Even though the figures were revised slightly lower, investors were relieved because the data won't provide the Fed with an excuse to continue raising rates past January.
More Quotes from Marc Pado:
It is a domino effect of negative news.Marc Pado
The futures are off to a slightly lower start after the Group of Seven industrial nations made a firmer call for China to accelerate the exchange rate of the yuan. The dollar got hit in response.
Marc Pado
If you're down 10 percent and you time it appropriately, then you could be up 18 percent at the end of the year as opposed to 8 percent. That's why I'd look at whether the economic signals corroborate the technical signals.
Marc Pado
It looks like some seasonal New Year's buying will give the market a bullish start, but this January faces many negative technical obstacles.
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
Any time you remove uncertainty, it's good news for the market. Having raised the question, the market has shifted its attention to Greenspan from earnings.
Marc Pado
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