Traders See Strong Earnings Boosting the Market
"The lines of least resistance for the market continue to be up," says Ted Weisberg of Seaport Securities.
Weisberg adds that "earnings on balance have been coming in much better than expected" and that the guidance companies are providing for future earnings has also been very impressive.
Still, the impact of the easy money provided by the Federal Reserve as an emergency measure to offset the financial crisis continues to remain unclear. "We are in a zero interest rate environment and have been for 18 to 24 months," Weisberg notes. "There is a lot of money sloshing through the system."