We opened up the floodgates of bad news, ... The good news is, a lot of this is behind us, and we probably overreacted on the downside.
More Quotes from Art Hogan:
This is definitely good news, ... Six out of the previous eight PPI reports have been higher than expected but the corresponding CPI reports have not. That means that we're not seeing the creeping effects of inflation passed on to the consumer.Art Hogan
The biggest fear is earnings going forward, ... All the consumer non-durable multinationals are going to have to warn about the ill effects of the strong dollar versus the weak euro, but that's cyclical.
Art Hogan
People are starting to wake up to the credit exposure J.P. Morgan and Citigroup have to WorldCom,
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
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
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.
Art Hogan
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