Of course, when you have a marquee name like Microsoft disappoint, it's hard to sit up on good news.
More Quotes from Art Hogan:
The market has been able to stomach a lot of bad news -- we've seen disasters every day and the market has trended higher, ... This is day four, so it's only natural to want to take profits.Art Hogan
This may be a very volatile trading session. The market wants good numbers, but an exceedingly good report may lead to further rates increases, and that's not good for stocks. On the other hand, a bad report on top of disappointing earnings, could spark another sell-off.
Art Hogan
The market is going to shrug that off. We spent so much time pricing in so much bad news, we can actually move on now.
Art Hogan
The global reaction to this is more of a psychological response than a rational one. People wake up and read whatever wire service they're going to read and realize that one of the major Asian markets was down by up to 6 percent overnight, and there are a number of tech earnings disappointments and it tends to cascade. Eventually you get a more rational response after people have time to come to terms with what is really happening.
Art Hogan
There is not a hand-in-glove relationship necessarily with the jobless claims and the payrolls number, ... We're still pretty upbeat.
Art Hogan
It didn't really come as a surprise -- but, having said that, the broader thought process that the economy isn't doing well in the second half compared with the first half has investors concerned that we may need to test the lows of the market again.
Art Hogan
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