The market has been reacting to oil futures in the past several sessions - fear that high prices will crush the recovery. Prices eased back a bit today, which gave the market some relief. There is a fear premium that will exist on oil until things sort out.
In the meantime, people will get refocused on earnings, and I guess that will drive the market again. Corporations still seem to be able to make money, in spite of a difficult backdrop. High gasoline prices could have some impact on that going forward, though.
Yahoo posted an article today about the "little guy" coming back into the market. The article was not that informative, but it conceptually accurate. People continue to take money out of bond funds and put it into mutual funds. Invariably, this will drive the markets higher.
And, you can be sure that the administration and Fed will continue their attempt to jawbone the economy upward. So, where does that leave us?
I think we'll see a choppy market for a while. There's no big catalyst on the horizon to sink us, nor to take the Dow up another 1,000 points. Notch by notch, earnings may do that, however.
As for CQB, we need continue with some consolidation after the earnings miss. I think the stock should move with the market, more or less. It's high beta, though - very common for the percentage change to be triple the S&P in any given session.
Unless there are major announcements that are particularly negative or positive, either industry or company specific, I imagine we will trade between the 14's and 16's until we near the next earnings report. At the moment, the share price seems to be near the lower end of targets, so I don't expect to see any downgrades by analysts, and there's not really any impetus for upgrades.