by Patti Domm
Stocks could stay stalled in a range even if the next blast of earnings news is positive.
Thursday will be the biggest day of the reporting season, with dozens of earnings reports. Deutsche Bank, Ford, Colgate-Palmolive and Bristol-Myers Squibb are among those reporting in the morning while Alphabet and Amazon.com report after the closing bell.
“The market is waiting for some kind of catalyst. Earnings are providing that on the aggregate level,” said Sam Stovall, chief investment strategist at CFRA. But he said the stock market is waiting for an end to the uncertainty around the presidential election and could be hemmed in by that concern, as well as the pending Fed rate hike.
John Kosar, chief market strategist with Asbury Research said he doesn’t expect much out of the market before the election, but he says it could sell off right after the election.
“With the market this complacent and the election a week and a half away, I think we’re steady to higher. Once the election is over, that’s when I think we’ll get a pullback. It might be a sigh of relief. People bought the rumor of Hillary getting elected and could sell the fact of it. From there my intermediate outlook is bullish. I think we’re 12 to 15 percent higher by end of Q1, end of Q2 next year,” he said.
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