"We're primarily up because we're oversold and oil is down," said Tom Schrader, managing director of listed trading at Legg Mason. "The breadth is decent, but the volume is low. There's just not much of a catalyst to move us." "We have no economic news, and we're in that berth between quarterly earnings reports," he added. "Alcoa is probably the biggest company that's supposed to report this week and that's not a market mover." "On the earnings front, it's kind of mundane news," said Barry Hyman, equity strategist at Ehrenkrantz King Nussbaum, "but the restructuring seems more aggressive than had been thought, and that's good for the stock." "The market is continuing to try to rebound off the oversold condition," he added. "I think the earnings period will be surprisingly positive, but that may not be enough of a catalyst as the market struggles with the stickiness of oil at these levels and its impact on the economy."
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