This is the worst thing you want to see before major events. A huge rally that was really not based on anything substantial, ahead of two major events, is the market setting itself up for disappointment.
More Quotes from Donald Selkin:
The market is adjusting to the fact that corporate profits may not be as high as was previously thought and that the economic recovery may move at a slower pace than it did in the first quarter.Donald Selkin
Hewlett-Packard had good earnings so that should help the techs tomorrow. The other companies reporting tomorrow aren't usually market movers. Greenspan also speaks to Congress, which people will be looking at, but I don't think he'll say anything too surprising. So the hope is that HP earnings will take center stage.
Donald Selkin
I don't think it's going to have much impact on stocks either way -- they basically matched the earnings, but the sales were a little light, so it's kind of neutral.
Donald Selkin
There's a lot of skepticism among professionals that too many people are trying to jump in -- so it could be a sign of the top.
Donald Selkin
Normally, lower rates would be seen as a positive for stocks, but in this case, it seems like the Fed is behind the curve and the Fed is supposed to be leading us out of this. For months people have been talking about the disconnect between the economy and stock prices. Now it's starting to seem like that disconnect is narrowing.
Donald Selkin
The Fed is not going to raise rates until they see several months of strong job growth. And even if they do raise rates slightly, the rates will still be right near these historic lows. GDP this morning was not as strong as expected, but you had the other two economic reports that were good.
Donald Selkin
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Nobody I represent is pretending to be the pope or a role model for young people. People have to live their lives. They have the right to smoke if they want.
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