There is very little economic news out this week, and nothing is due out today. All eyes are on the Fed.
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
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
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
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
If you're going into the worst year of a four-year cycle and heading into one of the worst months statistically of the year, then it seems like a likely opportunity for the market to see its 10 percent correction.
Marc Pado
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