Stocks head for another potentially treacherous week, as a slew of retailers report earnings
If there's more bad news from retailers in the coming week, that could be a negative catalyst for an already cranky stock market.
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If there’s more bad news from retailers in the coming week, that could be a negative catalyst for an already cranky stock market.
Market pros are watching for more signs that stocks could be bottoming, though strategists say that is a tricky prospect and there could be false signals.
The
S&P 500, on an intraday basis Friday, broke through its prior low to reach bear market levels - trading more than 20% below its record high reached in January. But it did not close there. Instead, it reversed the day’s steep losses and ended the day just slightly positive.
“It is a process. ... This week was scary in breaking through last week’s bottom. These things take time,” said Julian Emanuel, head of equity, derivatives and quantitative strategy at Evercore ISI.
Emanuel said that taking out the lows could signal a buying opportunity, and that the market is in a bottoming process. “Looking medium to longer term, toward the end of the year, we continue to see higher stock prices ahead,” he said.
Stocks were lower in the past week,
despite the fact strategists had been expecting the oversold market to bounce. The market initially rallied, until earnings misses from
Walmart and
Target blew up the gains.