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If you’re looking for direction, buy an atlas but don’t ask Wall Street.
The market continues to bounce around like a pogo stick this week as investors search for some kind of catalyst. It could arrive as soon as Friday when three of the biggest banks are scheduled to report earnings.
For now, there’s less to chew on from a corporate perspective which means that events in Washington could continue to drive trading. Today brings what political analysts expect to be the second impeachment of President Trump in a little over a year. With the D.C. situation so unsettled one week before a new administration takes office, some of that uncertainty might hit the market. Stocks were in the red leading up to Wednesday’s opening bell following Tuesday’s turnaround.
The traditional start of earnings season is just two days away, and in the meantime Wall Street has its eyes on events in Washington and a pretty mild inflation reading. Crude is up and small caps have been leading the charge lately.