Everyone is setting up for tomorrow's employment reports. It's a big mover of all markets, so people don't want to be caught on the wrong side. People want to go in neutral. We'll see this position squaring across the board ahead of that number.
More Quotes from Paul Mendelsohn:
There's a lot going on next week. There's the OPEC and G8 meetings this weekend, and a bunch of economic reports that the market is going to be watching carefully.Paul Mendelsohn
Investors appear to be taking profits in the technology, energy and materials sectors. In addition, financial stocks could come under pressure as rising yields on intermediate-term Treasuries begin to have a negative impact on the mortgage market and credit card debt.
Paul Mendelsohn
It's going to be a really busy day. All of this means you're probably going to see a lot of volatility.
Paul Mendelsohn
While that's a significant number, I believe that the consumer-confidence numbers are more significant. I'd be much more interested to see what the September numbers will be, so we can see what the damages on the economy from the hurricanes will be.
Paul Mendelsohn
One of the recent themes has been the falling dollar, higher materials and commodities. If that is reversing, you could see a rotation out of materials and commodities. At the same time, oils are getting hit by falling crude prices.
Paul Mendelsohn
The market is still being buoyed by the energy sector. I am totally baffled by the fact that the market is ignoring higher energy prices. But at some time, higher energy prices will have an impact.
Paul Mendelsohn
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