By Julianne Pepitone, staff reporter
January 14, 2011: 11:06 AM ET
“The market’s moves are extraordinary, considering this morning’s economic reports were not good,” said Keith Springer, head of Springer Financial Advisors.” Both inflation and retail sales rose in December, according to separate Commerce Department reports.
“JPMorgan is a precursor to stellar earnings next week, and that’s what’s really driving markets now,” Springer added.
Stocks are overbought right now, and the market is due for a correction, Springer said. But rather than moving sharply lower, the market is “resting” by merely moving sideways.
“JPMorgan investors are really looking for a dividend — that’s what’s going to move the stock,” Springer said.
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