The bulls have some work to do today.
More Quotes from Marc Pado:
These were reassuring statements by the Fed, ... I think what the market ultimately fears is inflation. What makes assets worth less in the long run is inflation. What the Fed is effectively saying is, 'We won't let prices get out of control.'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
Most everyone has rather positive expectations for double-digit (corporate earnings) growth for the first quarter. That is already 'baked in the cake'.
Marc Pado
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.
Marc Pado
The negative productivity number we saw today about the fourth quarter raises fears that companies are not going to be able to absorb those costs.
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
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