For the rest of the month, the focus for the stock market will be on interest rates.
The worst point of the tech cycle is probably upon us now, but the actual results and the commentary on earnings are no surprise. There's a selling exhaustion in regards to tech stocks. People are trying to focus on the road ahead. Looking forward; there is a lot of upside potential.
It really does reflect the focus of American businesses on profitability because this is now substantially into this economic recovery and companies are still producing results that are substantially above long-term averages.
It should be evident by now that the rest of the earnings are going to come in at the same sort of magnitude over estimates. The focus is going to shift.
Clearly, the focus going forward is going to stay on the macro news to either enforce or dispel the notion that inflation is rising.
I do think we're searching for a bottom on the Nasdaq and the action looks good so far. I see a lot of stocks doing well and people are going bottom fishing. Interest rates matter and clearly the Federal Reserve needs to focus on the Nasdaq.
The focus point of the market this week is going to be tomorrow. If anything, I'm hoping for neutrality out of the Fed.