All of this building up with very little fundamentally to support it makes us vulnerable. It probably means there's going to be some news in the next few sessions that will cause some profit taking to come into play.
More Quotes from Bryan Piskorowski:
It was really a story of positive earnings on the tape and no major hiccups on the economic front. You had decent reports from three sectors in general industrial, tech and health care.Bryan Piskorowski
We're definitely at a hard point here, with inflation and interest rates kind of looming over everything. We have a market that's had a very rough October so far, and while you've got earnings coming up, that's not going to be the silver bullet for the market that it was in the second quarter.
Bryan Piskorowski
One thing that we're still concerned over is the slowing earnings growth on a year-over-year basis. Likewise, we're still concerned about slowing economic growth.
Bryan Piskorowski
But it's going to be a quiet week. A lot of people are on vacation, there's little in corporate reporting or econ data, Congress is still in recess. We lack drama right now, which means we're going to be left to our own devices, which could be good or bad.
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
It's a really light week on the data calendar and, ultimately that's going to be the proof in the puddinghow are we going to trade in an information vacuum.
Bryan Piskorowski
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