This is not unlike the five percent to 10 percent correction a lot of people were calling for in the beginning of the year. You have an absence of corporate and economic news and clearly people are trying to rationalize valuations.
More Quotes from Art Hogan:
We're seeing a nice handful of earnings today. That is going to be the driver. The other driver, or the thing that's not going to hold us back this quarter, and I would argue has held us back the last three quarters, is the consensus is the Fed is done for the year, ... We don't have a credit tightening cycle to go through and we're seeing terrific earnings. So I would argue that the focus returns now to earnings growth, revenue growth, the strength of corporate America and not necessarily the macro-economic themes like monetary policy which have been on the forefront for the last couple of quarters.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
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
People are starting to wake up to the credit exposure J.P. Morgan and Citigroup have to WorldCom,
Art Hogan
Once a year, they (the Russell) decide to add and delete stocks. So what's happening is at the close today, those who run a Russell Fund will need to buy all of the Russell additions and sell all of the Russell deletes,
Art Hogan
Although this is bad news for Main Street this is very good news for Wall Street,
Art Hogan
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