"The overhangs on the market this year [are] the debt ceiling negotiation, hawkish Fed commentary and a banking crisis.
It appears we are going to get a debt ceiling deal over the weekend, which should help the market to stabilize."
The problem for many on the Street is the action in the S & P 500 Tech Index, up more than 5% this week; the Nasdaq Composite , ahead about 2.5%; and the S & P 500 , with a 0.3% gain, masks so much weakness beneath the surface.
The S & P 500 consumer staples, materials, health care and utilities were all down between 2.4% and 3.2% this week, and the Dow Industrials were lower 1%.
Although the S & P 500 is 9.5% higher so far in 2023, only a few stocks are doing well. "