I think that the averages are holding their own. You've got to keep in mind that we're coming off five weeks of gains on the Dow and the SP. The housing numbers were strong, so we're starting off the week on the right foot, but we've got a lot of economic data to get through this week and we're going to be looking for signs that the economy is holding up.
More Quotes from Bryan Piskorowski:
On the other side, in the box makers, we like Gateway. We think that we're through with the seasonally slow period. The fourth quarter is going to be the key for this stock and it has good positioning here.Bryan Piskorowski
Some weaker-than-expected economic data is supporting the plight of equities (Thursday). With six rate hikes from the Fed now under our belt, we are beginning to see signs of an economic slowdown, suggesting that there could be light at the end of the proverbial tunnel.
Bryan Piskorowski
Ultimately what we're trying to come to grips with is the fact that we understand that second-quarter earnings are not going to be good but the timing of a recovery is hanging over our head. We'll get some forecasting, looking out, but it's what those forecasts say that puts proof in the pudding.
Bryan Piskorowski
But it's going to be a quiet week. A lot of people are on vacation, there's little in corporate reporting or econ data, Congress is still in recess. We lack drama right now, which means we're going to be left to our own devices, which could be good or bad.
Bryan Piskorowski
You got technical selling coming in as we broke a support level. Beyond that, we're just sitting here in no-man's land waiting for earnings announcements and economic data.
Bryan Piskorowski
With Hewlett-Packard, another one bites the dust and technology is bearing the brunt of a buyers' strike, ... We're mired in a period of uncertainty here and clearly the vote right now is 'Cash is king.'
Bryan Piskorowski
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