Carla Mozee at MarketWatch writes on Feb 17, 2007:
SAN FRANCISCO (MarketWatch) — U.S. stocks are expected to drift lower next week, as a light lineup of economic data and a dwindling number of corporate earnings reports leaves investors searching for direction after a week of record highs for the Dow Jones Industrial Average, strategists said. Other factors that could weigh on stock trading include predictions that first-quarter earnings growth is set to ratchet down, concern about a possible rate increase in Japan and the closing of stock markets on Monday for Presidents Day, they said. “Earnings season is winding down, there’s very little data, it’s a short week. We’ll come down on the market’s own inertia, so to speak,” said Donald Selkin, director of equity research at Joseph Stevens. Selkin said he expects any move downward, however, to be “short and shallow” following the pattern of declines in the market since July. The only way the market could advance substantially next week would be if a significant development such as a “very big buyout” deal occurred, said Paul Mendelsohn, chief investment strategist at Windham Financial Services.
What struck me about this excerpt is the comment about the lack of “data”. It all depends doesn’t it? If your decision-making is driven by “price analysis” then “other” data is only so relevant. Will there ever be any consistent reporting showing anything other than a 100% fundamentally driven fixation?