"Subodh Kumar" is an Indian association football/football player who currently plays for I-League club East Bengal F.C./East Bengal.

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I think momentum is going to slow down, but I don't think markets are going to be as defensive as they were in the first quarter. There is room for the market to recover.

Usually, the groups under stress bounce the most at a bottom since they would benefit the most when the economy improves.

For the market to head higher, investors need to have confidence that oil prices will stabilize and move below $40 a barrel. If oil stays at current levels, the market will be tentative at best.

The market is now factoring in that first-quarter earnings will likely be below consensus. And the reality is that economic growth is probably going to be between 3.5 percent and 4 percent, which is good but maybe not as strong as what some people were hoping for.

In the very short term, you are seeing a response to the economic news, and that can give the market some buoyancy. Whereas in September and October, the above-consensus earnings enabled the market to perform better than it traditionally has, in November the focus switches to the economy.

The expectation for earnings growth to slow down is pretty widespread on Wall Street.

This is more a readjusting of expectations as opposed to a readjusting of the economy.

We expect better performance in the second half to follow a lackluster first half, with more uplifting assessment in the markets of issues like inflation, Fed policy, politics and earnings.

Over the next year, markets will be higher, but in November and December we may be in something of a trading range. Markets have already incorporated the improved earnings, and to an extent, the economic improvements.