The market has withstood an immense amount of bad news this year. The market has shown strength by holding up.
Unless there's a 2 percentage-point difference, I don't think it's going to affect anything.
From a technical standpoint, the next objective is $700.
Stocks have been losing steam as a result of higher rates and higher energy prices. We could see a continued correction in prices from now until the next earnings season.
I think it's a little frightening the reaction people are having. It reminds you a little of 2000 when we had (earnings) surprises on the downside. It's a nervous market.
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