We've had some not-great earnings news, such as GM. But to us, the biggest issue remains oil. Crude up at these levels is a concern for the consumer and for corporations on a global level.
More Quotes from Timothy Ghriskey:
I think any time OPEC meets it has an impact, although OPEC doesn't have the same effect on the stock market it once did,Timothy Ghriskey
I think we can see the market continue to move up through the summer, but it's going to depend on the earnings and the economic news. We should begin to see some evidence of an economic pick-up in the July data, which will start to come out early August. Second-quarter earnings look to be favorable, judging by the estimates and the fact that there have been less negative pre-announcements than in recent quarters.
Timothy Ghriskey
The impression is that corporations are being increasingly cautious in their projections for the first quarter, which is a trend that you've seen for the last few quarters. I think the companies are taking current economic and business conditions and projecting them onto the future earnings, rather than incorporating the impact the improving economy might have on earnings.
Timothy Ghriskey
So the message here, spread your investments around, ... If you've gotten hurt this year in technology, learn from that and diversify your investments.
Timothy Ghriskey
The waters remain very muddy in terms of the economy, ... Friday's payrolls report made the case that the economy still has some life to it, but it's not clear yet whether the slowdown in March was temporary.
Timothy Ghriskey
I think this is a technical bear market rally that we could get today (Wednesday) on oversold conditions after we went through some technical levels on the major indexes yesterday. So we can expect the market to lift up some,
Timothy Ghriskey
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