(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,'
More Quotes from Art Hogan:
It's not a major deal, ... Whatever bets have been made most of the day (dried up) people are just walking away and waiting until tomorrow.Art Hogan
I think we're going through this natural vacuum in the news cycle where we have a quiet economic calendar and the fourth-quarter earnings reports are slowing down. It's difficult to generate any interest in the market.
Art Hogan
I'm not sure how judicious it is, but the market looks like it will move energy to the side stage, while rate hikes and the Federal Open Market Committee again take center stage.
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
Today we had some positive economic data and we came into the market oversold, ... I don't think we've fixed the oversold position -- I think we're still cheap. Tomorrow there will be some focus on factory orders and Cisco earnings.
Art Hogan
We're not getting a lot of companies that are doing cartwheels about the second half in terms of IT demand. In terms of where we stand, getting out of the second-quarter earnings reporting season, moving on with business as usual, is probably going to be a healthy thing.
Art Hogan
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