While the market was still moving higher, the internals leave much to be desired. The action is not negative, just not impressive, which leads me to believe that we are in an up-trending trading range.
More Quotes from 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
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
It is a domino effect of negative news.
Marc Pado
Obviously the Iranian thing is a wild card and nothing's going to get resolved in the short term, but the earnings are really what's key to the market and any longer-term perspective.
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 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
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