Seeking Direction: Ahead Of Earnings Season, Market Continues To Drift Sideways

Seeking Direction: Ahead Of Earnings Season, Market Continues To Drift Sideways

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Key Takeaways:



Search for direction continues, with Wall Street likely to eye events in Washington

Yields pull back following strong auction demand, Fed officials' dovish comments

“Risk-off” seems to be the word of the day with market bracing for bank earnings Friday



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.



Treasury yields are also in the red this morning after a 10-year auction brought