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Traders search for the market bottom

We don't care. Markets shrug at a positive report from Goldman Sachs and good weekly jobless claims. Stock futures dropped after strong weekly jobless claims came out at 8:30 a.m. EDT.

What do they care about? They care about not getting run over. They care about buying on the news and then finding themselves down 2 percent 15 minutes into the open.

They also seem to care about oil. Futures dropped to the lows of the morning just as U.S. oil dropped below $80, about 7:10 a.m. EDT.

Where's the bottom? Unfortunately, it isn't clear. Sure, many sectors are dramatically oversold, but any market watcher will tell you markets can remain overbought or oversold for a long time.

The main worries remain Ebola, geopolitics and concerns over global economic growth. None of them seem near a conclusion.

Correction watch: Here are the official levels

There are some small signs of reversals. For example, the Russell 2000 has outperformed 3 days in a row. The Russell is up 1.8 percent, with the S&P 500 down 2.2 percent.

On the other hand, defensive plays aren't working anymore. Consumer staples are down 2.6 percent this week after outperforming in the earlier part of the month.

Energy still seeing no signs of a bottom.

The earnings commentary wasn't exactly stellar. True, Goldman Sachs had a huge beat. It posted earnings pear share of $4.57 versus consensus estimates of $3.21 and $8.39 billion in revenue compared with expectations of $7.85 billion. The bank had strong fixed income trading revenues—but stock trading revenues were down—and investment banking was also strong.

Delta beat on the top and bottom line. Revenue growth of 6.6 percent year-over-year was respectable, though revenue growth of 0 to 2 percent for the fourth quarter is not exactly robust and will likely cause the stock to trade down.

Jet fuel costs will decline, however, to $2.69 to $2.74, down 8 percent year-over-year. Wouldn't it be great if they passed those lower fuel prices on to the rest of us? Don't bet on it. There was no mention in the release about Ebola concerns, but you can bet that will come up on the conference call.

Oilfield services provider Baker Hughes disappoints, big time. Third quarter earnings per share of $1.02 were well below expectations of $1.13.

The company reported a "sharp reduction in activity" in the Gulf of Mexico due to customer delays. Baker Hughes gets half of their revenues from North America, and the rest from Middle East, Europe, Africa, Russia and a few other spots. Disruptions in Libya and Iraq and a decline in the Russian ruble reduced revenues and margins in Europe, Africa and Russia. There was nothing in the report about lower oil prices or reduced capital expenditure from customers.

  • Bob Pisani

    A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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