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.
More Quotes from Marc Pado:
Today, we're keeping an eye on the same old catalysts, rates and crude. The drop in interest rates overshadowed a rise in crude Tuesday . However, crude is still well entrenched in its trading range, on a long-term basis.Marc Pado
The headline number probably isn't as important as the wages and average hours worked. Earnings are still the main driving force, and the jobs number is just a hurdle in our path.
Marc Pado
The good jobs report bought the bulls a reprieve, and now it is up to earnings to carry the torch. We're still heading right into the seasonally weak February and March months in a bearish midterm election year with rates rising and oil prices rallying. Januaries tend to start strong, but it is how they finish that matters.
Marc Pado
It is a domino effect of negative news.
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
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
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