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.
More Quotes from Marc Pado:
Those very short-term support levels were broken yesterday, but the supports under the current levels are substantial. Now that the Fed has made it clear that we will see one if not two more rate hikes, the uncertainty has been removed. We expect the focus to shift to first-quarter earnings results, and they are expected to be good.Marc Pado
Obviously the Iranian thing is a wild card and nothing's going to get resolved in the short term, but the earnings are really what's key to the market and any longer-term perspective.
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
Net-net, there's probably plenty of oil in the market. OPEC left production quotas, so that's a plus for the market this morning.
Marc Pado
In the last month the market moved up despite rising interest rates and despite higher oil prices, focusing instead on the upcoming earnings season.
Marc Pado
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