For the market as a whole, we're moving into this phase of awaiting information flow so that leads to some lackluster action. This is a time for patience and we should take solace in the fact that things are not getting worse.
More Quotes from Bryan Piskorowski:
By and large, today's session was fairly lackluster. Ahead of the earnings season, we came in with very low expectations and the one hope was we'd see projections of a potential turnaround. But now we're getting hit with third-quarter warnings.Bryan Piskorowski
And that's why we're going to stick close to the earnings tree, closer to the large cap names.
Bryan Piskorowski
We've had pretty sizable gains in the last two days, so you're seeing a little rotating out of sectors and some profit taking. Last week we had a one-hit wonder. This week we're trying to see if we can do a little better.
Bryan Piskorowski
We're giving back a little, but you need to put it in perspective. The Dow lost 1,700 points from July 5 to last Wednesday, and then made up north of 1,000 in four days. So a little profit taking, particularly when you've got weak consumer numbers and other factors is certainly no surprise.
Bryan Piskorowski
There's been a pare back and pause motion going on in the market. As we move into a holiday weekend, it could be a good thing that we don't get too far ahead of ourselves.
Bryan Piskorowski
For the Fed, the productivity numbers and the very well-restrained unit labor costs are good news, confirming that they didn't have to take action to pace the economy.
Bryan Piskorowski
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