FUNDSTRAT'S MARK NEWTON SAYS THE FED, OIL AND THE 10-YEAR "REALLY HAVE NO BEARING ON WHAT THE STOCK MARKET IS GOING TO DO"
@MarkNewtonCMT told
@StockMKTNewz at Future Proof this week that people are watching the wrong things.
"Many people overemphasize all these exogenous factors, which really have no bearing on what the stock market is going to do. Outside of technical analysis, we've had the best profit growth in about 30 years' time."
"The AI spend is really not going away anytime soon. I know there's obviously fears about that being overblown, but we've seen really no evidence of that slowing down."
He says the next real test is mid-October, when Q3 earnings come in.
The Fed hiked Wednesday. The S&P 500 had its best day in six weeks on Thursday.