I think this can sustain for the next day or two, at least until we get to all the earning and economic news in the second half of the week, ... Right now, the path of least resistance is still to the upside.
More Quotes from Art Hogan:
(Techs) had such a terrific run for the past two weeks that I believe some people are taking this opportunity to take some money off the table and invest it in the 'old economy,'Art Hogan
All of the news we got today was negative and the market was defying it ... the news was atrocious today,
Art Hogan
There's a lot of trepidation out there about earnings, ... A lot of times, the complexion of markets is what the household names are doing. A couple of weeks ago it was about IBM ( Research ) and Apple ( Research ). Today, it looks like the focus is on Amazon, and that can shape the market -- at least in the early going.
Art Hogan
That gives us a lot of trading time, unfortunately.
Art Hogan
During earnings, we're often in a trading range, and I think we still are right now. We've got 100 members of the SP reporting this week, a lot of economic news and the Fed tomorrow, so for the market to go sideways a bit is not a bad thing.
Art Hogan
In terms of the thought process on the economy, today's ISM data on the services sector didn't help,
Art Hogan
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