Art Hogan Focus Quotations

We bought on the rumor and are selling on the news, ... We've priced in the victory here. There's very low participation -- there's just no money in the game. Folks are starting to shift focus now.

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.

We've got more ongoing focus on the bond yields. We've been in lockstep with it all week, and today is no different. There aren't any market-moving items due today, so we'll look at energy prices today for something else to drive the market.

We've shifted focus here. It's been earnings, earnings, earnings all week, now its the economic reports, ... Unfortunately, it's a mixed bag and the biggest surprise was the GDP reading.

Last week energy and interest rates were the focus on Wall Street. It will probably be the same this week, as well as a few mid-quarter updates,

Today we had some positive economic data and we came into the market oversold, ... I don't think we've fixed the oversold position -- I think we're still cheap. Tomorrow there will be some focus on factory orders and Cisco earnings.

We shouldn't get too far ahead of ourselves in terms of an economic recovery, ... I think the debate will become much more macro-economic instead of the micro focus we have had.

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.

Depending on what day it is we focus on earnings, we focus on the Fed. We have to get the Fed behind us before we really pick a direction. I think that direction will be higher, but not until next Wednesday.

There's a lot of trepidation out there about earnings, ... A lot of times, the complexion of markets is what the household names are doing. A couple of weeks ago it was about IBM ( Research ) and Apple ( Research ). Today, it looks like the focus is on Amazon, and that can shape the market -- at least in the early going.

The equities markets are very forward pricing mechanisms so the (corporate) news you're hearing has been priced into the market, for the most part. The news that you should focus on is what will be suggested in the commentary that comes out because we're trying to invest for fourth-quarter growth.