The concern is about how much the economy picks up and how quickly that translates into earnings growth for corporate America.
More Quotes from Art Hogan:
Microsoft's news was put into perspective as the day moved along. The path of least resistance continues to be to the upside for this market.Art Hogan
We're going through a very news intensive period this week and the focus of all of that is slowdown of revenue growth going forward, but we're probably overreacting, ... We get great numbers, but looking forward we don't have the robust growth -- so people are calling into question valuations.
Art Hogan
I would take oil as a front-burner issue, ... Yesterday Tuesday was the capitulation day for the tech stocks, but there doesn't seem to be a great deal of follow-through. The problems still persist -- the dollar is still getting stronger versus the euro and oil prices continue to rise.
Art Hogan
There's been this tug of war all day between factors like falling oil prices, more negative than positive economic news and everything going on at GM,
Art Hogan
There's just no conviction to get back in, ... Right now we're in all-bad-news-all-the-time mode.
Art Hogan
The bad news is stuff that we know about -- it's Corporate America, especially on the technology front, letting us know they're not going to make their numbers and we knew that was going to happen,
Art Hogan
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