We're hoping for the 'bad news is good news' syndrome -- that we will continue to see signs of a slowing economy and that will make the Fed more accommodating.
More Quotes from Bryan Piskorowski:
Ultimately what we're trying to come to grips with is the fact that we understand that second-quarter earnings are not going to be good but the timing of a recovery is hanging over our head. We'll get some forecasting, looking out, but it's what those forecasts say that puts proof in the pudding.Bryan Piskorowski
For the first nine months of the year, you had a leveling, a digesting of the rampant gains of 2003. Starting in mid-October, it got better.
Bryan Piskorowski
Stocks have put together a respectable run over the past few sessions, but we're not getting that warm and fuzzy feeling this time. With inflation fears kicking around and the April jobs data looming on Friday's horizon, skepticism is in the air.
Bryan Piskorowski
It's been a real apathetic market and there hasn't been much in the way of real buying power behind anything. By virtue of the fact that the Fed is still concerned, you've seen the market show its concern.
Bryan Piskorowski
But the big picture is that there's no catalyst for the market. This is seasonally the weakest month of the year. The economy is nothing to write home about. The market is building against this tide every day.
Bryan Piskorowski
Clearly trading here in the month of May feels more like August. But bottom line here, yes, we are, we're pinned in by interest rate uncertainty we're pinned in by the Fed meeting coming up at the end of June. Obviously with those two things hanging over our head, the bottom line is the market really hasn't been taking a position on either side of the coin. In the last two weeks, we've basically been trading -- I can't believe this -- in the 10 percent range on the Nasdaq. But that's what it's been.
Bryan Piskorowski
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