Adobe Systems issued an earnings warning that is a little light of expectations. The market has shown some true resilience, but the question is, how long can the rally last if technology stocks refuse to participate.
More Quotes from Marc Pado:
There is no question that the tone has turned more positive. We haven't broken out yet, but the markets are poised. Now all we need is for the news to hit the ball out of the park, and it needs to be perfect. Crude is still high and the yield curve is still flat, but the market's focus is on other things right now.Marc Pado
Mergers are looking to help us hold our ground today.
Marc Pado
Had it not been for the impressive January same-store sales reports, decent forward-looking statements and the big drop in energy prices, the market drop would have been far worse. With the understanding that we needed to keep our eyes on wage pressures and productivity, both of those components suddenly soured investors on the idea that the Fed was truly done.
Marc Pado
And the forward-looking statements that companies are likely to give will probably be restrained given all the negatives that companies see rising interest rates, rising mortgages, a lot of concern.
Marc Pado
It will take some strong earnings and bullish forecasts, as well as positive economic data, to keep the rally going. There are plenty of economic data and earnings releases to sway market opinion from hour to hour and day to day. Behind it all, there is the rising threat of geopolitical tensions with Iran and higher interest rates out of the Federal Reserve.
Marc Pado
There was so much expectation built in for the stock ... I think that the expectations were about as high as they could get for it. I think it was a case of buy on the rumor and sell on the news.
Marc Pado
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