Inflation is rearing its ugly head again, driving today's sentiment and overshadowing the earnings news.
More Quotes from Bryan Piskorowski:
Revised GDP is going to be key. If we have a weaker than expected GDP number that is going to weigh on the Fed,Bryan Piskorowski
You have nobody willing to be a hero here -- it's hard for people to step up to the plate. Trade over the past two sessions has been very speculative. If you removed Iraq, you'd probably have a market that was doing OK.
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
I think that the averages are holding their own. You've got to keep in mind that we're coming off five weeks of gains on the Dow and the SP. The housing numbers were strong, so we're starting off the week on the right foot, but we've got a lot of economic data to get through this week and we're going to be looking for signs that the economy is holding up.
Bryan Piskorowski
The fact that we have recovered a little even with this news shows the buoyancy that we have seen in this market over the last five or six weeks.
Bryan Piskorowski
This number is clearly the basis for our weakness, ... The economy's recovery has hinged on consumer strength, so this number becomes more significant.
Bryan Piskorowski
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