Art Hogan Three Quotations

The price of oil is acting as a natural drag on the U.S. economy and the global economy. It creates a great deal of investor uncertainty, ... as earnings reports start coming in, it's going to be what companies tell us about the next three quarters that determines if investors get off the sidelines.

We came into the day, week, month with the same three worries -- earnings, the economy, and geopolitical concerns. We're still dealing with all the same negatives and the selling is pretty broad.

With declines three days in a row, you know it must be earnings season,

We're seeing a nice handful of earnings today. That is going to be the driver. The other driver, or the thing that's not going to hold us back this quarter, and I would argue has held us back the last three quarters, is the consensus is the Fed is done for the year, ... We don't have a credit tightening cycle to go through and we're seeing terrific earnings. So I would argue that the focus returns now to earnings growth, revenue growth, the strength of corporate America and not necessarily the macro-economic themes like monetary policy which have been on the forefront for the last couple of quarters.