we're in an environment with the friendlier interest rates, ... The first sector that does well (after cuts) -- except for the credit card issuers -- is the retail stores.
Art Hogan
I don't think we can look forward to any great news coming out in the September-October period.
Art Hogan
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