I think the economy is certainly improving,said Jack Ablin,Vice President and Chief Investment Officer of BMO Capital Markets.That being said,we do have European problems that could affect the market.I am watching credit spreads;they are starting to widen.We have to see how that plays out on the credit side.*
I think Bill Gross leaving the money management firm PIMCO may have moved the market.The fact is,banks' trading desks have been whittled back.I do think there was an outflow of bonds into the marketplace,Mr.Ablin added.*
Energy stocks to watch if the Keystone Pipeline wins approval:
Trans Canada(TRP)
Canada Natural Resources(CNQ)
Valero(VLO)
Quarta Services(PWR)*
We're watching a lot of measures,said Jonathan Krinsky,Chief Market Technician at MKM Partners.There's been a sustained pressure on the energy sector.There's a little more upside,maybe one or two percentage points,in the S&P;then we're getting into some real resistance.
It's an outlier market.There's been about seven times in the last 50 years where we've seen a streak this long.It's difficult to extract too much from this data.We haven't seen many streaks like that.It's more interesting than not,and we should keep watching,Mr.Krinsky advised.
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