Today, it can be summed up with GM, eBay and metals and mining stocks. It's all related to earnings, and it's a mixed bag.
More Quotes from Jon Brorson:
Our forecast was for earnings to come in around 13 percent year-over-year growth, and they're on track to do it. They are surprisingly better than expected, and outlooks have been good, generally speaking.Jon Brorson
We've got three things weighing on the market here a less-than-stellar start to earnings so far, the geopolitical situation with Iran that's sort of moving to the front burner, and we've got energy futures up pretty strong this morning. So all three create a situation where investors are willing to take some profits after the fairly strong opening so far this year.
Jon Brorson
Sitting on the market has been this 800-pound gorilla, King Kong of the Federal Reserve, and when you remove this gorilla ... I think stocks can work their way higher.
Jon Brorson
I don't think the trade data is that meaningful since it's sort of sandwiched between the FOMC and tomorrow's CPI.
Jon Brorson
They managed to rally after being down most of Friday, so I think some of that momentum will continue today. Crude is off a little bit, bonds are up, so I think it's setting the stage for a pretty good day today on the back of a pretty good week last week.
Jon Brorson
Gold is very sensitive to inflation. If you're worried about inflation, you tend to see gains in gold.
Jon Brorson
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