This is more of a technically-driven rally. If the news is positive for the rest of the week, we should trend higher, but not enough to set any new record highs.
More Quotes from Art Hogan:
I think that we just ran out of steam after a couple of hours. I am glad that we held on our gains from Friday. Oil will continue to be a driver, earnings will be a driver, and so will economics.Art Hogan
When the Dow was doing its swan song yesterday (Thursday), the money was staying in the market and rotating into tech, ... That's the first time that's happened this year and that's good news -- folks are changing their minds about the sectors but they're staying in the market.
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
The problem is that terrific news on inflation is not what we need right now, ... We need terrific news on the demand side of the economy. The economy hasn't stabilized yet so we don't have any great need to buy stocks.
Art Hogan
The equities markets are very forward pricing mechanisms so the (corporate) news you're hearing has been priced into the market, for the most part. The news that you should focus on is what will be suggested in the commentary that comes out because we're trying to invest for fourth-quarter growth.
Art Hogan
A lot of that rally had to do with the ISM (Institute for Supply Management) number, particularly the employment component, with people hoping that in turn, Friday's monthly report will show a higher number of payrolls than what people are expecting.
Art Hogan
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