The global reaction to this is more of a psychological response than a rational one. People wake up and read whatever wire service they're going to read and realize that one of the major Asian markets was down by up to 6 percent overnight, and there are a number of tech earnings disappointments and it tends to cascade. Eventually you get a more rational response after people have time to come to terms with what is really happening.
More Quotes from 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
In the earnings pre-reporting season, the companies that alarmed us so much were tech and telecom, ... We still have earnings jitters and nervousness about revenue growth. I think people feel there is more value in the Dow, which has been hanging in there, so that's where the flight to quality comes in.
Art Hogan
The door being open for further rate cuts is bad news. We don't need further rate cuts, we need stability in the economy, ... We do care that we oversold yesterday and there's relatively positive news on the semiconductor front.
Art Hogan
With the financials, that entire space has been tarnished by a confidence crisis. Also, on a more fundamental level rather than a psychological level, there's no investment banking business going on right now. The concerns remain about the banks' exposure to bankrupt telecoms WorldCom and Global Crossing,
Art Hogan
It's another piece of the ongoing trend of a slowing economy, ... The credit tightening cycle is nearing an end and we have the equity markets celebrating that.
Art Hogan
We've seen some really good stuff and some really rough stuff, ... The market has worked its way through a bottom, at least on the Nasdaq and SP. Money is rotating, so that means it's staying in the market and that's good news.
Art Hogan
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