There was some profit-taking today as there was a lack of catalysts to get buyers to step in. Buyers are waiting for the market to be a little more attractive. There's not much in way of economic reports for the rest of the week. Geopolitical concerns, the price of oil and earnings reports will be driving us.
More Quotes from Robert Pavlik:
People attribute the strength in new-home sales to the warm winter, and the market wants to see that trend continue. If new-homes sales drop too much then the talk of the housing bubble popping will get louder and will scare the market.Robert Pavlik
The earnings news has given us a little confidence and there was good news on the economic with durable goods orders and jobless claims coming in a little better than expected.
Robert Pavlik
If we get a GDP or deflator number that's much stronger than the consensus estimate, then it could hurt the market because people will be talking about a tougher Fed.
Robert Pavlik
Both the bond and stock markets will watch this report carefully, looking for any additional signs of rising prices in the production process. The trend for the overall report has been on the rise, while the core appears as though it may have reached a top.
Robert Pavlik
The economic data out this morning was decent, but there's some concern about continuing high prices. Oil may be pulling back, but oil stocks are still pulling the market down. It hasn't gotten overdone, but we've still got profit-taking today. We don't have any catalysts yet so we'll ride this out.
Robert Pavlik
Today was a bit disappointing. The bond market has a flat yield curve and people are still concerned about inflation. We're still left looking for any indication that the Federal Reserve won't raise rates as much as people are fearing.
Robert Pavlik
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