NYSE Trader Breaks Down Bank Earnings, the Retail Sector and the Fed Speeches

Jonathan Corpina, senior managing partner at Meridian Equity Partners, talks to TheStreet about the markets and what to do about retail.
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For the most part, it's been a positive week in the markets. 

However, Thursday morning saw the markets open down over 100 points. 

The retail sector was hit hard after it released holiday sales. 

Retailers, such as Target (TGT) - Get Report and Macy's (M) - Get Report , fell in morning trading. TheStreet's Martin Baccardax reported on Target's holiday sales. The company said same store sales for the two months ending in December rose 5.7%, well ahead of the 3.4% pace recorded over the same period last year.

Macy's lowered its guidance, according to TheStreet's Tony Owusu, and said it now expects comparable-store sales to increase 2% in the year, down from its previous estimate of between 2.3% and 2.5%. Net sales are now expected to be flat year over year, down from the previous estimate of a 0.3% to 0.7% increase, Macy's said.

Kohl's (KSS) - Get Report shares fell nearly 9% after the company reported a 1.2% increase in holiday season comparable store sales, down from the roughly 7% growth it reported last year.

Corpina also discussed what he expects from bank earnings, which are set to come out next week.

 "You know historically over time earnings season has offered a bit of buoy for our markets. Kind of helps move it higher as it's moving higher when the markets have been selling off it kind of changes and reverses that type of movement there. I think bank earnings you know overall can help our markets," he said.

And, what about the Fed speeches? 

"You know what we always pay attention to those. The Fed speakers are very smart. They try not to tip their hands too much and they do have a pretty good blueprint that they stick to. Wishful thinking, we get a little more information, a little more transparency as to what they're thinking. But I think they're going to use the same verbiage that they used before in the past," Corpina said. "They're going to remain data dependent. They're going to watch to see how the global economies are growing. More shrinking and help that in making their decisions moving forward."