It's going to be a tug of war on economic data and the court of investor opinion as to what exactly the fed does.
Right now, it looks to be like a healthy pullback and a little profit-taking off the strength on friday.
This morning's action is natural, quiet consolidation. It's a digestion of yesterday's strength.
For the rest of today, I would expect a quiet type of session, digesting the recent gains.
Depending on the magnitude of energy markets being affected, it could spillover to the rest of equities in general.
The markets are biding time to see what the next set of earnings bring.
It creates a cause for a pause until investors get more information.
Investors are taking a pause, stepping back and looking at what's the next driving element.
A relief rally would be expected at some point during the recent precipitous fall.
Chances are, the bulk of the action will take place monday and tuesday and then (traders) will turn their machines off.
I don't think it's anything more than an early morning breather after a nice surge in equities.
The nearer-term picture is, consumers are enjoying lower gas prices; it's almost as if it is an alleviation of taxes.
The market is a little hesitant after a very strong day in response to some earnings that were taken quite positively.
Earnings are now going to give investors a little more evidence of what's really going on.
Chances are, the bulk of the action will take place monday and tuesday and then they turn their machines off.
Those are violent new year fireworks. That's quite a way to start the day off.
You would think that a 6-percent china move amid the recent currency adjustments would have netted a more negative result.
