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Morning Brief: Momentum in the market drives recent stock rally

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Brian Sozzi, Julie Hyman, and Brian Cheung take an in-depth analyst of today's Morning Brief, which details the sudden rally amongst stocks in the market. Watch as the panel discusses the recent factors that could have contributed to this latest rally.

Video Transcript

JULIE HYMAN: Brian Sozzi, you wrote in "The Morning Brief" about you sort of grappling with how stocks had that big rally last week, even as the deck, according to some-- including you, perhaps-- stacked against further gains. But it does seem like, you know, this morning, obviously, has more of a risk-off tone, but definitely there does seem to be some optimism baked into earnings.

BRIAN SOZZI: Yeah, this was a really long "Morning Brief" newsletter, and I apologize to no one for making it so long. I had a lot of things to say, so I just left it all out there on the field, so to speak. But really two reasons, I think, why you've seen this momentum, at least last week in the markets, and why you're seeing the markets, at least in the early going today, in the premarket, handle that really terrible China GDP print. Really, there's a lot of momentum that has returned in the market. And as a result, we've seen a lot of the technicals that were damaged from early September to really earlier this month, those-- that has started to be repaired.

You look at some of the technicals, like moving averages, the S&P 500 closed above its 20-day moving average on Friday, it's above its 100-day moving average, so things, at least in that regard, sentiment has improved, which, bigger picture for me, guys, remains mind-boggling here. Just given all the focus on inflation, supply chains, it still remains a very cautious tone out there from a fundamental perspective. But at least to start off earnings season-- and Brian waded through this really awesomely last week-- I don't know how to put it-- bank earnings started up very well. And that has helped to lift some of that optimism and momentum in the markets.

You've had 80% of the companies-- again, mostly financials-- they have come out and beat on earnings estimates. So a little upbeatness into earnings season. But again, the you know what really hits the fan this week in terms of earnings season. And that could change on a dime. But at least today, things are not as bad as you-- as one would think.