We're going through a very news intensive period this week and the focus of all of that is slowdown of revenue growth going forward, but we're probably overreacting, ... We get great numbers, but looking forward we don't have the robust growth -- so people are calling into question valuations.
More Quotes from Art Hogan:
I think we're going through this natural vacuum in the news cycle where we have a quiet economic calendar and the fourth-quarter earnings reports are slowing down. It's difficult to generate any interest in the market.Art Hogan
We're getting an oversold bounce. Telecoms are getting a boost because of the ATT Wireless (news), ... Investors are going to buy those tech stocks that we're not necessarily worried about.
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
That gives us a lot of trading time, unfortunately.
Art Hogan
During earnings, we're often in a trading range, and I think we still are right now. We've got 100 members of the SP reporting this week, a lot of economic news and the Fed tomorrow, so for the market to go sideways a bit is not a bad thing.
Art Hogan
We've had a few good days and the only economic number we had today was the jobless claims, ... People are starting to get nervous -- if the jobless claims look like that, what will the unemployment rate look like, and that's the driver.
Art Hogan
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