Consolidation is a healthy development, especially in light of the pop in crude and the worsening inversion of the yield curve.
More Quotes from Marc Pado:
Tech might get a little direction from how people trade Cisco today.Marc Pado
I'm not sure that Friday's decline will outweigh this week's long list of earnings reports and short list of economic data, ending on Friday with fourth-quarter GDP. Crude is making investors nervous, and by the end of the week, the FOMC meeting on the following Tuesday will also be a major cause for concern.
Marc Pado
Even though yesterday's rally may have faded, the leadership, internal action, and breadth were all reasons to anticipate further upside potential heading into the seasonal year-end pattern.
Marc Pado
The 10-year has been trying to anticipate the fed funds rate. As soon as (Fed policy-makers) made it clear that they weren't going to stop at 4.75 percent, there was a big jump.
Marc Pado
The bulls had a real opportunity. Earnings continue to roll in, and for the most part they are in-line or better than expected.
Marc Pado
While we would like to see a follow-through day, the positive implications from yesterday's rally should help reinforce a support under the market at Tuesday's intraday lows. Weakness in same-store retail sales and continued strength in crude will represent the first obstacles for the bulls today.
Marc Pado
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