After the global rate cut, why was the market rally so weak? Art Hogan, chief market strategist at Jefferies & Company, offered his insights to CNBC. He also gave sector picks and portfolio allocation advice.
Everyone welcomed the coordinated rate cuts from the U.S. Federal Reserve, European Union, Switzerland, Canada, Sweden and the Bank of England. But Hogan compared the intercontinental move to an ambulance:
"You're glad it got to your house in time. But you don't celebrate the fact that you needed an ambulance in the first place."
So what will it take to get stocks booming again?
"What the [equities] market wants is to see the credit markets working again. The first time you see a TED spread that collapses instead of expanding, or the first time we see the Libor rate coming down, the market's going to blast off." (Check those spreads here)