We had a correction, partly because the market had this huge run and everyone was looking for a correction, and partly in response to the weak February payrolls number. We had a bounce off that correction Monday and Tuesday, but concerns remain.
More Quotes from Timothy Ghriskey:
We're seeing a little selling today, but I think it's important to remember that we just hit an 18-month high on the Dow, and so we're going to see a little pullback short-term.Timothy Ghriskey
The talk is that the Fed is going to be getting more aggressive soon, and may start raising rates by 50 basis points at a time. It's not going to happen this time, because (Fed Chairman) Alan Greenspan knows he needs to prepare the market for this in advance.
Timothy Ghriskey
We're into a bit of the summer doldrums. There have been a lot of positive earnings surprises, but the anticipation of that has lifted markets for months, with little proof that the economy is improving enough to justify those earnings. So the mood is more upbeat, but that hasn't translated to higher stock prices.
Timothy Ghriskey
The most important read this week is the first look at GDP growth in the second quarter, ... A number of companies, including GE recently, have talked about April and May being tough, but conditions picking up in June, particularly the second half, and the GDP number will likely reflect that.
Timothy Ghriskey
Earnings have been coming in by-and-large at better-than-expected levels. But a lot of that has been priced in, and so you're seeing some selling on the news. But the profit-taking is short-term. Longer term, we should continue to see strong economic reports that support the rally, and we should start to see analysts' estimates increase for the fourth quarter.
Timothy Ghriskey
I think it's important for investors to be cautious there -- probably take some of that money off and search for new values in the market, ... Spread out your investments, because if you stay in what has been hot, invariably there will be a correction.
Timothy Ghriskey
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