Internally, the market's bounce left something to be desired. Since the market went out on the high of the day, it should have some morning momentum left. The real question is whether or not it can be sustained without any major earnings-, economic-, or oil-moving news.
More Quotes from 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
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 is a domino effect of negative news.
Marc Pado
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.
Marc Pado
By the end of this week, the attention will shift to the December employment report and then on to earnings starting next week. By the end of the month, earnings and forward-looking projections will be what needs to step up to the plate if the market is to continue the rally.
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
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